Locally-produced rice has gained huge momentum, as Nairametrics Research Team found out that various brands of local rice have now flooded major markets in the country. As a result, the prices of local rice slightly dropped.
According to the latest household survey conducted by the Research Team, the continuous rise in the price of foreign rice due to the border closure has brought about a huge increase in the various brands of local rice in major markets visited across Lagos State. Findings in various markets showed that Foreign rice now sells for an average of N28,000 from N27,750 being sold a fortnight ago.
Also, the latest household survey showed that frozen food sellers are now witnessing low patronage, as Nigerians are increasingly switching to locally bred chicken in the markets. A carton of frozen Turkey is currently sold for N15,000, Chicken lap for N12,000, Orobo Chicken for N14,000, full Chicken – N13,000, and Gizard sells for N15,000.
Meanwhile, prices of local chickens vary according to type and size. The least size of broilers is sold for N3,500, breeders for N3,500, layers for 2,000, and “Akuko” sells for N3,000.
This report covers items that witnessed increase in prices over the course of two weeks, Special Markets and insights.
[READ MORE: Poultry owners jack up prices of chickens, others, as Nigerians abandon imported frozen foods]
Items that witnessed Increase in prices
- A 50kg bag of Caprice now sells for an average of N28,000 as compared to N27,750 recorded two weeks ago.
- A 50kg bag of beans (Oloyin) rose significantly by 14.4% to sell at an average of N12,875 as against N11,250 previously recorded.
- The price of a big bag of brown beans (Olotu) also spiked by 8.05%, as it now sells for an average of N23,500 as against the previous price of N21,750.
- A bag of white garri jumped by 21.95% to sell at an average of N6,250, compared to N5,125 recorded two weeks ago.
- A bag of yellow garri now sells for an average of N6,000 from N5,250. This change indicates a 14.3% increase.
- The price of a small basket of round tomatoes increased by 9.1%, as it now sells for N6,000.
- A Kilo of Titus fish recorded a 7.6% increase within two weeks, as it now sells for an average of N498.
Items that maintained previous prices
Despite many household items recording significant rise in prices, some items maintained the previous prices recorded two weeks ago.
- Mama’s Pride local rice continues to sell for an average of N21,750.
- A bag (50kg) of White beans maintained its earlier price at N21,000.
- The different sizes of yams cost the same as recorded two weeks ago, as a big tuber costs N850 while a medium-sized tuber of yam sells for an average of N625.
- Noodle brands sell for the same price as they did a fortnight ago. A carton of Indomie (Hungry man) sells for an average of N3,200, while Chikki (100g) sells for an average of N2,100.
- The prices of potatoes remained unchanged over the past two weeks. A big basket of sweet potatoes sells for N5,000 and Irish potatoes of the same quantity sell for N20,000.
Special Items/Markets
- A 50kg bag of Mama Gold (local rice) reduced by 1.7% to sell for an average of N21,375.
- Daleko market got new stock of local rice amidst high demand of the commodity.
- Sellers of beans at Mile 12 market enlightened the team that there is a smaller type of brown beans known as “Olo1”. It is sold for an average of N9,000.
Market Insights
The Nairametrics Research Team interviewed traders of various commodities across the various markets and recorded reactions with respect to the current market situation.
- A visit to Daleko market in Lagos State revealed that scarcity of foreign rice has worsened; rather, there is a significant number of new brands of locally made rice. Some of the new brands are Jameela rice, Labana rice, Tomato King rice, Uncle Stan rice, Umza Classic rice, among others.
A seller in the market disclosed to the Research Team that buyers now purchase the locally made rice as they continue restocking inventories to meet up with high demand.
One of the traders interviewed spoke on the condition of the local rice, “Although the rice is still not perfect, there is significant improvement, compared to earlier when we had to sort out stones from the rice.”
- As reported in the previous Nairametrics household survey, poultry owners have continued to jack up the price of locally bred chicken, as patronage is on the increase.
A visit to Igando market revealed that the price of chicken increased significantly in the past two weeks.
A seller in the market called on the Government to intervene following the constant price hiking perpetrated by the farmers. According to her, “traders borrow money from banks to get these commodities and it is not fair if they have to lose part of their profits because of the greedy nature of some poultry owners.”
- It was also found that Nigerians are increasing patronage of locally bred chickens despite the increase in the price of the commodity. According to a frozen food seller, “We are witnessing very low patronage and this is attributed to the fact that Nigerians don’t trust the imported frozen chicken anymore. Many of the items now get spoilt as a result of the time spent at the border.”
[READ ALSO: Household Survey: Nigerians dump imported rice, others, as prices jump high]
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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Impressive I’m very positive the prices will reduce even more in the months to come.
Very good article. Will food products reduce this new year. I guess Nigerian needs to plan ahead in order to make food stuff to be cheap. We can also plan vegetable at our backyards for support. Thanks