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Poultry owners jack up prices of chickens, others, as Nigerians abandon imported frozen foods 

Poultry owners are reportedly jacking up prices of chickens, turkeys and other farm produce.



Poultry owners jack up prices of chickens, others, as Nigerians abandon imported frozen foods

Poultry owners are reportedly jacking up prices of chickens, turkeys and other farm produce, as Nigerians are abandoning imported frozen foods due to the continuous rise in their prices and scarcity. This was disclosed in the latest household survey carried out across major markets in Lagos State by Nairametrics Research.

Recall that in an earlier survey, frozen foods sellers disclosed to Nairametrics Research Team that the closure of Nigerian land borders by the Federal Government was biting hard on them, as a slate of full chicken which was sold for N9,200 is now sold for N13,000, while the same quantity of chicken lap is now sold for N12,500 compared to its initial price of N8,500.

Meanwhile, the latest visit to major markets shows that poultry owners are reportedly raising prices of locally-bred chickens, as demand surged across various farms. Also, the latest household survey showed that the price of foreign-made rice has risen significantly, as it now sells for an average of N27,750. This increase indicates a staggering 92.04% change within a space of two months.

The report includes items that increased in price over the past two weeks, as well as, special items and insights from the markets.

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

Items that witnessed an increase in prices

Major household items that have increased significantly in the past two weeks:

  • Locally-produced 50kg bag of rice has yet again witnessed an increase in price as it now sells for an average of N21,750 from the N19,750 of two weeks ago. This change indicates a 10.1% increase.
  • A 50kg bag of Royal Stallion rice and Caprice increased by 5.7% from an initial average of N26,250 to a current average of N27,750.
  • A big tuber of yam now sells for an average of N850, compared to an initial average of N825, indicating a 3% increase, while a medium-sized tuber of yam increased by 2% from an average of N613 to N625.
  • A big basket of round tomatoes increased by 12.5% from an initial average of N8,000 to N9,000 just as small basket sells for N5,500.
  • The price of one kilo of Horse Mackerel fish (Kote) increased by 7.3% as it now sells for an average of N475 compared to an initial average of N443. Also, Titus fish now sells for an average of N463 from an initial N438.
  • The price of a pack of Golden Penny pasta has increased significantly by 25.2% from an initial N3,375 to N4,225 while a piece of the commodity now sells for N220.
  • A 50kg bag of Dangote, Honeywell and Mama Gold flour increased within two weeks to sell at a uniform average of N11,275.

Items that maintained their initial prices

  • Big baskets of Irish potatoes and sweet potatoes maintain their initial prices, as they sell for N20,000 and N5,000 respectively.
  • The prices of locally-packaged palm oil and vegetable oil remain unchanged, as a 25-litre gallon of palm oil costs an average of N9,500, while vegetable oil of the same size costs an average of N10,500.
  • The prices of milk and cocoa beverages of different sizes still cost the same as no change was recorded in the past two weeks.
  • St. Louis sugar, bread and bottled water cost the same as previously reported; they sell for an average of N408, N300, and N613 respectively.

Special Items/market 

  • A bag of melon still sells for an average of N50,000, while a bag of bushman seed (Ogbono) maintains its price at N55,000. A big nylon of crayfish is sold at an average of N7,000 at Mile 12 market.
  • Sellers of onions, tomatoes and melon at Mile 12 market, disclosed to the Nairametrics Research Team that one of the reasons why the price of the commodities remains high is due to the cost of transportation, bad roads and the fear of bandits on the road.
  • Mallam Isa, a tomato seller, pleads with the government to intervene by constructing good roads, and ensuring the security of lives of the traders.
  • The price of maize varies, depending on the markets and freshness of the item. A bag (100kg) of yellow maize sells within the range of N16,000 and 20,000 while white maize costs between N15,500 and N19,000.

Market Insights

  • With respect to an initial report by Nairametrics showing that Nigerians are abandoning frozen chicken and turkey due to the incessant rise in the prices of the commodities caused by the border closure, the Nairametrics research team visited a major poultry market in Oshodi and investigated recent developments.
  • A trader in the market who wished to remain anonymous, expressed joy and satisfaction at the turnout of sales since the border closure, as she disclosed that Nigerians have turned towards the consumption of local chickens.
  • However, she lamented that various poultry farm owners are jacking up the prices of the supplies and this is frustrating them as they cannot easily change the prices they sell.

“Chickens are of different sizes and types: Layers are sold for N2,000, Breeders for N5,000, while Boilers sell for N4,000. The consumers pay N200 for the slaughtering and packaging of the items. Farm Poultry owners are increasing prices, making it difficult for us to make profit because it is not easy for us to increase the prices.”

She, however, called on the government to intervene in the increase of the price of poultry from the various farms, as it is eating deep into their profits.

  • Meanwhile, consumers expressed discomfort at the increase in the price of pasta. According to Mrs Olushola in Oyingbo market, the price of rice has gone up, she and her family had switched to consuming spaghetti over the past two months, but they are left with little feeding options, as spaghetti that was sold for N200 before has increased to N220.

She clamoured that the Government should help in regulating the price of rice and spaghetti and not leave it to the sellers to make life difficult for them.

[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.

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ItemsBrandUnitMUSHIN (24/10/2019)DALEKO (24/10/2019)OYINGBO (24/10/2019)MILE 12 (24/10/2019)Average MUSHIN (10/10/2019)DALEKO (10/10/2019)OYINGBO (10/10/2019)MILE 12 (10/10/2019)Average
Bag of RiceRoyal Stallion50Kg28000270002800028000277502650026000265002600026250
Bag of RiceMama Gold50kg22000210002200022000217502000019500200001950019750
Bag of RiceCaprice50kg28000270002800028000277502650026000265002600026250
Bag of RiceMama's Pride50kg22000210002200022000217502000019500200001950019750
Bag of BeansOloyin50kg11000110001200011000112501400013500140001350013750
Bag of BeansWhite50kg22000200002200020000210002200020000220002000021000
Bag of BeansBrown>50kg22000210002200022000217501800016500175001700017250
Tuber of YamAbuja1 Big Size Tuber900800900800850900800800800825
Tuber of YamAbuja1 Medium Size Tuber650600650600625600600650600612.5
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 Penny500g4200420043004200422533003400340034003375
Packet of PastaDangote500g4000400040003900397535003500340034003450
Packet of PastaPower (1 pc)500g220220220200215180200180200190
Packet of PastaBonita (1 pc)500g220200200210207.5200200200200200
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 FlourDangote50kg11200112001120011500112751080010500110001100010825
Bag of FlourHoney well50Kg11500112001120011200112751150011000112001100011175
Bag of FlourMama Gold50kg11500113001100011300112751150011300110001100011200
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 shaped9000900080008000
Medium Basketround shaped6500650065006500
Small Basketround shaped5500550050005000
Big BasketOval Shaped7000700070007000
Small BasketOval Shaped4500450045004500
FishKote (Horse Mackerel)1 kg500450500450475450450450420442.5
FishTitus (Mackerel)1 kg450450500450462.5450400450450437.5


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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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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