Connect with us
nairametrics

Business News

Food items sell cheapest at Mile 12, as traders lament high price of local rice

Once again, the Nairametrics research team recently visited major markets across Lagos State to obtain the prices of household food items.

Published

on

Buhari food Items, Prices of major food items continue to rise in major markets as border closure remains , Household Survey: Nigerians dump imported rice, others, as prices jump high 

Once again, the Nairametrics research team recently visited major markets across Lagos State to obtain the prices of household food items. Findings from the survey show that among the major market selected, Mile 12 sells cheapest. Also, the price of local rice remains higher compared to imported rice.

The various markets where the survey was conducted includes Mushin, Daleko, Mile 12, and Oyingbo market. The customers and sellers made notable complaints concerning the fluctuating prices of commodities.

Findings also revealed the average price of goods, commodities sold for relatively the same price across the various markets, significantly different price and insight obtained in the market.

Relatively the same price: According to the findings of Nairametrics Survey, commodities such as the gas filling, crate of eggs, vegetable oil, pasta, a kilo of fish, Cway, beverages, milk, and cocoa beverages are sold for relatively the same prices across the markets; although with just a little bit of price variations.

 

GTBank 728 x 90

For instance, the 5 litres of locally-made Vegetable oil is sold for an average price of N1,950, even as Mushin, Daleko, and Oyingbo markets sell it for N2,000. Mile 12 market sells it the cheapest for N1,800. Also, 25 litres of the same commodity is sold at a parallel rate of N2,000 across Mushin, Daleko, and Oyingbo markets, while Mile 12 offers the cheapest price of N1,500.

Kings Vegetable oil and Wesson (5 litres) are sold at a uniform price of N3,000 and N3,900 respectively across board; although Mushin market and Oyingbo market sell Mamador (3.8 litres) for N2,500. Daleko market sells for N2,450 while Mile 12 market offers the cheapest price for N2,400.

Relative difference in price: Notable variances were recorded in the prices of rice, palm oil, beans and yam. As much as foreign rice remains banned from coming through the Nigerian borders, locally-grown rice (Mama’s pride) still cost higher compared to the other various imported rice. Mama’s pride is sold for an average of N15,625. Oyingbo market is selling the highest at N16,000 while the other three markets sell for N15,500. A bag (50 kg) of rice, Royal stallion, Mama Gold and Caprice are sold for an average of N14,875.

Meanwhile, sellers lamented over the essence of closing down the Nigerian border if the locally-grown rice is still very expensive compared to the other varieties.

Also, a bag of 50kg beans (Oloyin) is sold for N16,000 at Mushin and Oyingbo markets. Mile 12 market sells for 15,000, while Daleko market sells for N13,500. Daleko also sells brown beans the cheapest as they offer the commodity for just N12,000 while Mile 12 and Mushin market sell for 15,000 with Oyingbo market selling the highest at N14,500.

Mushin market and Oyingbo market sells palm oil (5 litres) for N1,800 while Daleko and Mile 12 market sells at a lower rate for N1,500. The 25 litres of the same commodity goes for N9,000 in Mushin market and Oyingbo market, as Mile 12 market sells cheapest in this regard for N8,500 Daleko market sells for N8,800.

Special Market: Daleko market is known for its large stock and low pricing of products such as rice, beans, vegetable, and palm oil. A seller of grain in Daleko market whose name is Charles, told Nairametric research team that there are three types of brown beans. The cheapest which he classified as “pelebe” (tiny) sells at an average of N9,500, followed by olotu which sells for N12,000. Meanwhile, the typical brown beans is sold for N18,000.

Charles further stressed the need for the government to reconsider its policy on rice importation. He said if the status quo must be maintained, an affordable alternative should be put in place so as to ease the burden of the traders and the masses.

GTBank 728 x 90
Fidelity ads

[ALSO READ: Household Survey: Food items are expensive at Mushin Market]

On the other hand, some traders interviewed by Nairametrics lamented over the lack of capital to purchase rice in large quantity directly from the distributors. This is why they resort to obtaining the goods from a middleman which in turn increases the prices of goods or the level of profit.

Mile 12 market

Mile 12 market was filled with customers on Thursday, as they came out en-mass with optimism as the price of tomatoes gradually reduces. Recall that Nairametrics earlier reported that a big basket of tomatoes was sold for a huge sum of N18,000 which deteriorated up to N27,000. But in recent weeks, it has reduced gradually and now sells for N12,000.

Although the price of tomatoes has not returned to its initial cost of N8,000 the public expressed hope that it will find its place back as there is now considerable availability of the commodity in the market.

About Nairametrics Food Price Survey: The Nairametrics’ Food Price Watch is a bi-weekly household market survey the covers prices of major food items, with emphasis laid on four (4) major markets in Lagos State: Mushin Market, Daleko Market, Oyingbo Market, and Mile 12.

See table below

Coronation ads
ItemsBrandUnitMUSHIN (04/7/2019)DALEKO (04/7/2019)OYINGBO (04/7/2019)MILE 12 (04/7/2019)AverageMUSHIN (20/6/2019)DALEKO (20/6/2019)OYINGBO (20/6/2019)MILE 12 (20/6/2019)
Bag of RiceBasmati5kg550050005500500052505500500055005000
Bag of RiceMama Gold10kg340028003500320032253500300037003000
Bag of RiceRoyal Stallion50Kg150001400015000155001487514000135001450015000
Bag of RiceRice Master10kg35002800320030003125
Bag of RiceMama Gold50kg150001400015000155001487514500135001450015000
Bag of RiceCaprice50kg150001400015000155001487515000135001450015000
Bag of RiceMama's Pride50kg1550015500160001550015625
Bag of RiceFalcon25kg680065006800680067256800650068006800
Bag of RiceOfada5kg250025002500
Bag of BeansOloyin50kg160001350016000150001512516000145001600018000
Bag of BeansWhite50kg140001350015000150001437514000135001500015000
Bag of BeansBrown50kg140001200014500140001362514000135001450015000
Tuber of YamAbuja1 Big Size Tuber110012008001033.3333333333130013001200
Tuber of YamAbuja1 Medium Size Tuber800850550733.33333333333700800600
Carton of NoodlesIndomie305g (Belle full)29002900290029002900290029002900
Carton of NoodlesIndomie200g (Hungry man)32003200320032003200310032003100
Carton of NoodlesChikki100g200022002100210021002000220021002100
Carton of NoodlesMinimie70g150015001500150015001500150015001450
Carton of NoodlesGolden Penny70g14001400140014501412.51400140014001450
Bag of GarriIjebu80kg750070007200700071757500700072007000
Bag of GarriWhite50kg500045005000500048754500390045004000
Bag of GarriYellow50kg600055006000600058755200450055005000
Basket of PotatoSweetBig Basket45004500
Basket of PotatoSweetSmall Basket700700700
Basket of PotatosweetSmallest Basket200200200
Basket of PotatoIrishBiggest Basket200002000020000
Basket of PotatoIrishMedium Basket250025002500
Basket of PotatoIrishSmall Basket150015001500
Packet of PastaGolden Penny500g33003400340034003375330034003500
Packet of PastaDangote500g35003400350034003450350034003400
Packet of PastaPower500g180200180200190
Packet of PastaBonita500g200200200200200
Gallon of Palm OilLocal5 Litres180015001800150016501800160018001600
Gallon of Palm OilLocal25 Litres900088009000850088259500880090009000
Gallon of Vegetable OilLocal5 Litres200020002000180019502000180020001800
Gallon of Vegetable OilLocal25 Litres10000100001000095009875100009500100009500
Gallon of Vegetable OilKings5 Litres300030003000300030003000300030003000
Gallon of Vegetable OilWesson5 Litres390039003900390039003900380038003800
Gallon of Vegetable OilMamador3.8 Litres25002450250024002462.52450240025002450
Gallon of Vegetable OilPower3 Litres180018001800180018001800180018001800
Bunch of PlaintainPlaintain1 Big Bunch500450500550500600550550500
Bag of FlourDangote50kg10800105001100011000108251050011000
Bag of FlourHoney well50Kg11500110001100011166.6666666671100011000
Bag of FlourMama Gold50kg11500113001100011000112001150011000
Bag of SugarDangote50kg3500320034003200332532003200
MilkPeak Powdered (Tin)400g12501200120012001212.51250120012001200
Milkpeak Powdered(Tin)900g240024002400230023752400235024002300
MilkPeak milk (Refill)500g10501000100010001012.51000100010001000
MilkDano Powdered (Tin)500g100095010001000987.595095010001000
MilkDano Powdered(Tin)900g20002000200019001975200020002000
MilkDano (Refill)500g800800800800800800800800
MilkThreeCrown (Refill)380g700700700700700700700
MilkLoya Powdered (Tin)400g10001000105010001012.5
MilkLoya (Refill)400g850800800816.66666666667800800800800
MilkCoast (Refill)500g750750750750750750750750750
Cocoa BeveragesMilo (Tin)500g100011001100100010501000110011001000
Cocoa BeveragesMilo (Tin)900g2100210021002100210022002100
Cocoa BeveragesMilo Refill500g900900900850887.5900900900850
Cocoa BeveragesBournvita Refill500g950900950900925950900950900
Cocoa BeveragesBournvita (Plastic)500g100010001000100010001000100010001000
Cocoa BeveragesBournvita (Plastic)900g200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800800850850825800800800850
Cocoa BeveragesOvaltine(Plastic)500g110011001000110010751100110010001100
CoffeeNescafe Gold Blend100g18001850180018001812.51800185018001800
CoffeeNescafe Classic50g650600600600612.5650600600600
TeaLipton Yellow label52g300280300300295300280300300
TeaTop tea52g300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g400380400450407.5400450
SugarGolden Penny Sugar (cube)500g350300350300325350300350300
BreadVal-U1 loaf300300300300300300
BreadButterfield1 loaf300300300300300300
EggN/ACrate10001000100010001000100090010001000
Bottled Water (Refill)CwayRefill600600650600612.5
Juice5 Alive1 litre
JuiceChivita1 litre600550600600587.5550600600550
GasRefilling12.5kg400038004000380039004100420042504100
GasRefilling5kg150016001500150015251650170017001700
TomatoesBig Basket120001200014000
Medium Basket700070007000
Small Basket40004000
FishKote (Horse Mackerel)1 kg450450400400425450400400
FishTitus (Mackerel)1 kg400450400400412.5400450450

Nairametrics Research team tracks, collates, maintains and manages a rich database of macro-economic and micro-economic data from Nigeria and Africa. Our analysts share some of the data collated on Nairametrics, using formats such as docs, tables and charts etc. The team also publishes research based analysis as articles on a regular basis.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tech News

Facebook to open Lagos office in 2021

When the social media giant comes to Nigeria, it will be its second office on the African continent.

Published

on

Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.

This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.

He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.

Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”

GTBank 728 x 90

In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

Continue Reading

Business

Nigeria among countries to be worst hit by food crisis globally

Nigeria, others were listed as countries with the worst deteriorations in acute hunger in recent months.

Published

on

7 million Nigerians to experience food shortage

Nigeria has emerged as one of the countries to be most hit by food crisis across the globe in the face of the coronavirus pandemic which had worsened the already bad situation.

This disclosure is contained in a report by the United Nation’s Food and Agriculture Organization (FAO).

The report from the FAO also shows that the Democratic Republic of Congo is emerging as the country with the world’s largest food crisis in terms of absolute numbers, with Burkina Faso listed as the country with the worst deteriorations in acute hunger in recent months.

The food crisis is made worse in Nigeria by the longstanding religious and ethnic conflicts and even organized crimes by some bandits, which has greatly affected farmers working on their farmlands.

In addition to these, the farmers were already contending with the issue of flooding or drought, which has negatively been impacting on the agricultural sector in a period the country is desperate and very desirous of economic diversification. The coronavirus pandemic has triggered a surge in food prices as can be seen in the reports released by the National Bureau of Statistics (NBS), in a country that imports over 10% of its food supply.

GTBank 728 x 90

With a population of over 200 million people, Nigeria is the most populous country in Africa, which is regarded as the world’s most food-insecure continent. This is made worse as importers of food items struggle to gain access to dollars for their imports due to scarcity of foreign exchange which is triggered by the crash of oil prices and low foreign inflow.

This is expected to be exacerbated by the recent order by President Muhammadu Buhari to the Central Bank of Nigeria, to stop the allocation of foreign exchange to importers of food items.

The Governor of Niger State, Abubakar Sani Bello, warned in April, “We are heading toward famine and starvation.”

The FAO report which states that Congo has about 21.8 million people that are acutely food insecure, also points out that Burkina Faso has witnessed an almost 300% uptick in the overall number of people experiencing acute hunger since the start of 2020.

Continue Reading

Around the World

US government to ban WeChat and TikTok from app stores

Chinese-owned social media apps are facing a ban in the US over national security concerns.

Published

on

Reasons why a record number of people are giving up their US citizenship, US approves chloroquine as treatment for coronavirus COVID-19, Nigeria U.S. Donald Trump-oil prices

The United States government says it will ban the services of Chinese tech giants, WeChat and TikTok, from online mobile application stores in the U.S. It also plans to prohibit any funds transfer/payment services through the WeChat mobile application.

This was announced by the U.S Commerce Secretary, Wilbur Ross, in a statement on Friday, following President Donald Trump’s Executive Orders (E.O.) 13942 and E.O. 13943, on the 6th of August.

“In response to President Trump’s Executive Orders signed August 6, 2020, the Department of Commerce (Commerce) today announced prohibitions on transactions relating to mobile applications (apps) WeChat and TikTok to safeguard the national security of the United States,” said Wilbur Ross.

He added that the Chinese Communist Party (CCP), has proven it has the means and the motive to use Chinese tech apps, to threaten America’s national security foreign policy, and the economy of the U.S.

He said the following transactions will be prohibited from September 20th for WeChat and November 12th for TikTok

GTBank 728 x 90
  • Any provision of service to distribute or maintain the WeChat or TikTok mobile applications, constituent code, or application updates, through an online mobile application store in the U.S.
  • Any provision of services through the WeChat mobile application, for the purpose of transferring funds or processing payments within the U.S.

Mr. Ross said that with the Executive Order, the US government has taken a ‘significant action’ in fighting China’s malicious personal data breach on American citizens, and also promote democratic rule-based norms, and aggressive enforcement of U.S. laws and regulations.

The U.S government announced that further prohibitive measures, relating to both companies may be announced in the future.

“Should the U.S. Government determine that WeChat’s or TikTok’s illicit behavior is being replicated by another app somehow outside the scope of these executive orders, the President has the authority to consider whether additional orders may be appropriate to address such activities.”

President Trump has given until November 12, to resolve the TikTok security concerns of the US. He added that the prohibitions may be lifted, if they are addressed.

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
deals book
Advertisement
IZIKJON
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement