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Scarcity of imported rice hits major markets, as dealers pack local rice in foreign bags 

Some rice dealers in major markets in Lagos State are reportedly packing locally-manufactured rice into foreign bags, as prices jump higher.



price of rice, Scarcity of imported rice hits major markets, as dealers pack local rice in foreign bags 

The latest Household survey carried out by Nairametrics Research showed that some rice dealers in major markets across Lagos State are reportedly packing locally manufactured rice into foreign bags, as prices jump higher.

Recall in the last survey, it was disclosed that after weeks of sustained border closure, Nigerians are now patronizing Made-in-Nigeria rice and other locally produced food items instead of the imported ones.

The latest report further showed that the visited markets now have various brands of locally made rice in large stock, although with a significant 12.9% increase in price, from an initial average of N18,000 to N19,500. Specifically, the available imported rice is now being sold at an average of N26,000.

The household survey reflects the items that increased in price over the past two weeks, items that maintained its initial price, special markets and insights obtained from the various markets.

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

Items that witnessed price Increase

  • The price of a big basket of round tomatoes increased by 6.25% from N8,000 to N8,500.
  • A big basket of oval-shaped tomatoes increased from N7,000 to N7,500 representing a 7.14% increase.
  • A big sized tuber of Abuja yam is now sold for an average of N825, compared to the N688 it was being sold two weeks ago, indicating a 20% increase.
  • Also, a medium-sized Abuja yam is now sold for an average of N613 from an initial N538, representing a 14% increase in price.
  • A 50kg bag of Caprice and Royal Stallion rice increased by 2.9%, from an average of N25,500 to N26,250.
  • Mama’s Pride rice, a locally grown rice, also increased significantly by 9.7% from an initial average of N18,000 to N19,750.

Items that maintained initial prices

The various kinds of beans still maintained their initial prices reported a fortnight ago, as a 50kg bag of Oloyin beans still sold for an average of N13,750. Also, a 50kg bag of White beans maintained an average of N21,000, while Brown beans of the same quantity sold for an average of N17,250.

  • Despite the fluctuation of the price of potatoes in recent weeks, the item has maintained its price for 6 weeks now, as a big basket of sweet potatoes sells for N5,000 while a big basket of Irish potatoes is sold for an average of N20,000.
  • Bags of garri still sell for the same amount, as a bag of 80kg Ijebu garri sells for an average of N6,950, a bag of 50kg white garri sells for an average of N5,125 while a bag of 50kg yellow garri sells for N5,250.
  • Gallons of locally made palm oil and groundnut oil still sell for the same amount as previously reported. 5 litres and 25 litres of palm oil sell for an average of N1,850 and N9,500 respectively, while gallons of 25 litres and 5 litres of groundnut oil are sold for an average of N10,500 and N1,975 respectively.
  • A bunch of plantains still sells for an average of N388.
  • A medium basket of round shaped tomatoes maintains its N6,500, while a small basket costs N5,000.

Special Items/Markets

  • Mile 12 and Daleko markets sell rice at the cheapest prices in Lagos state, as they both sell locally made rice for N19,500.
  • A big bag of Niger beans (Olotu) was reported to cost an average of N20,000 at Daleko market.
  • As explained by a seller of potatoes, a big bag of sweet potatoes is sold for an average of N9,000 which contains two big baskets, while a big basket of sweet potatoes costs N5,000 in the market.
  • Similarly, a big bag of Irish potatoes costs between N38,000 and N39,000, while the big basket costs N20,000.

Market Insights

As a tradition of the Nairametrics research team, buyers and sellers of various household commodities were interviewed across the four markets in relation to the changes going on in the market.

  • A rice trader at Daleko market who prefers to remain anonymous, expressed relief at the availability of local rice in the market now, as there are new brands of the local commodity, some of which are: Lolo Gold riceMama’s ChoiceAdunla rice e t c.
  • However, she insisted that the supposed brands of foreign rice being sold in the market are actually made-in-Nigeria rice being packaged into those generic bags that are being sold for an average of N26,000.
  • She went further to explain that the buyers preferred Mama’s choice of rice, opining that it is as good as the imported rice. She also called on the Government to help support the production of this essential commodity in large quantities within the country, in order to drive the price down and curb self-driven inflation perpetrated by some sellers of the product.

[READ ALSO: Household Survey: Traders exploit border closure to raise food prices]

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 (10/10/2019)DALEKO (10/10/2019)OYINGBO (10/10/2019)MILE 12 (10/10/2019)Average MUSHIN (26/09/2019)DALEKO (26/09/2019)OYINGBO (26/09/2019)MILE 12 (26/09/2019)Average
Bag of RiceBasmati5kg65006000650065006375
Bag of RiceMama Gold10kg00000000
Bag of RiceRoyal Stallion50Kg26500260002650026000262502600025000260002500025500
Bag of RiceRice Master10kg0000000000
Bag of RiceMama Gold50kg20000195002000019500197501800017000180001700017500
Bag of RiceCaprice50kg26500260002650026000262502600025000260002500025500
Bag of RiceMama's Pride50kg20000195002000019500197501900017000185001750018000
Bag of RiceFalcon25kg000000000
Bag of BeansOloyin50kg14000135001400013500137501400013500140001350013750
Bag of BeansWhite50kg22000200002200020000210002200020000220002000021000
Bag of BeansBrown50kg18000165001750017000172501800016500175001700017250
Tuber of YamAbuja1 Big Size Tuber900800800800825700700700650687.5
Tuber of YamAbuja1 Medium Size Tuber600600650600612.5500550600500537.5
Carton of NoodlesIndomie305g (Belle full)2900290029002900290029002900290029002900
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2000220021002100210020002200210021002100
Carton of NoodlesMinimie70g1500150015001500150015001500150015001500
Carton of NoodlesGolden Penny70g1400140014001400140014001400140014001400
Bag of GarriIjebu80kg7000680070007000695070006800700070006950
Bag of GarriWhite50kg5500500055004500512555005000550045005125
Bag of GarriYellow50kg5000500055005500525050005000550055005250
Basket of PotatoSweetBig Basket5000500050005000
Basket of PotatoSweetSmall Basket700700700700
Basket of PotatosweetSmallest Basket200200200200
Basket of PotatoIrishBiggest Basket20000200002000020000
Basket of PotatoIrishMedium Basket2000200020002000
Basket of PotatoIrishSmall Basket1500150015001500
Packet of PastaGolden Penny500g3300340034003400337533003400340034003375
Packet of PastaDangote500g3500350034003400345035003500340034003450
Packet of PastaPower (1 pc)500g180200180200190180200180200190
Packet of PastaBonita (1 pc)500g200200200200200200200200200200
Gallon of Palm OilLocal5 Litres2000170020001700185020001700200017001850
Gallon of Palm OilLocal25 Litres105009000950090009500105009000950090009500
Gallon of Vegetable OilLocal5 Litres2000190020002000197520001900200020001975
Gallon of Vegetable OilLocal25 Litres1200095001100095001050012000950011000950010500
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
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre600550550600575600550550600575
JuiceChivita1 litre600550600550575600550600550575
TomatoesBig Basketround shaped8000850080008000
Medium Basketround shaped6500650065006500
Small Basketround shaped5000500050005000
Big BasketOval Shaped7000750070007000
Small BasketOval Shaped4500450045004500
FishKote (Horse Mackerel)1 kg450450450420442.5450450500420455
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.



  1. manager

    October 15, 2019 at 4:07 pm

    God bless Buhari for this policy, let Nigerians start eating our local food.

  2. Project Topics

    October 24, 2019 at 5:42 pm

    To stabilize our economy, we most patronize made in Nigeria product

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Nigerian Breweries leveraging, but stacking cash through rising input costs

The marathon continues for Nigerian Breweries with its 2020 financials.



Humanity might need more booze to survive the increasingly daunting intricacies of life, but Nigerian Breweries 2020 financial statement is proof that even the best can get caught up in the reality of changing business lifecycles.

Nigerian Breweries Plc had floored the market providing both alcoholic and non-alcoholic premium quality beverages across the nation. But with brands like Star lager beer launched as far back as 1949, Gulder lager beer launched in 1970, and even the family-friendly Maltina introduced as far back as 1976, it is only natural that both the old and new generation competition gives them a run for their market share.

Much like other old money companies, Nigerian Breweries has done its bit to remain relevant in the industry from creating new variants of existing favoured brands to paying dividends consistently annually for the past few years. Yet within the same period, the company’s financial statements have been a testament to its streamlined market share and reducing profits. The marathon continues with its 2020 financials. The industry giant may as well be setting itself up for a debt quagmire peradventure its projections do not match the true reality of events.

READ: How COVID-19 has changed Nigeria’s consumer goods & industrial markets –KPMG

2020 financials: A tale of higher costs & larger debts

2020’s unfavourable financial/ business environment led to the increase in the prices of raw materials and disruptions in logistics for many Nigerian-domiciled businesses including Nigerian Breweries. Raw materials and consumables witnessed a 17% increase despite the marginal growth in revenue.

While the group’s 2020 results revealed a 4.35% increase in revenue from N323 billion in the prior year to around N337 billion, these gains were curtailed by a higher-than-par increase in cost of sales which had risen by 13.9%, from the N191.8 billion expended in 2019 to N218.4 billion as its 2020 financials reveal and interest rates going way up.

READ: Flour Mills and its diverse challenges

The company’s lower operating expenses were not enough to salvage the disruption caused by the raging interest expense following increased charges paid on bank loans and overdraft facilities as well as the significant increase in overall debt. Between 2019 and 2020 alone, long term loans and borrowings increased by 974% from N4.8 billion to as much as N51.8 billion. Even trade and other long term payables increased by 35%.

In its financials, the company noted that it has revolving credit facilities with five Nigerian banks to finance its working capital. The approved limit of the loan with each of the banks range from ₦6 billion to ₦15 billion (total of ₦66 billion) and each of the agreements had been signed in 2016 with a tenor of five years. The Company had also obtained Capital and Working capital finance from the BoI in 2019.

READ: Manufacturing sector in Nigeria and the reality of a “new normal”

It is no news that the company is involved in diversified lease arrangements. Following reclassifications made in 2019 to some of its lease assets, the 2020 asset base also witnessed significant increase in Right of Use Assets which increased by 288%% from N11.1 billion to N42.9 billion. Yet, the fact that in one year, interest expense on Lease Liabilities rose from N19.7 million in 2019 and to a whopping N4.171 billion shows that the company is taking way more debt than its books require.

But what’s it using all the cash for?

Beyond rising material costs, borrowing costs have been huge and the annual interest payment by virtue of these loans make the possibility of higher profits for the company a mirage. That said, the overall increase in total liabilities might not have been such a bad idea if the funds were being used to increase revenue and profits. But having a huge chunk of all that money in cash creates a different kind of challenge. Cash and bank values in its statement of financial position significantly increased by 377% from N6.4 billion in 2019 to N30.4 billion in 2020.

Is the cash being held to mitigate possible challenges of the volatile economy or are they being used to pay dividends? Even at a share price of N52 per share, the company’s price-to-book value sits at 2.5816, testament of its dire overvaluation. Consequently, there is an ardent need for the company to come up with newer ways to attract the wider market and keep its book in the green with a little less external funding.

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Secret behind MTN’s blistering performance

Despite COVID-19 disruptions, MTN Nigeria’s 2020 financials showed marked improvements compared to its 2019-year-end.



NCC, MTN’s parent company faults regulator’s recommendation for data price reduction, MTN Nigeria reacts to poor internet as network issues go beyond Nigeria 

MTN Nigeria Communications Plc (MTN Nigeria) released its audited financial results for the financial year ended December 31, 2020.

Despite a challenging 2020 to individuals and businesses caused by COVID-19 disruptions, MTN Nigeria’s financial and non-financial information showed marked improvements compared to its 2019-year-end as well as prior quarters of 2020 results that were impacted by the COVID-19 pandemic.

Indeed, the evolving pandemic which intensified lockdown, remote working, and work-from-home procedures, appeared to have led to increased adoption of MTN Nigeria data and digital services.

Specifically, year-on-year on non-financial information, mobile subscribers increased by 12.2 million to 76.5 million; active data users increased by 7.4 million to 32,6 million while the company’s mobile money business continued to accelerate with a 269.2 % increase in the number of registered agents to over 395,000 and 4.7 million active subscribers from approximately 553,000 in 2019.

Year-on-year on financial information, service revenue increased by 14.7 % to NGN1.3 trillion driven principally by voice (with revenue growth of 5.9 %) and data revenues (rising by 52.2 % led by increased data use and traffic); profit before tax (PBT) grew by 2.6 % to N298.9 billion; profit after tax (PAT) increased by 0.9 % to N205.21 billion; while Earnings per share (EPS) rose by 0.9 % to N10.1 (N9.93, 2019).

Nonetheless, significant increases were noted in its operating expenditure as well as capital expenditure. First, there was a 2.3 % increase in operating expenses arising from the rollout of new sites and the impact of naira currency depreciation affecting the costs of MTN Nigeria lease contracts. Secondly, EBITDA margin declined by 2.5 %age points to 50.9 % (from 53.4 % in 2019) There were also other significant cost rises including a 25.4 % increase in net finance cost, and 19.4 % increase in capital expenditure which had a 11.7 % knock-on increase in depreciation and amortization costs.

On the back of the year-end result, MTN Nigeria has proposed a final dividend per share (DPS) of N5.90 kobo per share to be paid out of distributable income and brings the total dividend for the year to N9.40 kobo per share, representing an increase of 18.7 %. MTN Nigeria paid N4.97 as final dividend for the year ended December 31, 2019. This was in addition to an interim dividend of N2.95, which brought its total 2019 dividend to N7.92 per share.

The proposed dividend implies a yield of 3.4%. Having paid an interim dividend of NGN3.50 in 2020, the proposed dividend, if approved, will bring the total dividend per share to NGN9.40 or c.19% higher compared with 2019.  We expect a positive reaction from the market due to the marked improvement in earnings. However, the market’s reaction may be dampened by negative investor sentiments on equities arising from the uptick in yields on fixed-income securities.

We expect that the introduction of additional customer registration requirements requiring subscriber records are updated with respective National Identity Numbers (NIN), and the continued suspension of the sale and activation of new SIM cards will affect subscriber growth.

MTNN share price remains unchanged at the end of trading yesterday at N174 per share.


Tade Fadare PhD, is an economist, and a professionally qualified accountant, banker and stockbroker. He has significant experience working or consulting for financial institutions in Europe, North America, and Africa.

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