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Business News

Household Survey: Traders exploit border closure to raise food prices

The latest household survey carried out by Nairametrics Research Team has shown a continuous rise in the prices of major food items such as rice, tomatoes, locally made vegetable oil and palm oil, among others.

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Food Items, Prices of imported rice

Amidst the ongoing border closure by the Federal Government of Nigeria, the latest household survey carried out by the Nairametrics Research team has shown that while prices of food items continue to rise, traders of locally made items are exploiting the border closure to raise food prices. 

According to the data obtained from the various markets in Lagos State, prices of major food items such as rice, tomatoes, locally made vegetable oil and palm oil rose significantly. For instance, a bag of 50kg Royal Stallion rice, which was initially sold for an average of N17,625, is now sold for an average of N18,875, indicating a 7.1% increase within two weeks.  

However, the price of a basket of sweet potatoes recorded a significant decrease from an average of N9,500 to N5,000, indicating a 47% decline in price. 

The Information gathered, includes items that witnessed hiked prices, items that recorded price reductions, special items and insights on the various markets. 

[READ MORE: Prices of rice, frozen chicken, tomatoes and others jump as border closure bites hard]

House hold survey

Items with increased prices: Several items witnessed spikes in price, and this may be largely traceable to the border closure implemented by the Federal Government. 

  • A bag of 50kg Royal Stallion rice increased from an average of N17,625 to N18,875 in two weeks. 
  • The price of a big basket of round shaped tomatoes also increased by a whopping 27.3% from N11,000 to N14,000. 
  • A big basket of oval-shaped tomatoes recorded an 80% increase in price, as it now sells for an average of N9,000 from an initial average of N5,000. 
  • A 25-litre gallon of locally made palm oil, which sold for an average of N10,625, rose slightly to N10,700.  

Items with reduced prices: Despite the increase in price of some household commodities, other items also recorded a significant decrease in price within the past two weeks. 

  • A big tuber of yam decreased by 20.3% and now sells for an average of N688 from an initial average of N863. A small tuber also decreased by 17.3% within the last two weeks. 
  • The price of a bag of Ijebu Garri now sells for an average of N6,950 from an initial average of N7,050. 
  • A big basket of sweet potatoes, which was sold for an average of N9,500, now sells for an average of N5,000. 
  • A big basket of Irish potatoes also decreased by a significant 28.6%, from N28,000 to an average of N20,000.
  • A litre gallon of locally made palm oil, which sold for an average of N10,625, rose slightly to N10,700.  

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

Special Items/markets: The pressure of the Nigerian border closure is hitting hard on the residents of Lagos State, as many items that were imported from Seme Border have recorded a significant hike in price. 

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  • A carton of full chicken now sells for an average of N15,000 from initial N13,000 a fortnight ago. 
  • Other frozen food items that recorded a significant increase in price include chicken lap and turkey. 
  • Mile 12 market remains the best market to purchase onions, as it sells the cheapest. A big bag of dry onions sells for an average of N16,000, while a bag of new onions sells at N11,000. 

Market Insights: The Nairametrics Research Team interviewed traders of commodities in the various markets to have their reactions towards the change in prices of major household commodities. 

  • Several traders interviewed by the team pleaded that the government should revisit the closure of the border. As revealed two weeks earlier, some of the traders expressed concerns that sellers of locally made items are leveraging on the ban to increase prices of home-grown goods.  
  • Meanwhile, some yam traders expressed excitement over the reduction in prices of yams and potatoes, stressing that buyers have since been buying more of the items.  

[READ FURTHER: 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. 

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ItemsBrandUnitMUSHIN (13/09/2019)DALEKO (13/09/2019)OYINGBO (13/09/2019)MILE 12 (13/09/2019)AverageMUSHIN (29/08/2019)DALEKO (29/08/2019)OYINGBO (29/08/2019)MILE 12 (29/08/2019)Average 
Bag of RiceBasmati5kg6500600065006500637565006000650065006375
Bag of RiceMama Gold10kg4000350040003700380040003500400037003800
Bag of RiceRoyal Stallion50Kg19500180001950018500188751800017000180001750017625
Bag of RiceRice Master10kg3500350035003500350035003500350034003475
Bag of RiceMama Gold50kg16000155001600015500157501800017000180001800017750
Bag of RiceCaprice50kg19500180001950018500188751800017000180001800017750
Bag of RiceMama's Pride50kg16500155001600016000160001650015500160001600016000
Bag of RiceFalcon25kg6800650068006800672568006500680068006725
Bag of BeansOloyin50kg14000135001400014000138751400013500140001400013875
Bag of BeansWhite50kg22000200002200018000205002200020000220001800020500
Bag of BeansBrown50kg14000120001450013500135001400012000145001350013500
Tuber of YamAbuja1 Big Size Tuber700700700650687.5900900850800862.5
Tuber of YamAbuja1 Medium Size Tuber500550600500537.5650700650600650
Carton of NoodlesIndomie305g (Belle full)2900290029002900290029002900290029002900
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2000220021002100210020002200210021002100
Carton of NoodlesMinimie70g1500150015001500150015001500150015001500
Carton of NoodlesGolden Penny70g1400140014001400140014001400140014001400
Bag of GarriIjebu80kg7000680070007000695070007000720070007050
Bag of GarriWhite50kg5800600060005800590060006000600060006000
Bag of GarriYellow50kg4700470050005000485060006000650065006250
Basket of PotatoSweetBig Basket5000500095009500
Basket of PotatoSweetSmall Basket700700700700
Basket of PotatosweetSmallest Basket200200200200
Basket of PotatoIrishBiggest Basket20000200002800028000
Basket of PotatoIrishMedium Basket2000200035003500
Basket of PotatoIrishSmall Basket1500150014001400
Packet of PastaGolden Penny500g3300340034003400337533003400340034003375
Packet of PastaDangote500g3500350034003400345035003500340034003450
Packet of PastaPower (1 pc)500g180200180200190180200180200190
Packet of PastaBonita (1 pc)500g200200200200200200200200200200
Gallon of Palm OilLocal5 Litres2000200020002000200020001700200020001925
Gallon of Palm OilLocal25 Litres11000105001080010500107001100010000110001050010625
Gallon of Vegetable OilLocal5 Litres2400220024002300232520001800200020001950
Gallon of Vegetable OilLocal25 Litres11000105001100011000108751000098001000098009900
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 Bunch400400350400387.5400400350400387.5
Bag of FlourDangote50kg10800105001100011000108251080010500110001100010825
Bag of FlourHoney well50Kg11500110001120011000111751150011000112001100011175
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)900g2000210021002100207520002100210021002075
Cocoa BeveragesMilo Refill500g900900900900900900900900900900
Cocoa BeveragesBournvita Refill500g950900950900925950900950900925
Cocoa BeveragesBournvita (Plastic)900g2000200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800800850850825800800850850825
Cocoa BeveragesOvaltine(Plastic)500g1100110010001100107511001100100011001075
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g310290300300300310290300300300
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g400380400450407.5400380400450407.5
SugarGolden Penny Sugar (cube)500g350300350300325350300350300325
BreadVal-U1 loaf300300300300300300300300300300
BreadButterfield1 loaf300300300300300300300300300300
EggN/ACrate10009001000950962.510009001000950962.5
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre600550550600575600550550600575
JuiceChivita1 litre600550600550575600550600550575
GasRefilling12.5kg4000380040003800390040003800400038003900
GasRefilling5kg1500160015001500152515001600150015001525
TomatoesBig Basketround shaped14000140001100011000
Medium Basketround shaped8000800060006000
Small Basketround shaped6000600035003500
Big BasketOval Shaped9000900050005000
Small BasketOval Shaped4000400025002500
FishKote (Horse Mackerel)1 kg450450500420455450450500420455
FishTitus (Mackerel)1 kg450400450450437.5450400450450437.5
 

 

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.

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Business News

DPR says it has accurate data of country’s crude production volume

Head, Public Affairs of DPR, Mr Paul Osu, said every litre of crude produced in the country was adequately captured during the process of extraction.

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Nigerian oil cargo

The Department of Petroleum Resources (DPR) has said that the agency has an accurate record of the crude oil produced in the country.

This is in reaction to claims that the exact volume of crude oil produced in the country has remained unknown.

While making this disclosure in a statement in Lagos, the Head, Public Affairs of DPR, Mr Paul Osu, said every litre of crude produced in the country was adequately captured during the process of extraction.

What the Head, Public Affairs of DPR is saying

Osu said DPR has the responsibility of monitoring and accounting for crude oil production which is the basis for determining the government’s revenue through royalty payments by operators for sustainable development.

He said: “As a further step to boosting crude accounting process from production to export, DPR recently launched the National Production Monitoring System (NPMS).

NPMS is an online platform for direct and independent acquisition of production data from oil and gas facilities in Nigeria.

NPMS as an electronic data transmission tool at production and export terminals is designed to better predict the performance of oil and gas reservoirs and better production forecasting.”

Osu noted that the NPMS tool enables DPR to exercise surveillance, perform production monitoring and data analysis for utilisation and forecasting.

He said DPR as a business enabler and opportunity house would continue to develop robust and strategic initiatives to ensure timely and accurate payment of rents, royalties and other revenues due to the government.

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In case you missed it

  • It can be recalled that the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya-Orji, on Thursday said the exact volume of crude oil produced in Nigeria, especially at the deep offshore fields, is not known by anyone.
  • He said the exact volume of crude oil produced in Nigeria had remained unknown because of the absence of meters at wellheads and the lack of capacity to monitor deep offshore fields.

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Business

Sanwo-Olu flags off Red line rail project as Lagos compensates property owners

The 37-km Rail Mass Transit Red Line will traverse from Agbado to Marina, moving over 1 million commuters daily.

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FG inks $3.9 billion deal with Chinese firm for construction projects

The Lagos State Governor, Babajide Sanwo-Olu, has flagged off the construction of the 37-km Rail Mass Transit Red Line, which will traverse from Agbado to Marina, moving over 1 million commuters daily.

This is as the state started the compensation of identified project-affected persons of the Lagos Rail Mass Transit Red Line project with the Governor handing over cheques to displaced property owners who were affected by the right-of-way.

The groundbreaking ceremony which took place at the Ikeja Train Station on Thursday was witnessed by the Minister of Transportation, Rotimi Amaechi, who was represented by the Director-General of the Nigerian Maritime and Safety Agency (NIMASA), Dr Bashir Jamoh, and the Deputy Governor of Lagos State, Dr Obafemi Hamzat.

What the Lagos State Governor is saying

Sanwo-Olu said the Red Line project which is to be fully operational in the last quarter of 2022 with 8 train stations from Agbado to Oyingbo, is another initiative of his administration to deliver enduring infrastructure for the transport system and make Lagos a competitive megacity.

The Governor said: “Today’s flag-off of the construction of infrastructure for the standard gauge Red Line is another promise kept and it demonstrates, in practical terms, our commitment to achieve the objectives of traffic management and transportation pillar in our development agenda. This is because we recognise the role which an efficient transportation system plays in enhancing people’s quality of life and as a major driver of socio-economic development.

The State’s Strategic Transport Master Plan, which encompasses a number of projects that are germane to achieving our vision for a Greater Lagos, is founded on imperatives that seek to increase transport choices for all users and make the transit system integrated, attractive, convenient, affordable and accessible.

Since efficient transportation is the backbone of any economy, we are happy to be committing this investment in our transport infrastructure, so that our people can meet their daily targets and aspirations. This all-important transport project we are all gathered to witness today represents a major step in this direction.

Sanwo-Olu said that in order to facilitate smooth operations of the Red Line, the State Government would be constructing ancillary infrastructure, including 6 overpasses at strategic level crossing points along the rail corridor to eliminate interactions between the rail system, vehicular and pedestrian traffic.

The overpasses will provide grade-separated crossings that will enhance safety for the rail system and road users.

He said: “The unique characteristics of the Red Line is its integration with the Ikeja Bus Terminal, Oshodi–Abule Egba Bus Rapid Transit (BRT) lane, the future Orange Line, which goes from Ikeja to Agbowa, and the General Aviation Terminal One of the Murtala Muhammed International Airport through a skywalk.

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Another unique feature of the Red Line is that all the stations have elevated concourses with either at grade island or side platforms for easy boarding and alighting of passengers. The Red Line also integrates with our Bus Terminals at Oyingbo, Yaba, Oshodi, Ikeja and Iju, giving modal options to our people in their daily commute, either for business or leisure.”

The Governor presented cheques of different amounts as compensation to 25 residents whose properties, businesses and accommodation will be affected by the project. Over 263 properties are affected with many of the property owners and tenants smiling as they got their cheques.

What you should know

  • The Red Line is part of the state government’s vision of an integrated multimodal transportation system contained in the State’s Strategic Transport Master Plan (STMP), developed by LAMATA, which aims ultimately to birth a world-class transportation network that will support the state’s profile, as the economic capital of Nigeria and Africa.
  • It is to raise mass transportation capacity in the State, complementing the Blue Line that traverses from Okokomaiko to Marina.
  • The rail corridor will be constructed in three phases. The first phase (Agbado-Iddo), which will be completed in 24 months, will be sharing the track with the Federal Government’s Lagos-Ibadan Railway Modernisation Project up to Ebute – Metta and will have its dedicated track from Ebute – Metta to Oyingbo and reduce travel time from about two and a half hours to just 35 minutes.

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