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Household Survey: Prices of Tomatoes, yam and others drop as palm oil inches up slightly 

The latest household survey shows that the prices of several items dropped in the last two weeks. Major findings from the survey reveal that tomatoes recorded a significant decline in prices



Prices of Tomatoes yam, Prices of major food items continue to rise in major markets as border closure remains 

The latest household survey shows that the prices of several items dropped in the last two weeks. Major findings from the survey revealed that tomatoes recorded a significant decline in prices, as a basket now sells for an average of N6,000. Other food items that recorded a decline in prices are yam, fish, rice, garri, potatoes and so on. Meanwhile, the price of palm oil slightly inches up.  

Nairametrics Research Team once again visited some of the major markets in Lagos State to obtain the prices of food items. The reports further show items that have maintained their prices over the last two weeks and those that witnessed variance in prices. The reactions of some of the sellers were also obtained and included in this report. 

Items that witnessed an increase in price over the past two weeks include Rice Master (10 kg), Mama’s pride (50 kg), local palm oil (5 litres), Honeywell flour (50kg) and Milo beverage (Tin 900g). 

  • The price of the Made-in-Nigeria rice, Mama’s Pride (50kg) increased from an average of N14, 875 to N15,000. It should, however, be noted that the price of imported rice (Royal Stallion and Mama Gold) did not record any change in the past two weeks as they sell at an average of N14,500 and N14,875 respectively. 
  • Locally made palm oil (5 litres) witnessed a slight increase in price from an average of N1,900 to N2,000. The 25 litres of the same commodity, however, maintained its initial price from the previous survey at N10,750. 

Food items which declined in price

Grains such as Caprice (50 kg), Mama Gold (10 kg), Brown beans (50 kg), Garri (Ijebu, white and yellow), ovalshaped tomatoes and fish (Kote) all experienced a slight decline in price. 

  • A big tuber of yam which was sold for an average of N1,450 two weeks ago is now sold for N1,057. This indicates a significant 34.8% reduction in price. Also, a small-sized yam which was sold for an average of N825 is now sold for N700. 
  • The price of Irish potato has continued to fluctuate in recent weeks. A big basket of Irish potatoes which was sold for N20,000 two weeks ago is now sold for N15,000. Sellers of the commodity attributed the cause of the fluctuation to cost of transportation.
  • According to a trader, Mr Yaya – a dealer in Potatoes at Mile 12 market, enlightened the Research Team that the cost of transportation is largely responsible for the fluctuation in the price of the commodity.  
  • Tomatoes yet again dropped to its lowest price in four months as a big basket of round tomatoes now sells for N6,000 as compared to N10,000 sold in the first week of the month.
  • A further look into the data reveals that the price of tomatoes had fluctuated an average of eight times in the past 4 months. 

Compared to its previous price, a big basket of round tomatoes recorded a 40% decline. Also, a medium basket of the same shape is now sold for N3,500 compared to N6,500 sold earlier this month.  

[READ ALSO: Prices of imported rice and other items fall as Irish potatoes fluctuate]

Special Items 

Nairametrics Research Team interviewed customers at the tomato section of Mile 12 market. A trader who chose to be anonymous expressed relief towards the reduction in the price of the commodity but expressed optimism that the price could drop to as low as N3,000. According to the trader, “at some points, a big basket of round tomatoes was sold for N3,000. Therefore, it is possible that the price of the commodity will further decline in the coming weeks.”

A bag of melon is still sold for an average of N50,000 as a bag of bushman seed (Ogbono) maintains its price at N55,000. On the flip side, a big sac of crayfish is sold at an average of N7,000. 

[READ FURTHER: Food items sell cheapest at Mile 12, as traders lament high price of local]

Special markets: With the reduction in the prices of tomatoes, potatoes and yam, Mile 12 Market is the best location to buy these items. Daleko Market, however, appears to be the preferred market for rice, beans and eggs as the prices of the commodities are cheaper at the market. 

Also, the research team ascertained that tubers of yam sell the cheapest at Mushin market

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 on four major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market and Mile 12. 

ItemsBrandUnitMUSHIN (15/08/2019)DALEKO (15/08/2019)OYINGBO (15/08/2019)MILE 12 (15/08/2019)Average MUSHIN (01/08/2019)DALEKO (01/08/2019)OYINGBO (01/08/2019)MILE 12 (01/08/2019)Average
Bag of RiceBasmati5kg5500500055005500537555005000550055005375
Bag of RiceMama Gold10kg3400290034003100320034002800350032003225
Bag of RiceRoyal Stallion50Kg15000135001500014500145001500013500150001450014500
Bag of RiceRice Master10kg300028003000290029252800300029002900
Bag of RiceMama Gold50kg15000145001500015000148751500014500150001500014875
Bag of RiceCaprice50kg15000135001500014300144501500013500150001450014500
Bag of RiceMama's Pride50kg15000145001550015000150001450014500155001500014875
Bag of RiceFalcon25kg6800650068006800672568006500680068006725
Bag of BeansOloyin50kg16000135001600014500150001600013500160001450015000
Bag of BeansWhite50kg26000240002500025000250002600024000250002500025000
Bag of BeansBrown50kg14000120001450013500135001400012000145001400013625
Tuber of YamAbuja1 Big Size Tuber10001200110010001075150014001450
Tuber of YamAbuja1 Medium Size Tuber650750700700700800850900750825
Carton of NoodlesIndomie305g (Belle full)2900290029002900290029002900290029002900
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2000220021002100210020002200210021002100
Carton of NoodlesMinimie70g1500150015001500150015001500150015001500
Carton of NoodlesGolden Penny70g1400140014001400140014001400140014001400
Bag of GarriIjebu80kg7000700072007000705072007000720070007100
Bag of GarriWhite50kg5000480050004800490050004500500050004875
Bag of GarriYellow50kg5900600060005800592560006000600060006000
Basket of PotatoSweetBig Basket3000300040004000
Basket of PotatoSweetSmall Basket600600600600
Basket of PotatosweetSmallest Basket200200200200
Basket of PotatoIrishBiggest Basket15000150002000020000
Basket of PotatoIrishMedium Basket2000200024002400
Basket of PotatoIrishSmall Basket1300130015001500
Packet of PastaGolden Penny500g3300340034003400337533003400340034003375
Packet of PastaDangote500g3500350034003400345035003500340034003450
Packet of PastaPower500g180200180200190180200180200190
Packet of PastaBonita500g200200200200200200200200200200
Gallon of Palm OilLocal5 Litres2000200020002000200020001800200018001900
Gallon of Palm OilLocal25 Litres11000105001100010500107501100010500110001050010750
Gallon of Vegetable OilLocal5 Litres2000200020002000200020001800200018001900
Gallon of Vegetable OilLocal25 Litres10000950010000950097501000095001000096009775
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 Bunch400450450450437.5450450500450462.5
Bag of FlourDangote50kg10800105001100011000108251080010500110001100010825
Bag of FlourHoney well50Kg115001100011200110001117511500110001100011166.666666667
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)500g1000100010001000100010001000100010001000
MilkDano Powdered(Tin)900g2000200020002000200020002000200020002000
MilkDano (Refill)500g850800800800812.5850800800800812.5
MilkThreeCrown (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)900g200021002100210020752000210021002066.6666666667
Cocoa BeveragesMilo Refill500g900900900900900900900900900900
Cocoa BeveragesBournvita Refill500g950900950900925950900950900925
Cocoa BeveragesBournvita (Plastic)900g2000200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800800850850825800800850850825
Cocoa BeveragesOvaltine(Plastic)500g1100110010001100107511001100100011001075
CoffeeNescafe Classic50g600600600600600600600600600
TeaLipton Yellow label52g310290300300300310290300300300
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 litre600550550600575600550550600575
JuiceChivita1 litre600550600550575600550600550575
TomatoesBig Basketround shaped600060001000010000
Medium Basketround shaped3500350065006500
Small Basketround shaped2000200035003500
Big BasketOval Shaped3200320040004000
Small BasketOval Shaped1500150015001500
FishKote (Horse Mackerel)1 kg450450400400425500450400400437.5
FishTitus (Mackerel)1 kg450450400450437.5450450400450437.5

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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.

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Market Views

US Stock markets unruffled about disappointing job report

Wall Street was unshaken as it posted record gains at the end of the week despite a disappointing April job report.



Apple, Microsoft gain over 1%, propels Nasdaq up

The April unemployment survey in the United States was a puzzler by most accounts. The 266,000 additional payrolls were the largest shortfall in economists’ estimates for nonfarm payrolls since the 1990s when many expected 1 million workers to be added to payrolls last month. However, Wall Street was unshaken as it posted record gains at the end of the week.

While analysts warn that the figure is poor, considering how many people have fallen out of the workforce in the past year, the unemployment rate in April remained remarkably stable at 6.1 percent and the market maintained its bullish pace. The Dow Jones Industrial Average (+0.66%) and the S&P 500 index (+0.74%) posted record closes on Friday, as the weak jobs report affirmed views that the Federal Reserve will keep financial conditions easy for longer.

Despite Friday’s gains, large-cap technology stocks are also lagging behind the overall market. For the year, Apple Inc (AAPL.O) is down almost 2%, Inc (AMZN.O) is up less than 2%, and Netflix Inc (NFLX.O) is down 6.5 percent. Overall, the technology market is up 6.8% year to date, less than half of the S&P 500’s 12.6 percent increase (.SPX).

READ: China, US confirm global recovery, capital market stocks are nearing all-time high

Furthermore, value stocks in cyclical sectors like financials, oil, and consumer sectors are soaring. The Russell 1000 Value index (.RLV) has gained 18 percent this year, including 0.7 percent on Friday, while the Russell 1000 Growth index (.RLG) has gained 6.3 percent this year, including 0.6 percent on Friday.

Although some technology stocks rose on Friday after a lacklustre U.S. unemployment report, some portfolio managers believe that recent blowout profits from many major technology firms are insufficient to justify continuing to make large bets on the industry.

The 266,000 new jobs added in April was a significant decrease from the 770,000 new jobs added in March. The rise in April was fueled by employment growth in the leisure and hospitality sector, which gained 330,000 jobs, with more than half of those in restaurants and bars. Overall, the industry employs 2.8 million fewer people than it did prior to the pandemic.

Wide losses in temporary support providers and couriers and messaging services, as well as smaller drops in manufacturing and retail, reversed those gains. Construction employment remained largely stable.

Because of the high liquidity created by the stimulus package and the FED’s decision to keep rates unchanged, the stock market appears to be immune for the time being. The biggest issue on most people’s mind is how long this positive mood will last in the economy.

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Market Views

Top 10 Stockbroking firms in Nigeria for April 2021

The top ten Stockbrokers traded shares worth N111.8 billion in April 2021, accounting for 69.9% of the total amount of shares traded.



Governor Fayemi explores investment options with the capital market, Nigerian Stock Exchange, Top 10 stockbrokers trade N120.4 billion worth of stocks in November , Law Union & Rock Insurance Plc Announces Notice of Board Meeting and Closed Period, NSE Hosts First Virtual Automated Trading System (ATS) Broker Certification Training Programme, Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion, Nigerian bourse close flat, triggered by low market liquidity, Industrial index down by 5.7%, as shares of BUA, Lafarge, Dangote, others decline on NSE

The Nigerian Stock market ended the month of March 2021 bullish as the All-Share Index grew by 2.02% from 39,045.13 points recorded as of March 31st, 2021 to close at 39,834.42 points at the end of April 2021.

Meanwhile, the top-performing stockbroking firms in the Nigerian Exchange Group (NGX) traded about 4.89 billion units of shares with a value of N111.8 billion, accounting for 69.9% of the total value of shares traded in the month.

This is according to the Broker performance Report, released by the Nigerian Stock Exchange for the month of April 2021.

According to the report, Morgan Capital Securities led the list of stockbroking firms by volume of shares while Investment One Stockbrokers traded the highest in monetary terms for the period under review.

READ: NSE-30 companies lose N1.13 trillion in market capitalisation year-to-date

Stockbrokers by value

The top ten Stockbrokers were responsible for 69.9% of the total amount of shares traded in April 2021, trading a total of N111.8 billion worth of shares.

  • Investment One Stockbrokers toppled Stanbic IBTC to top the list with trades valued at N60.91 billion in April 2021, representing 38.08% of the total value of shares traded during this period.
  • Rencap Securities stood at second on the list with trades in stocks valued at N15.59 billion, accounting for 9.75% of the total value of shares traded in the month of April.
  • Cardinalstone Securities followed with its total trades valued at N8.45 billion in the period under review. This represents 5.28% of the total value recorded in the Stock Exchange market.
  • EFG Hermes also traded in stocks worth N7.05 billion, to stand fourth on the list as it accounted for 4.41% of the recorded trades in monetary value.
  • Stanbic IBTC Stockbrokers traded a sum of N4.1 billion worth of stocks, which accounted for 2.57% of the total value for the period.
  • Others include Meristem Stockbrokers (N3.87 billion), Chapel Hill Denham (N3.66 billion), Stonex Financial (N3.36 billion), CSL Stockbrokers (N2.53 billion), and Cordros Securities (N2.27 billion).

READ: REVEALED: Three reasons the NSE expelled 38 stockbroking firms in six months

Stockbrokers by volume

The top ten stockbroking firms for the period under review traded in 4.89 billion units of shares, accounting for 45.01% of the total traded stocks.

  • Morgan Capital Securities tops the list of stockbroking firms in terms of volume of shares traded as it recorded trades in 859.82 million units of shares, representing 7.91% of the total volume traded in the bourse for the period.
  • Cardinal Securities followed, having traded in 835.49 million shares, accounting for 7.69% of the total volume of shares traded in April 2021.
  • Investment One Stockbrokers traded in 566.53 million units of shares in the month under review. This represents 5.21% of the total recorded.
  • Meristem Stockbrokers Limited stands fourth on the list with trades in 564.54 million units of shares in April 2021, accounting for 5.19% of the total volume recorded.
  • FBN Quest Securities traded in a total of 449.25 million units of shares accounting for 4.13% of the total volume recorded in the period under review.
  • Others on the list include EFG Hermes (422.23 million), Rencap Securities (406.6 million), Falcon Securities (312.13 million), Stanbic IBTC (248.43 million), and APT Securities (226.28 million).

What you should know

  • The NSE ASI grew by 2.02% in the month of April 2021, bringing the year-to-date performance to a decline of 1.08%.
  • The NSE Banking Index however dipped by 4.76% in the month of April to close at 352.07 points, while the year-to-date growth stood at -10.42%
  • NSE Industrial Goods index grew by 3.06% in the review period.

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