Connect with us
nairametrics
UBA ads

FEATURED

This is how much you lose each year you fail to save

Just recently, I was thinking about my late father and what I wished he had told me about life in general. What readily came to mind, was what I wished my father had told me about money.

Published

on

Corporate Nigeria attracts $8.57 billion funding in 2019

Just recently, I was thinking about my late father and what I wished he had told me about life in general. What readily came to mind, was what I wished my father had told me about money.

In the course of my discourse with my father, while he was alive, a few of the things he told me about money was that “money has legs and it walks”. He told me to make use of my money without wasting it because if not, it could walk away. “Money dey waka”, the Warri man would say, my dad reminded me, often.

UBA ADS

Another thing he told me about money was that I should not eat with ten fingers in the mouth, rather, I should eat with five fingers in the mouth and the remaining five, in my pocket. Even with his lack of education, he had a way to educate me on the virtues of savings, by telling me not to eat with ten fingers in the mouth.

[READ MORE: Top eight investment destinations for Nigerians]

What he did not tell me, however, was that the phrase, ‘early to bed, early to rise’, applies to money and savings. As much as I liked those pieces of advice from my dad, I did not start practising eating with five fingers early enough.

GTBank 728 x 90

Financial educators and analysts alike have a way to put across the effect of that phrase on money and savings. They call it, the time value of money, others rephrase it by saying that ‘time is money’. The Jews will tell you that every penny and minute counts.

Does time play a part in wealth accumulation? Both research and common sense have proven that time plays a massive part in the accumulation of wealth. In growing your money or wealth, time seems to be the most important factor because the more time you give your money, the more time it has to grow.

This is even more important and relevant to those saving for retirement as their quality of life at retirement will depend on how much they are able to accumulate prior to retirement. That pre-retirement accumulation depends on how much time you let your money to grow.

onebank728 x 90

[READ ALSO: Determining the Best Savings Account for You]

This is how much time affects that accumulation.

If you are forty-five years old today, and you start putting N1000 a month into a bank account that pays an average of 10% annual interest, you will have about N765,000 by the time you are sixty-five.

If you had started 10 years earlier, at thirty-five to save the same N1000 monthly in the same bank account, you would have had about N2,279,000 by the time you turn sixty-five.

app
GTBank 728 x 90

If you had started 20 years earlier, at twenty-five to save the same N1000 monthly in the same bank account, you would have had about N6,375,000 by the time you turn sixty-five.

In the three scenarios above, the monthly savings was the same, the bank account, the same, the only thing that changed was the time within which the saving took place. The time within which the money was allowed to grow. For every year that you wait or delay saving for the future, you lose. For example, by waiting 20 years from age twenty-five to age forty-five to start saving N1000 monthly, you lose about N4,800,000.

[READ FURTHER: These poor investment decisions has ruined lives]

devland

The Power of Compounding

Now you can see that time plays a very crucial part in building your future wealth, not only because the longer you contribute to your savings, the more you accumulate, but because with time, the contributions or savings you already made, will generate more income for you.

Therein lies the power of compounding. Compounding is the ability of the money you save today to bear fruit tomorrow, and the ability of that money and its fruit to bear more fruits the day after tomorrow, figuratively speaking.

app

It is this power of compounding that should motivate you to ensure that you do not let a month or year pass without making a savings or contribution to your retirement plan or future wealth accumulation account. The unfortunate thing about compounding is that you cannot make up for the lost time.

Put your money to work

You have worked hard to earn your money, therefore, let your money work hard for you by putting it to work early enough – by saving, timely, consistently and constantly. And watch it grow.

[READ ALSO: Four Secrets of successful people]

 

Patricia

Uchenna Ndimele is the President of Quantitative Financial Analytics Ltd. MutualfundsAfrica.com and mutualfundsnigeria.com (both Quantitative Financial Analytics company website) is a leader in supplying mutual fund information, analysis, and commentary on African mutual funds. We provide reliable fund data; and ratings information that will add value to fund managers, the media, individual investors and investment clubs.

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.

FEATURED

Meet Atedo Peterside, the man who refuses to go with the crowd  

Atedo Peterside, the man who runs in when everyone is running out.   

Published

on

Atedo Peterside

At the height of the COVID-19 pandemic, when most people were seeking ways to hold on to their jobs and prepare for the economic hardship that was bound to ensue, one man was busy resigning from his positions on the boards of several listed companies.   

What were his reasons? Well, he wanted to focus on other interests, precisely on the ANAP Foundation COVID-19 Think Tank which he had just founded at the time. The non-governmental organisation was established with the aim of helping combat the pandemic.   

UBA ADS

That man is Atedo Nari Atowari Petersidewho also goes by the acronym, ANAP. Besides founding IBTC which is currently a part of Stanbic IBTC Holdings Plc, Peterside also founded ANAP Jets. He has been instrumental to the growth of several companies in the private sector and is a key player in influencing public policy in the countryPeterside has also been appointed by successive governments to serve on different important committees.   

This week on our founder’s profile, we bring you Atedo Peterside, the man who runs in when everyone is running out.   

Let’s talk about his early years  

Mr Peterside was born to the family of Chief Michael Clement Atowari Peterside and Patricia Awune Gboloba Bob-Manuel in 1955. As the only boy in a family of three children, he grew up under a strong parental influence. His father was an Ophthalmologist, and whenever his job allowed him to be at home, he devoted the time to raising his kids with stern lectures as well as he did with lighthearted jokes.   

GTBank 728 x 90

In 1965, ten-year-old Atedo finished his primary education and proceeded to boarding school at Kings College Lagos. However, the onset of the Nigerian Civil War suspended his education until 1970 when the war ended.   

Despite losing all his savings in the war, Chief Peterside worked and saved enough to send his son to the City University, London in 1973. It was there that he obtained his first degree in Economics. He later obtained his Master’s degree in 1977, also in Economics from the London School of Economics and Political Science.   

Why he chose his career path  

In a tribute to his father in 2016, Atedo recalled that his father’s profession as a medical doctor meant that he was always on call and hardly at home with the family. Much as he wanted to follow his father’s footsteps and be a “force for good,” Atedo knew even then that there had to be another way to make positive impacts in the world without being a medical doctor.   

onebank728 x 90

“Because you were permanently ‘on call’, I decided from a very early age that there must be alternative paths to earning a decent living outside of medicine, which looked like a thankless job to me,” he wrote in the tribute.  

Even though that was the time when it was more fashionable to take a career as a medical doctor or a lawyer, Atedo would not go with the flow.   

The consciousness that some ‘good soldiers’ had been killed in the coups, political crisis and civil war in the 1960s also discouraged him from toeing that line. The stories of the war, as he later noted, was his first painful encounter with the concept of “collateral damage,” and it seemed so unfair that people should have to suffer such consequences trying to put things right in their fatherland.   

app
GTBank 728 x 90

It was then that he decided he was going to be an entrepreneur and settled for studying Economics when he went to the United Kingdom for his first degree.   

After schooling, Atedo started his banking career with full consciousness of his main objective – becoming an entrepreneur. He took up a job with the NAL Merchant Bank (now known as Sterling Bank Plc), which was considered one of the foremost merchant banks at the time. He already knew for a fact at this time that he wanted to go into Investment banking. And he wanted to own one of such banks. 

While talking about this years later, Atedo said “I was more of an entrepreneur who just happened to be in banking. I took to banking as a career with the clear intention of becoming a bank entrepreneur.”  

devland

With these dreams in mind, he attended the Owner/President Management Programme at the Harvard Business School from 1991–1993.  

 

app
Atedo Peterside shares throwback picture of pioneer Stanbic IBTC staff members

IBTC Management in the early 1990s. Sitting from L to R: Atedo Peterside, Angela Omo-Dare, Wale Edun & Oluwande Muoyo. Standing from L to R: Sola David-Borha & Late Toyin Daniju

Founding IBTC  

Despite knowing that he wanted to start a bank, Atedo had to stay on for 10 years at NAL Merchant Bank. The Central Bank of Nigeria’s regulations at the time stipulated that one needed at least 10 years of banking experience to qualify as the Chief Executive Officer of a bank.  

“I stayed for 10 years, not because I couldn’t have started it earlier, but because I needed to have the required 10 years’ experience. And as soon as I did, I went ahead to start the bank,” he said.   

To get a bank started around the time Peterside founded Stanbic IBTC, one had to apply for a banking license and also get investors, which at the time was not so easy. So Chief Peterside started off the process by investing in the bank. Atedo had insisted that it would be inappropriate to seek outside investors for a venture which his own father was afraid of.   

Atedo recalled that this act of belief reinforced his desire to preserve the bank’s capital at all cost, knowing that he did not only have his money at stake, but that of his father and other shareholders. He stayed as CEO for 18 straight years after incorporation, taking the bank through the early tough years. Under his watch, the bank continued to grow steadily, showing good figures year after year.   

“I don’t think being a CEO at age 33 was such a big issue” he later remarked. “It was being a founder, largest shareholder and entrepreneur, and being the pillar carrying the bank, that was where the pressure really came from. It was a case of being at the forefront taking decisions and bearing the consequences.”  

Values he had gotten from his father came in handy at this time. “My father trained me to disbelieve first and question the message anyone was giving me and only proceed if the proposal makes sense to me,” he recalled.  

It was courtesy of this trait that he never fell prey to fraudsters in his business. Fraudulent schemes were popular at the time, with some of them pitching fake businesses to investors and banks. Unfortunately for them, they soon understood that it was a waste of time trying to get IBTC.    

The experience of working under (now late) Chief Wole Adeosun, his Managing Director and former boss at NAL Merchant Bank, had also given him sufficient exposure. He admitted that the responsibilities which he had to handle so early in his career helped build his confidence, reassuring him that he could run a bank.   

Acquisitions and mergers  

When CBN raised the minimum capital base for banks to N25 billion in 2005, IBTC acquired two commercial banks – Chartered Bank Plc and Regent Bank Plc. Consequently, IBTC became a universal bank on 19 December 2005with a new name – IBTC Chartered Bank Plc.  

In 2007, the bank again merged with Standard Chartered Bank to form the Stanbic IBTC Bank Plc, and Atedo was elected Chairman in October 2007.   

About the merger, he remarked that it was a deliberate decision not influenced by any financial or technical problems in the bank.   

“We could have gone on without the merger and still not had any problems. It was a decision we made after 18 years and we took it because we thought we had seen the right banking partners that will take the bank to the next level.  

“Also as a founder, I was concerned about the careers of those who had given their lives and careers to grow IBTC, and my priority was getting them into an arrangement and institution that could go on forever so that they could have safe and secure jobs and careers, he later said.  

The wisdom in his decision can be seen in the fact that lots of the staff who had worked with him in IBTC went on to have fulfilling careers in the new entity even long after he left.   

For instance, Sola David-Borha, who was his deputy from IBTC and later at Stanbic IBTC, succeeded him as MD and went on to become head of Africa region for the parent bank.   

Another principle which Atedo enforced as MD was using merit as a first criterion in all recruitments and appointments. Not even gender or ethnicity could get anyone an appointment unless he was first qualified, and Atedo insisted that he did not mind having all males or all females if those were the most qualified persons.   

The implication of this practice was that the bank often had more female representation in its management than other banks, and sometime in 2004, it was the only bank that had more females on its management team than males.   

The bank also had a lot of qualified bankers coming in, because they knew that it was an environment where they would be allowed to thrive irrespective of gender, ethnicity or other factors.   

Handling Challenges  

As CEO and later Chairman of a big bank, Atedo had to deal with many challenges. But he would later recall that the most significant challenge came in October 2015 when the Financial Reporting Council of Nigeria accused the bank of falsifying its 2013 and 2014 accounts by including sums which had not been disbursed as part of its operations costs.   

It was a bad day for the bank, especially since the regulatory agency had taken its accusations public whilst asking the bank to withdraw and rectify the statements. The bank’s management also went public with its explanation. Even though the funds had not been disbursed at the time the financial reports were sent in, they had to be included in order to make provisions for disbursement later.   

The explanation should have helped set issues straight but this was not to be. As a matter of fact, the issue dragged on for over a year until the Federal Government appointed CBN to conduct an investigation into it. Eventually, CBN cleared the air and upheld the bank’s practice as the standard – making provisions for the expenses which formed part of its operations costs.  

“I was conversant with all of the accounts and I knew we had done nothing wrong. The only issue was getting everyone to see it. I was also very confident in the team that I had built,” he said in an interview later.   

In his resignation notice later on, Atedo stated that he planned to leave the company in 2015, but the protracted dispute with the Financial Reporting Council forced him to delay his plans.  

Pursuing other interests  

After seeing to the end of the issues with regulatory agencies, Atedo Peterside retired as Chairman in March 2017. Although he still had interests in the bank, he wanted to give more time to other interests. However, he remained on the boards of both The Standard Bank of South Africa Limited and Standard Bank Group Limited.  

His focus after this time was the ANAP Jets Limited which he had started while still heading the board in 2015.  He is the  Chairman of ANAP Jets Limited, as well as a major shareholder. ANAP Jets provides fractional ownership platform, charter and aircraft management services, to serve the business sector, taking care of every detail in operating, maintaining, crewing, catering, and fueling the jet.  

The company has a technical partnership, which brings in Aliserio S.r.l. (formerly Eurofly Service S.p.A.) chaired by Mr Rodolfo BavieraAliserio S.r.l., of Italy as a technical partner.  Not only is the company over 40 years old, Mr. Rodolfo Baviera has also been the Chairman of The European Business Aviation Association between 2000 and 2016, giving him the expertise and network needed to make a valuable technical partnership.  

Atedo also served as board Chairman at Cadbury, and board member of Nigerian Breweries (Heineken subsidiary), Unilever and a Non-Executive Director of Flour Mills Nigeria Plc, until the onset of the pandemic when he resigned to devote more time to combatting the pandemic under the auspices of the ANAP foundation COVID-19 think tank.   

He is the Chairman of ART X Collective Limited and Endeavour High Impact Entrepreneurship Ltd/Gte, a non-profit organization that provides mentorship and support to scale-up companies. Mr Peterside also serves on the African Advisory Board of the Prince’s Trust International.  

Obviously, his hobbies of boating, polo, reading and traveling are not enough to occupy the 65-year old as he continues to pick up new pursuits. Now, he concerns himself with influencing public policy for a better society and has served on several committees at the instance of the government.   

“I am sad that today, no young Nigerian at age 33 can start a bank the same way I did because the rules will not even permit him. I feel like the rules have been rigged against the younger generation and that is why you see most of them going into the creative arts like singing, dancing and acting because that is where they feel they have an advantage over the older generation. We need to look at influencing public policy to give them competitive advantage in every sector including public offices,” he said.   

Without entering the theatre like his father, Atedo has made his mark in his chosen path. However, what will speak most for the tireless entrepreneur are the professionals whom he has mentored in the banking industry.   

He was conferred with an honorary Doctor of Science Degree by the University of Port Harcourt, Nigeria, and also elected an Honorary Fellow of the Chartered Institute of Stockbrokers on 1 April 2019.  

Patricia
Continue Reading

Coronavirus

COVID-19 Update in Nigeria

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria.

Published

on

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 31,323 confirmed cases.

On the 10th of July 2020, 575 new confirmed cases and 20 deaths were recorded in Nigeria, having carried out a total daily test of 3,725 samples across the country.

UBA ADS

To date, 31,323 cases have been confirmed, 12,795 cases have been discharged and 709 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 175,656 tests have been carried out as of July 10th, 2020 compared to 171,931 tests a day earlier.

COVID-19 Case Updates- 10th July 2020,

  • Total Number of Cases – 31,323
  • Total Number Discharged – 12,795
  • Total Deaths – 709
  • Total Tests Carried out – 175,656

According to the NCDC, the 575 new cases are reported from 18 states- Lagos (224), Oyo (85), FCT (68), Rivers (49), Kaduna (39), Edo (31), Enugu (30), Delta (11), Niger (10), Katsina (9), Ebonyi (5), Gombe (3), Jigawa (3), Plateau (2), Nassarawa (2), Borno (2), Kano (1), Abia (1)

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,051, followed by Abuja (2,433), Oyo (1,689), Edo (1,593), Delta (1,348), Rivers (1,343), Kano (1,303), Ogun (1,063),  Kaduna (946), Katsina (655), Ondo (606), Borno (586), Gombe (527), Bauchi (519), Ebonyi (508), Plateau (499), Enugu (469), Abia (402),  Imo (359), Jigawa (321).

GTBank 728 x 90

Kwara state has recorded 311 cases, Bayelsa (299), Nasarawa (238), Osun (212), Sokoto (153), Niger (135), Akwa Ibom (134), Benue (121), Adamawa (100), Anambra (93), Kebbi (86), Zamfara (76), Yobe (62), Ekiti (46), Taraba (27), while Kogi and Cross River state have recorded 5 cases each.

 

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

onebank728 x 90

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.

app
GTBank 728 x 90

 

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

devland
Patricia
Continue Reading

FEATURED

Prices of Oil, pepper, tomatoes, rice others jump as low sales hit major markets in Lagos

Published

on

Nigerians spent N334.3 billion to import foodstuffs, tobacco, others in 6-months, Lagos state to shut down markets

Prices of major household items such as vegetable oil, tomatoes, pepper, rice and several others have once again spiked across major markets. This is according to the latest household market survey carried out by Nairametrics Research.

The latest household survey conducted by Nairametrics Research Team, revealed that Nigerians may be in for a sustained challenging time due to COVID-19 pandemic as major markets across Lagos state have been hit with low patronage, low sales and rising prices.

UBA ADS

Key Highlights

A medium-sized bag of pepper that was initially sold for an average of N8,000 in June has now increased by 20% to sell for an average of N10,000. Also, a big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 now sells for an average of N10,000.

Explore Economic Research Data From Nairametrics on Nairalytics

The team also found that 25 litres gallon of vegetable oil increased by 4.01% from an initial average of N12,575 to an average of N13,100. Surprisingly, the price of onions increased in the past weeks as a big bag of dry onions now sells for an average of N17,000 from an initial drop reported in June.

GTBank 728 x 90

The report detailed items that recorded an increase in price, items that decreased in price, items that maintained initial prices, special markets and key insights.

Items that witnessed price increase

Some of the items that recorded an increase in price compared to last month include;

  • A big bag of dry onions now sells for an average of N17,000, indicating a 2.94% increase compared to an average of N16,500 recorded a fortnight ago.
  • The big basket of oval-shaped tomatoes that was initially sold for an average of N8,500 increased by 15% to sell for an average of N10,000.
  • A small basket of oval-shaped tomatoes recorded a 13.3% increase to sell for an average of N7,500 compared to N6,500 recorded last month.
  • The price of a bag of 50kg Mama Gold rice increased marginally by 1.17% to sell for an average of N21,375
  • Mama’s Pride rice (50kg) also increased marginally by 0.59% to sell for an average of N21,125.
  • A 50kg bag of Foreign rice now sells for an average of N28,500 compared to an initial average of N27,500 indicating a 3.51% increase in price.
  • A big bag of melon increased by 15.38% to sell for an average of N39,000 compared to N33,000 recorded in June 2020.
  • The price of a big bag Bush mango seed (Ogbono) currently sells for an average of N75,000. This is a 9.33% increase compared to N68,000 recorded two weeks ago.
  • 1 loaf of Butterfield bread increased by 5.7% as it now sells for an average of N438 compared to an initial average of N413.
  • A 5kg cylinder of household cooking gas is currently filled across the four markets for an average of N1,400 compared to an initial average N1,375 recorded two weeks ago. This indicates a 1.79% increase.

READ MORE: Cocoa prices melt lower as COVID-19 weakens demand 

onebank728 x 90

Items that recorded decrease in price

Despite the increase in the price of most of the items, some items however recorded marginal decrease in price.

  • A big tuber of Abuja yam now sells for an average of N838, compared to an initial average of N930, which indicates a 13.4% reduction in price.
  • Also, a smaller tuber of yam recorded a 12% reduction in price from an initial average of N700 to an average of N625.
  • The price of 1 big Titus fish now sells for an average of N563 compared to an initial average of N575.

Items that maintained initial price

Household items that maintained their initial prices include milk, cocoa beverages, bread, and flour.

  • A 400g Peak Powdered (Tin) milk continues to sell for an average of N1,213 while 900g still sells for an average of N2,375.
  • A big basket of sweet potatoes still sells for an average of N8,000 while a small basket of the same items continues to sell for an average of 600.
  • 5kg of household cooking gas (Refilling) continues to sell for an average of N3,375 while 5kg cylinder is still filled for an average of N1,375.
  • A bag of yellow maize still sells for an average of N17,250 while White maize also maintains average of N17,500.
  • 500g and 900g Milo Tin still sell for an average of N1,038 and N2,075 respectively across the four markets.
  • The price of Kote and Titus fish continues to sell for N563 and 575 respectively.
  • A bag of 50kg beans (Oloyin) still sells for an average of N12,750, white beans sells for an average of N21,125 and brown beans sells for an average of N20,625.

READ MORE: Household Survey: Nigerians dump imported rice, others, as prices jump high 

app
GTBank 728 x 90

Special Markets/Items

  • A big nylon of crayfish increased by 15.4% in July to sell for an average of N15,000 compared to N13,000 recorded in June 2020.
  • Round shaped tomatoes are yet to be sold in the markets due to the raining season. Meanwhile, oval-shaped tomatoes popularly regarded as Yoruba tomatoes is being sold in the major markets visited in Lagos. However, the price of the oval-shaped tomatoes is high due to the scarcity of the commodity. We found that a big basket is sold for an average of N10,000 while a small basket is sold for an average of N7,500.
  • Big sized bag of pepper was not sighted by Nairametrics team at Mile 12 market and traders of the commodity explained that no truck conveying pepper arrived from the north in recent times, and this has forced the price of the limited stock to rise in the last two weeks. A medium-sized bag sells for an average of N10,000 at Mile 12 market.

 

Market Insights

Sellers at various markets who spoke to Nairametrics research revealed that sales have dipped in recent weeks due to increase in price, traffic situation and alternate opening of the market.

According to a trader at Daleko market, “sales have dropped significantly in the past month as the price of food items keeps increasing with markets only opening on specific days of the week. I think the increase in price of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day.”

devland

Another trader interviewed at Mushin market by Nairametrics research team explained that, “Our goods are spending more time on display now compared to pre-COVID period, which has affected our turnover in recent times.” 

ItemsBrandUnitMUSHIN (2/07/2020)DALEKO (2/07/2020)OYINGBO (2/07/2020)MILE 12 (2/07/2020)Average MUSHIN (18/06/2020)DALEKO (18/06/2020)OYINGBO (18/06/2020)MILE 12 (18/06/2020)Average
Bag of RiceBasmati5kgNANANANANANANANANANA
Bag of RiceMama Gold10kgNA4000NANA4000NA4000NANA4000
Bag of RiceRoyal Stallion50Kg28500NA28000290002850028000NA270002750027500
Bag of RiceRice Master10kgNA3500NA40003750NA3500NA40003750
Bag of RiceMama Gold50kg22000215002100021000213752200021500210002000021125
Bag of RiceCaprice50kg28000NA275002750027666.66666666728000NA275002750027666.666666667
Bag of RiceMama's Pride50kg21500210002100021000211252100021000210002100021000
Bag of RiceFalcon25kgNANANANANANANANANANA
Bag of BeansOloyin50kg13000125001300012500127501300012500130001250012750
Bag of BeansWhite50kg22000205002100021000211252200020500210002100021125
Bag of BeansBrown>50kg20500195002150021000206252050019500215002100020625
Tuber of YamAbuja1 Big Size Tuber850800800900837.510009009001000950
Tuber of YamAbuja1 Medium Size Tuber650600600650625650700750700700
Carton of NoodlesIndomie305g (Belle full)2900290029002900290029002900290029002900
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2000220021002100210020002200210021002100
Carton of NoodlesMinimie70g1600165017001650165016001650170016501650
Carton of NoodlesGolden Penny70g1400140014001400140014001400140014001400
Bag of GarriIjebu80kg13000135001300014000133751300013500130001400013375
Bag of GarriWhite50kg11000115001150011000112501100011500115001100011250
Bag of GarriYellow50kg12000125001200012500122501200012500120001250012250
Basket of PotatoSweetBig Basket8000800080008000
Basket of PotatoSweetSmall Basket700600600633.33333333333700600600633.33333333333
Basket of PotatosweetSmallest Basket200200200200200200200200
Basket of PotatoIrishBiggest Basket20000200002000020000
Basket of PotatoIrishSmall Basket200020002000200020002000
Basket of PotatoIrishSmallest Basket1700150015001566.66666666671700150015001566.6666666667
Packet of PastaGolden Penny500g4300440043004200430043004400430042004300
Packet of PastaDangote500g4100410042004100412541004100420041004125
Packet of PastaPower (1 pc)500g220220220220220220220220220220
Packet of PastaBonita (1 pc)500g230200230220220230200230220220
Gallon of Palm OilLocal5 Litres2200210021002100212522002100210021002125
Gallon of Palm OilLocal25 Litres11000110001100011000110001100010500110001050010750
Gallon of Vegetable OilLocal5 Litres2400220023002200227522002200220022002200
Gallon of Vegetable OilLocal25 Litres13100130001330013000131001260012400129001240012575
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 Bunch500400450500462.5500400450500462.5
Bag of FlourDangote50kg11200112001100011000111001120011200110001100011100
Bag of FlourHoney well50Kg11200112001120011200112001120011200112001120011200
Bag of FlourMama Gold50kg11000113001100011000110751100011300110001100011075
MilkPeak Powdered (Tin)400g12501200120012001212.512501200120012001212.5
Milkpeak Powdered(Tin)900g2400240024002300237524002400240023002375
MilkPeak milk (Refill)500g10501000100010001012.510501000100010001012.5
MilkDano Powdered (Tin)500g1000100010001000100010001000100010001000
MilkDano Powdered(Tin)900g2000200020002000200020002000200020002000
MilkDano (Refill)500g850800800800812.5850800800800812.5
MilkThree Crown (Refill)380g720700750700717.5720700750700717.5
MilkLoya Powdered (Tin)400g10001000100010501012.510001000100010501012.5
MilkLoya (Refill)400g850800850800825850800850800825
MilkCoast (Refill)500g750750750750750750750750750750
Cocoa BeveragesMilo (Tin)500g10001100105010001037.510001100105010001037.5
Cocoa BeveragesMilo (Tin)900g2000210021002100207520002100210021002075
Cocoa BeveragesMilo Refill500g900900900900900900900900900900
Cocoa BeveragesBournvita Refill500g95010009509009509501000950900950
Cocoa BeveragesBournvita (Plastic)900g2000200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800800850850825800800850850825
Cocoa BeveragesOvaltine(Plastic)500g1100110010001100107511001100100011001075
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g310290300300300310290300300300
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g500550550550537.5500550550550537.5
SugarGolden Penny Sugar (cube)500g350350350400362.5350350350400362.5
BreadVal-U1 loaf450NA450NANANANANANANA
BreadButterfield1 loaf450400450450437.5400400400450412.5
EggN/ACrate95090010001000962.5950100010001000987.5
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre600550550600575600550550600575
JuiceChivita1 litre600550600550575600550600550575
GasRefilling12.5kg3500300034003600337535003000340036003375
GasRefilling5kg1400140014001400140014001300140014001375
TomatoesBig Basketround shapedNANA1600016000
Medium Basketround shapedNANA95009500
Small Basketround shapedNANA60006000
Big BasketOval Shaped85001000085008500
Small BasketOval Shaped6500750065006500
FishKote (Horse Mackerel)1 big Fish550600550500550550600550550562.5
FishTitus (Mackerel)1 big Fish550550550600562.5550600550600575
PepperBig bagNA1500015000
Medium bag100001000080008000
MaizeYellow180001650017250180001650017250
White180001700017500180001700017500
MelonBig bag39000390003300033000
OnionsBig bagDry Onions17000170001650016500
OnionsBig bagNew OnionsNANANANA
Bush mango seed(Ogbono)1 big bag75000750006800068000

 

app

About Nairametrics Food Price Survey

The Nairametrics Food Price Watch is a bi-weekly household market survey that covers the prices of major food items, with emphasis on five major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market, Idi-Oro Market and Mile 12.

 

 

Patricia
Continue Reading