Connect with us

Business News

Household Survey: Palm Oil prices jack up as tomatoes and melon ease off

The latest household survey carried out by Nairametrics Research has shown a sudden spike in the prices of locally made palm oil, while the prices of Melon and Tomatoes are easing off.



House hold survey

The latest household survey carried out by Nairametrics Research has shown a sudden spike in the prices of locally made palm oil. According to data gathered from various markets, a 25-litre gallon of palm oil which was initially sold for an average price of N8,825 is now being sold for N10,750. This means that the price of palm oil prices rose by 22%.

On the other hand, prices of tomatoes and melon have eased off in the past weeks. Specifically, the research team visited four major markets in Lagos State to gather the prices of essential household commodities, and the report shows that some items recorded a significant decline, while others slightly increased.  

Revamping Nigeria's Oil Palm production, catalyst to diversification

Oil palm seeds

A decline in prices: According to the survey, there was a decline in household items such as Royal Stallion rice (50kg rice), Mama’s Pride local rice, Golden Penny noodles, Baskets of potatoes, Irish potatoes, groundnut oil (25 Litres), Plantain, Milo (Tin 900g), and round-shaped tomatoes. 

  • Tubers of potatoes recorded a significant decrease in price as a big basket of sweet potatoes is now being sold for N4,000, down from the initial N4,500 sold two weeks earlier.  
  • Also, the price of the biggest basket of Irish potatoes dropped from the initial N20,000 to N15,000, indicating a 25% decrease in price.  
  • A bunch of bananas, that was sold for an average price of N500 two weeks ago, is now sold for an average price of N463, though Oyingbo market still sells the commodity for N500; thereby maintaining its initial price. 

The Prices of tomatoes are gradually easing, according to the latest market survey. A big basket of round tomatoes that was initially sold for N12,000 has again dropped by to N11,000, gradually inching towards its initial cost of N8,000 in the first week of May.  

GTBank 728 x 90
  • A medium basket of round tomatoes is now sold for N6,500 as compared to N7,000 for which it was being sold in the first week of July.  
  • Also, a big basket of oval-shaped tomatoes is being sold for N6,000 while the small basket goes for N1,500. 

The graph below shows the trend of the price of the commodity over the past three months as it looks likely to reduce further in the coming weeks.  

Rise in other items: Apart from palm oil that recorded a big increase, other items which witnessed a slight increment within the past two weeks include, Basmati rice (5kg), Rice Master & Mama Gold rice (50kg), tubers of yam and cassava flakes (yellow garri). These are slight increases in prices.

The Special Market: Mile 12 market witnessed multitudes of customers converging, as onions were sold cheap. As explained by one of the sellers who chose to remain anonymous: 

GTBank 728 x 90

 “When there is large inflow of the commodity into the market, people tend to come in large numbers as it is most likely to be sold for lesser priceHowever, if the quantity in the market is low, the price tends to increase. 

Data collected shows that a bag of onions was sold for N25,000 during the Ramadan period. However, a bag of onions is now sold for an average of N13,000 in Mile 12 market. 

Special item: The price of Melon (Egusihas fallen drastically in recent weeks. Recall that Nairametrics earlier reported the spike in the prices of melon. Meanwhile, sellers of the item expressed joy and relief as the commodity now sells for an average of N55,000 per bag, as compared to N100,000 for which it was being sold weeks ago. It was revealed that this has improved the sales of the commodity.  

Major sellers were interviewed to ascertain the reason for the sudden rise in the price of local palm oil. However, most sellers of the product could not point to a specific factor; they however, called for the Government to intervene in the smooth transportation of goods in order to prevent further price increase.  

Jaiz bank ads

This is not a good development as stakeholders in palm oil production have, in recent months, lamented the illegal importation of palm oil into the country. This may be partly responsible for the hike being witnessed. 

Fidelity ads

About Nairametrics Food Price Survey: The Nairametrics’ Food Price Watch is a bi-weekly household market survey that 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. 

ItemsBrandUnitMUSHIN (18/7/2019)DALEKO (18/7/2019)OYINGBO (18/7/2019)MILE 12 (18/7/2019)Average MUSHIN (04/7/2019)DALEKO (04/7/2019)OYINGBO (04/7/2019)MILE 12 (04/7/2019)Average
Bag of RiceBasmati5kg5500500055005500537555005000550050005250
Bag of RiceMama Gold10kg3400280035003200322534002800350032003225
Bag of RiceRoyal Stallion50Kg150001400015000150001475014000150001550014833.333333333
Bag of RiceRice Master10kg2800300030002933.3333333333280030002900
Bag of RiceMama Gold50kg150001450015000150001487514000150001550014833.333333333
Bag of RiceCaprice50kg15000145001500015000148751500014000150001550014875
Bag of RiceMama's Pride50kg15000155001550015333.3333333331550015500160001550015625
Bag of RiceFalcon25kg6800650068006800672568006500680068006725
Bag of BeansOloyin50kg16000135001600015000151251600013500160001500015125
Bag of BeansWhite50kg26000250002500025333.3333333331400013500150001500014375
Bag of BeansBrown50kg14000120001450014000136251400012000145001400013625
Tuber of YamAbuja1 Big Size Tuber160014001500110012008001033.3333333333
Tuber of YamAbuja1 Medium Size Tuber900850900800862.5800850550733.33333333333
Carton of NoodlesIndomie305g (Belle full)2900290029002900290029002900290029002900
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2000220021002100210020002200210021002100
Carton of NoodlesMinimie70g1500150015001500150015001500150015001500
Carton of NoodlesGolden Penny70g1400140014001400140014001400140014501412.5
Bag of GarriIjebu80kg7500700072007000717575007000720070007175
Bag of GarriWhite50kg5000450050005000487550004500500050004875
Bag of GarriYellow50kg6000600060006000600060005500600060005875
Basket of PotatoSweetBig Basket4000400045004500
Basket of PotatoSweetSmall Basket600600700700
Basket of PotatosweetSmallest Basket200200200200
Basket of PotatoIrishBiggest Basket15000150002000020000
Basket of PotatoIrishMedium Basket2000200025002500
Basket of PotatoIrishSmall Basket1300130015001500
Packet of PastaGolden Penny500g3300340034003400337533003400340034003375
Packet of PastaDangote500g3500350034003400345035003400350034003450
Packet of PastaPower500g180200180200190180200180200190
Packet of PastaBonita500g200200200200200200200200200200
Gallon of Palm OilLocal5 Litres2000200020002000200018001500180015001650
Gallon of Palm OilLocal25 Litres110001050011000105001075090008800900085008825
Gallon of Vegetable OilLocal5 Litres2000200020001800195020002000200018001950
Gallon of Vegetable OilLocal25 Litres100009500100009500975010000100001000095009875
Gallon of Vegetable OilKings5 Litres3000300030003000300030003000300030003000
Gallon of Vegetable OilWesson5 Litres3900390039003900390039003900390039003900
Gallon of Vegetable OilMamador3.8 Litres25002450250024002462.525002450250024002462.5
Gallon of Vegetable OilPower3 Litres1800180018001800180018001800180018001800
Bunch of PlaintainPlaintain1 Big Bunch450450500450462.5500450500550500
Bag of FlourDangote50kg10800105001100011000108251080010500110001100010825
Bag of FlourHoney well50Kg11500110001100011166.66666666711500110001100011166.666666667
Bag of FlourMama Gold50kg11500113001100011000112001150011300110001100011200
Bag of SugarDangote50kg3500320034003200332535003200340032003325
MilkPeak Powdered (Tin)400g12501200120012001212.512501200120012001212.5
Milkpeak Powdered(Tin)900g2400240024002300237524002400240023002375
MilkPeak milk (Refill)500g10501000100010001012.510501000100010001012.5
MilkDano Powdered (Tin)500g10001000100010001000100095010001000987.5
MilkDano Powdered(Tin)900g2000200020002000200020002000200019001975
MilkDano (Refill)500g850800800800812.5800800800800
MilkThreeCrown (Refill)380g720700750700717.5700700700
MilkLoya Powdered (Tin)400g10001000100010501012.510001000105010001012.5
MilkLoya (Refill)400g850800850800825850800800816.66666666667
MilkCoast (Refill)500g750750750750750750750750750750
Cocoa BeveragesMilo (Tin)500g1000110011001000105010001100110010001050
Cocoa BeveragesMilo (Tin)900g2000210021002066.6666666667210021002100
Cocoa BeveragesMilo Refill500g900900900900900900900900850887.5
Cocoa BeveragesBournvita Refill500g950900950900925950900950900925
Cocoa BeveragesBournvita (Plastic)900g2000200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800800850850825800800850850825
Cocoa BeveragesOvaltine(Plastic)500g1100110010001100107511001100100011001075
CoffeeNescafe Classic50g650600600616.66666666667650600600600612.5
TeaLipton Yellow label52g310290300300300300280300300295
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g400380400450407.5400380400450407.5
SugarGolden Penny Sugar (cube)500g350300350300325350300350300325
BreadVal-U1 loaf300300300300300300300300300300
BreadButterfield1 loaf300300300300300300300300300300
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre600550550600575
JuiceChivita1 litre600550600600587.5600550600600587.5
TomatoesBig Basketround shaped11000110001200012000
Medium Basketround shaped6500650070007000
Small Basketround shaped3500350040004000
Big BasketOval Shaped60006000
Small BasketOval Shaped15001500
FishKote (Horse Mackerel)1 kg500450450400450450450400400425
FishTitus (Mackerel)1 kg450500450450462.5400450400400412.5

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.

Business News

#EndSARS: Governor Uzodimma approves N2bn for youth empowerment after talks with protesters 

Governor Uzodinma has approved the immediate release of N2 billion for youth empowerment.



Ogun, Imo States give free hand sanitizers

Governor Hope Uzodimma of Imo State has approved the immediate release of N2 billion for youth empowerment, following a fruitful meeting with a group of youths associated with the #EndSARS movement in the State. 

This disclosure was made by Governor Hope Uzodinma in his statement today, during his third state Broadcast to the people of Imo State, this week. 

The Governor in his statement said that his heart is gladdened that a vast majority of the youth heeded the clarion calls to call off the #EndSARS protests, having laid down their points unmistakably. 

However, he revealed that in line with his determination to address the needs of the youth and empower them, he has approved an immediate release of a take-off fund of N2 billion for the empowerment of youth in the state. 

GTBank 728 x 90

He reiterated that the task is not complete until every single youth is pulled off our streets and kept a safe distance away from the reach of some unscrupulous elements whose demonic desire is to unleash endless carnage in some parts of the state. 

What you should know 

Recall that the governor on the met with a group of youths embedded in the EndSARS protests. The group was made up of youth leaders from all parts of the country comprising leaders from the National Youth Council of Nigeria, Areewa, Ohanaeze, Afenifere, Hausa, Fulani, Middle belt and Niger Delta Youths 

GTBank 728 x 90

However, during his interface with the youth, he assured them of a dedicated empowerment package, as part of his administration’s determination to address the needs of the youths and quell their dissatisfaction. 

  • The N2 billion take-off fund will be deployed for the training of the first batch of the beneficiaries, which will commence next week. The N2billion take-off fund is to be taken from the N6 billion earmarked for the accelerated youth empowerment programme. 
  • The empowerment programme is under the Imo State Special Youth Empowerment and Intervention Programme (IMYEIP). The State’s Ministry of Skills Acquisition and Entrepreneurship is directly charged with its immediate implementation. 
  • The programme is to begin training of the 1st, 2nd & 3rd Batches of an estimated number of 500, 000 Imo youths in different skills acquisition programmes within the next two years, and provide them with start-up capital to begin their own enterprises. 
  •  The training time table will be rolled out on Tuesday, October 27th, 2020. 
  • The 5000 Imo Youths who have already been trained in different skills under the IMYEIP platform, are to be given their start-up capital very soon. 

Continue Reading


Tinubu visits Sanwo-Olu, speaks on recent violence in the state, travelling out of the country

Tinubu has spoken up about some of the happenings that have led to the recent unrest in Lagos State.



Tinubu denies advising Buhari to print new naira notes

The former Lagos State Governor and the National Leader of the ruling All Progressives Congress (APC), Bola Ahmed Tinubu, has reacted to the outbreak of violence during the #EndSARS protest which has led to the destruction and looting of public and private infrastructure in the state.

He lamented the invasion and wanton looting and burning of public and private assets in the state of late, including police stations.

This was made known by Tinubu during a courtesy visit to the Governor of Lagos State, Babajide Sanwo-Olu, on Saturday, October 24, 2020, at State House Marina, to commiserate with him on the recent violence in the state, sympathize with the victims through him and seek his permission to visit some of the victims.

While addressing journalists after the meeting with the governor, Tinubu said he asked him if he had ordered the attack on #EndSARS protesters by soldiers at the Lekki Tollgate on Tuesday.

He also said that he did not travel out of the country as reported by some sections of the media, who claimed that he had travelled to France and the UK.

GTBank 728 x 90

Tinubu said, “I didn’t go nowhere; I’m a Lagosian and I still hold the title of Asiwaju of Lagos and I am still a Jagaban. Fake news is all over the place. They say Seyi my son was kidnapped and was chased but look at him. I didn’t pay a penny to bring him here.

On the investigation and compensation for victims of violence, Tinubu said, “First, we have to segregate the calendar, those who suffered casualty before the protests from the hands of SARS. You have to separate that from those who suffered casualty due to what happened at the toll gate.

“For those who suffered casualty from SARS, the Commission of Inquiry that is already set up will unearth that and will make their recommendations. I trust the calibre and the character of the people there, they are independent. That is one.

GTBank 728 x 90

“Those who suffered casualty during the gunshots need to answer some questions too, how are they there? How long were they there? What kind of characters are they? Even though we want to help, we still must extract information that will help the government to prepare in future and understand how and when to react because the governor, in particular, is a youth.’’

Going further, he said, “As a youth himself, he (Sanwo-Olu) quickly went to Abuja with the 5/5. The government immediately put into action, dissolved the SARS and had to work through other recommended actions, the needs they demanded. Within a few days, he reported back to the public. That is responsive enough.

“But where are we getting the looting, the carnage, the burning, the invasion of police stations, stealing of arms, maiming of the innocent? It is a handshake beyond the elbow.

Tinubu has been under intense media attack over the shooting of unarmed protesters at the Lekki Tollgate on Tuesday. He was accused of being the mastermind of the incident because of his alleged interest in the tollgate which has been blocked for about 2 weeks, an allegation he has denied.

The hoodlums had burnt down some businesses allegedly linked to him in the course of the violence that erupted in Lagos. They include Oriental Hotel, Television Continental (TVC) and Nations newspaper.

Jaiz bank ads

Fidelity ads


Continue Reading


#EndSARS: IGP orders immediate mobilisation of officers to restore normalcy

The IGP has directed officers to take control of the current unrest and breakdown of law and order in some parts of the country.



IGP orders immediate withdrawal of police officers attached to VIPs

The Inspector-General of Police, Mohammed Adamu has ordered the immediate of all police operational assets and resources to bring an end to the unrest.

This was made known via the official Twitter handle of the Nigerian Police Force, @PoliceNG, in a statement titled, “RECLAIM THE PUBLIC SPACE AND RESTORE NORMALCY – IGP ORDERS AIGs, CPs, PMF, CTU & SPU COMMANDERS”.

According to the statement, the IGP has directed the officers to reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

The IGP gave the order to all Assistant Inspectors General of Police (AIGs), Commissioners of Police (CPs), Heads of Police Operational Units, Squadron and Base Commanders in charge of Zonal/State/FCT Commands, the Police Mobile Force, Counter Terrorism Unit.

GTBank 728 x 90

The statement read in part, “The Inspector-General of Police, IGP M.A Adamu, NPM, mni has ordered the immediate mobilization of all police operational assets and resources to bring an end to the wanton violence, killings, looting and destruction of public and private property, and reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

“In addition, CPs/Heads of Police Formations in the various states have also been charged to mobilize their men and work in sync with the Command CPs in the areas where they are domiciled, to dominate the public space and ensure peace and safety in the affected areas.

“The IGP, while noting that enough is enough to all acts of lawlessness, disruption of public peace and order and wanton violence which have resulted to indiscriminate looting of shops, malls and warehouses, damage to property and loss of lives in some parts of the country.”

GTBank 728 x 90

The IGP further enjoined law-abiding citizens not to panic but rather join forces with the police and other members of the law enforcement community to protect their communities from the criminal elements. He also called for “the understanding and cooperation of the citizens, assuring that the action is geared towards ensuring public order and safety and public security in our communities.”

What you should know

In the last few days, several parts of the country, especially Lagos, Cross River and Delta have witnessed a rise in civil unrest as hoodlums torched down Police stations, government properties and have also looted and destroyed several private businesses.

The recent unrests could be traced to the hijacking of peaceful protests organised by #EndSARS agitators who took to the streets of many Nigerian cities in the last two weeks to demand the dissolution of a notorious police unit, Special Anti-Robbery Squad, better known as SARS, who has been alleged to be involved in a countless number of harassment, extortion, abduction, armed robbery and murder of innocent citizens.

Continue Reading
ikeja electric
FCMB ads
Fidelity ads
first bank
Stallion ads
financial calculator
deals book