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.
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.
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.
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.
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.
|Items||Brand||Unit||MUSHIN (29/08/2019)||DALEKO (29/08/2019)||OYINGBO (29/08/2019)||MILE 12 (29/08/2019)||Average||MUSHIN (15/08/2019)||DALEKO (15/08/2019)||OYINGBO (15/08/2019)||MILE 12 (15/08/2019)||Average|
|Bag of Rice||Basmati||5kg||6500||6000||6500||6500||6375||5500||5000||5500||5500||5375|
|Bag of Rice||Mama Gold||10kg||4000||3500||4000||3700||3800||3400||2900||3400||3100||3200|
|Bag of Rice||Royal Stallion||50Kg||18000||17000||18000||17500||17625||15000||13500||15000||14500||14500|
|Bag of Rice||Rice Master||10kg||3500||3500||3500||3400||3475||3000||2800||3000||2900||2925|
|Bag of Rice||Mama Gold||50kg||18000||17000||18000||18000||17750||15000||14500||15000||15000||14875|
|Bag of Rice||Caprice||50kg||18000||17000||18000||18000||17750||15000||13500||15000||14300||14450|
|Bag of Rice||Mama's Pride||50kg||16500||15500||16000||16000||16000||15000||14500||15500||15000||15000|
|Bag of Rice||Falcon||25kg||6800||6500||6800||6800||6725||6800||6500||6800||6800||6725|
|Bag of Beans||Oloyin||50kg||14000||13500||14000||14000||13875||16000||13500||16000||14500||15000|
|Bag of Beans||White||50kg||22000||20000||22000||18000||20500||26000||24000||25000||25000||25000|
|Bag of Beans||Brown||50kg||14000||12000||14500||13500||13500||14000||12000||14500||13500||13500|
|Tuber of Yam||Abuja||1 Big Size Tuber||900||900||850||800||862.5||1000||1200||1100||1000||1075|
|Tuber of Yam||Abuja||1 Medium Size Tuber||650||700||650||600||650||650||750||700||700||700|
|Carton of Noodles||Indomie||305g (Belle full)||2900||2900||2900||2900||2900||2900||2900||2900||2900||2900|
|Carton of Noodles||Indomie||200g (Hungry man)||3200||3200||3200||3200||3200||3200||3200||3200||3200||3200|
|Carton of Noodles||Chikki||100g||2000||2200||2100||2100||2100||2000||2200||2100||2100||2100|
|Carton of Noodles||Minimie||70g||1500||1500||1500||1500||1500||1500||1500||1500||1500||1500|
|Carton of Noodles||Golden Penny||70g||1400||1400||1400||1400||1400||1400||1400||1400||1400||1400|
|Bag of Garri||Ijebu||80kg||7000||7000||7200||7000||7050||7000||7000||7200||7000||7050|
|Bag of Garri||White||50kg||6000||6000||6000||6000||6000||5000||4800||5000||4800||4900|
|Bag of Garri||Yellow||50kg||6000||6000||6500||6500||6250||5900||6000||6000||5800||5925|
|Basket of Potato||Sweet||Big Basket||9500||9500||3000||3000|
|Basket of Potato||Sweet||Small Basket||700||700||600||600|
|Basket of Potato||sweet||Smallest Basket||200||200||200||200|
|Basket of Potato||Irish||Biggest Basket||28000||28000||15000||15000|
|Basket of Potato||Irish||Medium Basket||3500||3500||2000||2000|
|Basket of Potato||Irish||Small Basket||1400||1400||1300||1300|
|Packet of Pasta||Golden Penny||500g||3300||3400||3400||3400||3375||3300||3400||3400||3400||3375|
|Packet of Pasta||Dangote||500g||3500||3500||3400||3400||3450||3500||3500||3400||3400||3450|
|Packet of Pasta||Power (1 pc)||500g||180||200||180||200||190||180||200||180||200||190|
|Packet of Pasta||Bonita (1 pc)||500g||200||200||200||200||200||200||200||200||200||200|
|Gallon of Palm Oil||Local||5 Litres||2000||1700||2000||2000||1925||2000||2000||2000||2000||2000|
|Gallon of Palm Oil||Local||25 Litres||11000||10000||11000||10500||10625||11000||10500||11000||10500||10750|
|Gallon of Vegetable Oil||Local||5 Litres||2000||1800||2000||2000||1950||2000||2000||2000||2000||2000|
|Gallon of Vegetable Oil||Local||25 Litres||10000||9800||10000||9800||9900||10000||9500||10000||9500||9750|
|Gallon of Vegetable Oil||Kings||5 Litres||3000||3000||3000||3000||3000||3000||3000||3000||3000||3000|
|Gallon of Vegetable Oil||Wesson||5 Litres||3900||3900||3900||3900||3900||3900||3900||3900||3900||3900|
|Gallon of Vegetable Oil||Mamador||3.8 Litres||2500||2450||2500||2400||2462.5||2500||2450||2500||2400||2462.5|
|Gallon of Vegetable Oil||Power||3 Litres||1800||1800||1800||1800||1800||1800||1800||1800||1800||1800|
|Bunch of Plaintain||Plaintain||1 Big Bunch||400||400||350||400||387.5||400||450||450||450||437.5|
|Bag of Flour||Dangote||50kg||10800||10500||11000||11000||10825||10800||10500||11000||11000||10825|
|Bag of Flour||Honey well||50Kg||11500||11000||11200||11000||11175||11500||11000||11200||11000||11175|
|Bag of Flour||Mama Gold||50kg||11500||11300||11000||11000||11200||11500||11300||11000||11000||11200|
|Bag of Sugar||Dangote||50kg||3500||3200||3400||3200||3325||3500||3200||3400||3200||3325|
|Milk||Peak Powdered (Tin)||400g||1250||1200||1200||1200||1212.5||1250||1200||1200||1200||1212.5|
|Milk||Peak milk (Refill)||500g||1050||1000||1000||1000||1012.5||1050||1000||1000||1000||1012.5|
|Milk||Dano Powdered (Tin)||500g||1000||1000||1000||1000||1000||1000||1000||1000||1000||1000|
|Milk||Loya Powdered (Tin)||400g||1000||1000||1000||1050||1012.5||1000||1000||1000||1050||1012.5|
|Cocoa Beverages||Milo (Tin)||500g||1000||1100||1050||1000||1037.5||1000||1100||1050||1000||1037.5|
|Cocoa Beverages||Milo (Tin)||900g||2000||2100||2100||2100||2075||2000||2100||2100||2100||2075|
|Cocoa Beverages||Milo Refill||500g||900||900||900||900||900||900||900||900||900||900|
|Cocoa Beverages||Bournvita Refill||500g||950||900||950||900||925||950||900||950||900||925|
|Cocoa Beverages||Bournvita (Plastic)||900g||2000||2000||2000||2000||2000||2000||2000||2000||2000||2000|
|Cocoa Beverages||Ovaltine Refill||500g||800||800||850||850||825||800||800||850||850||825|
|Tea||Lipton Yellow label||52g||310||290||300||300||300||310||290||300||300||300|
|Sugar||St' Loius Sugar(Cube)||500g||400||380||400||450||407.5||400||380||400||450||407.5|
|Sugar||Golden Penny Sugar (cube)||500g||350||300||350||300||325||350||300||350||300||325|
|Bottled Water (Refill)||Cway||Refill||600||600||650||600||612.5||600||600||650||600||612.5|
|Juice||5 Alive||1 litre||600||550||550||600||575||600||550||550||600||575|
|Tomatoes||Big Basket||round shaped||11000||11000||6000||6000|
|Medium Basket||round shaped||6000||6000||3500||3500|
|Small Basket||round shaped||3500||3500||2000||2000|
|Big Basket||Oval Shaped||5000||5000||3200||3200|
|Small Basket||Oval Shaped||2500||2500||1500||1500|
|Fish||Kote (Horse Mackerel)||1 kg||450||450||500||420||455||450||450||400||400||425|
|Fish||Titus (Mackerel)||1 kg||450||400||450||450||437.5||450||450||400||450||437.5|
Peter Obaseki retires as Chief Operating Officer of FCMB Group Plc
Mr Peter Obaseki, the Chief Operating Officer of FCMB Group has retired from the financial institution.
The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.
His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.
The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.
FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).
The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.
For more information about FCMB Group Plc, please visit www.fcmbgroup.com.
Deezer accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer has gained quite a reputation in Nigeria, as it slashes its subscription fee and now accepts payment in Naira.
Deezer slashes subscription fee and now accepts payment in Naira amid stiff competitions with Spotify, Youtube music, Apple music.
Deezer, the French music streaming platform that has gained quite a reputation in Nigeria has slashed its subscription fee and now accepts payment in Naira.
This is coming a few weeks after Spotify launched in Nigeria and 38 other new markets in Africa.
The competition in the Nigerian music streaming space is getting hotter by the day. More music streaming platforms are entering the Nigerian market with better payment methods and cheaper pricing, thereby forcing existing players to slash their prices so as to hold on to their customer base
Launched in 2007, Deezer currently connects over 16 million monthly active users around the world to 73 million tracks.
Before now, Deezer’s subscription was rated at $4.99 (₦1,800) for premium customers and the family plan for ₦2,700.
This number has been slashed in half. The music platform now charges ₦900 ($2.36) for Deezer Premium, ₦1,400 for Deezer HiFi and ₦1,400 ($3.67) for Deezer Family Plan.
Other streaming players in Nigeria like Apple Music, Spotify, Youtube music, Boom Play, Audiomack and Soundcloud have also slashed their prices.
For YouTube Music, the monthly individual subscription costs ₦900 while a family plan costs ₦1400 ($3.67).
Spotify Premium cost ₦900 per month in Nigeria. The Premium Family plan goes for ₦1,400 for up to 6 family members.
Apple music charges ₦450 per month for students, ₦900 per month for Individual plan while the Family plan goes for ₦1,400 for up to 6 family members.
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