Traders across various major markets in Lagos state have expressed discomfort over the Seme Border partial closure, as prices of rice, chicken, turkey, tomatoes and other items suddenly jumped within the space of two weeks. A bag of imported (50kg) rice is now sold for an average of N17,750, while a bag of locally made rice (Mama’s Pride 50kg) is sold for an average of N16,000.
Nairametrics Research team visited four major markets in Lagos to inquire about the changes in prices of household commodities over the past two weeks. Information gathered covers items that recorded an increase in prices, decrease and insights on special markets.
Items with spiked prices
A significant portion of the items under consideration recorded huge increase in prices. Findings to establish what factors led to the sudden upsurge in prices of these items attributed them to the closure of the Nigeria-Benin border and the purported food importation ban by the federal government.
- Basmati rice (5kg) which was sold for an average of N5,375 is now sold for N6,375 on average, indicating a significant 18.6% increase in the price of the commodity.
- A bag of Mama Gold rice (50kg) which was sold initially for N14,875 is now sold for an average of N17,750. The same goes for other imported rice such as Royal Stallion and Caprice as the items recorded a 19.3% increase in price.
- Despite the forex ban on imported rice, locally made rice, Mama’s Pride (50 kg) which was sold for an average of N15,000 is now sold for an average of N16,000 indicating a 6.7% increase within the space of two weeks.
- A basket of tomatoes that had recorded a consistent reduction in price over the past two months also witnessed a massive 83.3% increase. At the moment, the price of a big basket of round shaped tomatoes which sold for N6,000 two weeks ago now sells for N11,000.
[READ MORE: Household Survey: Prices of Tomatoes, yam and others drop as palm oil inches up…]
Items that reduced in price
Items such as bags of beans, tubers of yam, palm oil (25 litres), vegetable oil (5 litres), plantains, witnessed a decrease in price over the past two weeks.
- A 50kg bag of beans (Oloyin) which was sold for N15,000 on the average two weeks ago is now sold for an average of N13,875, while 50kg bag of white beans initially sold for N25,000 now sells for N20,500.
- The price of yams also witnessed consistent reduction as a big-sized tuber, which was sold for an average of N1,075, now sells for N863. On the other hand, a medium-sized tuber of yam now sells for N650 compared to its initial N700.
Special Items/Markets
The price of tomatoes, which was expected to reduce this week, significantly increased which calls for worry amongst the Nigerian populace.
- Onions are cheap in Mile 12 market: A bag of new onions (Zaria onion) is sold for an average of N11,000, while that of dry onions is sold for N16,000.
- A bag of imported garri, known as Cotonou white garri, is sold for an average of N10,000 in Lagos Markets.
- White beans generically referred to as “Partisipay” is sold for N18,000 per bag in Mile 12 market.
- Locally grown and foreign rice recorded an increase in prices.
Market Insights
The Nairametrics Research Team interviewed traders of commodities in the various markets to have their reactions towards the change in the price of major household commodities.
- A trader known as Mr. John stated that the government should revisit the ban on the importation of foodstuffs into the country, as many other sellers of locally made items are leveraging on the ban to increase the prices of home-grown goods. He also pleaded with the government to make locally-made rice available, as the supposed alternative to imported rice is on the high side in terms of price.
- A seller of frozen food at the Mile 12 Market, who reserved the right to remain anonymous, spoke to our Research Team on the changes in the price of chicken and turkey.
“A slate of full Chicken which was sold for N9,200 two weeks ago is now sold for N13,000 while the same quantity of Chicken lap is now sold for N12,500 compared to its initial N8,500. Also, a slate of Turkey that was sold for N10,000 last week is now sold for an average of N14,000,” she disclosed.
According to her, the purported ban and border closure are already biting hard, and the Federal Government should help in opening the Seme Border for the importation of frozen foods.
Sellers of onions in the market told the Research Team that there are two types of onions currently in the market: the new onions are known as ‘Zaria’ which is sold for an average of N11,000 while the other known as dry onions is sold for an average of N16,000.
[READ ALSO: Prices of imported rice and other items fall as Irish potatoes fluctuate]
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.
[table id=221 /]
What is the current price of rice in the market now both imported and local.