Nigerians are in for a sustained price increase this Christmas as prices of commodities continue to spike.
In our recent Nairametrics Bi-weekly Food Price Survey, prices of major household commodities increased significantly over the last two weeks. We also observed a slight dip in the price of foreign rice due to the various local rice options available in the market.
According to the latest household survey conducted by the Research Team, a big basket of tomatoes increased significantly to N10,000, while a big bag of dry onions spiked significantly by 122% to sell at N40,000. A bag of new onions costs N30,000 from an initial N13,000 which indicates a 130.8% increase.
Recall that in an earlier survey, Nairametrics Research Team reported that locally-produced rice has gained huge momentum, as various brands of local rice have now flooded major markets in the country. Following this, the latest survey shows that the prices of foreign rice brands dropped to an average of N26,750 from N28,000 sold two weeks ago, while the price of locally made rice now sells for an average of N21,375 from N21,750.
This report covers items that witnessed increase in prices over the course of two weeks, special markets and insights.
Items that witnessed increase in price
- A 50kg bag of beans (oloyin) now sells for an average of N13,000 compared to N12,875 recorded two weeks ago, indicating a 1% increase.
- A bag of white beans increased by 1.2% as it now sells for an average of N21,250 as against N21,000 recorded last two weeks.
- A 50kg bag of yellow garri rose by 2.1% as it sells for an average of N6,125 from an initial average of N6,000.
- The price of a big basket of Irish potatoes increased from an initial N20,000 to N22,000. This change indicates a 10% increase in the price of the commodity within the space of two weeks.
- A big basket of round shaped tomatoes increased significantly by 11.1% to sell at an average of N10,000 from an initial N9,000.
- The price of a big basket of oval-shaped tomatoes also witnessed a significant increase of 14.3%, as it now sells for N8,000 compared to an initial N7,000.
Items that reduced in price
- A 50kg bag of Royal Stallion rice reduced by 4.5% from an initial average of N28,000 to N26,750.
- Also, a 50kg bag of Caprice reduced significantly by 6.7% to sell at N26,150 compared to the N28,000 of two weeks ago.
- Locally made Mama’s Pride rice (50kg) also witnessed reduction in price, as it now sells for an average of N21,375, indicating a 1.7% decrease, compared to N21,750 a fortnight ago.
- A bag of garri (Ijebu) reduced by 3.6% to sell for an average of N6,700, compared to N6,950 recorded earlier, while a 50kg bag of white garri reduced by 2% to sell at an average of N6,125.
- A big basket of sweet potatoes reduced by 10% from N5,000 to sell at N4,500.
Items that maintained previous prices
Despite the changes in price of many commodities, some items maintained their prices over the past two weeks.
- The prices of bread still cost the same, as 1 loaf of Val-U and Butterfield bread cost an average of N300.
- 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.
- Juice such as 5 Alive and Chivita costs an average of N500.
- 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 price of household cooking gas remained the same; 12.5kg of gas cost an average of N3,900, while 5kg costs N1,525.
- Plantain is cheap at Idi-Oro market. In an interview with a plantain seller at the market, Nairametrics Research gathered that a bag of plantain now sells for between N3,000 and N3,500 compared to the previous N5,000. A big bunch (6 x 6) is currently sold for an average of N8,000, indicating a significant 46.6% decrease from N15,000.
- Melon (egusi) now sells for an average of N47,000 at Mile 12 market from an initial N50,000, while bush mango (ogbono) maintains its earlier price of N60,000 per bag. A nylon of crayfish increased by 33.3% to sell for N12,000 compared to a previous N9,000.
- As Nigeria continues to leave its border closed, prices of frozen chicken have continued to jack up despite low patronage. Frozen food items at Mushin market sell for the following:
Orobo chicken sells for N14,000 from N10,500.
Normal chicken sells for N13,500 from N9,500.
Turkey sells for N16,000 from N12,000 two weeks ago.
Soft chicken sells for N13,500 from N9,500.
- The price of maize varies, depending on the freshness of the item. A visit to Mile 12 market showed that a bag of yellow maize costs N21,000, while that of white maize costs N19,000. However, at Mushin market, a bag of yellow maize sells for an average of N13,000, while white maize costs N11,500. A paint bucket of yellow maize and white maize is sold for N500 and N450 respectively.
- Nairametrics Research team gathered that varieties of locally made rice continue to flood major markets and they differ in quality and prices. In an interview with a rice dealer at Daleko market, local rice brands with higher quality are sold for an average of N20, 500.
“Mama’s Pride, Mama’s Choice, Umza, Tomato King and Aliamza are examples of brands that cost N20,500 because they are made like imported Cotonou rice. Some dealers earlier bagged these brands of rice into foreign bags to sell for a high cost,” a major rice dealer disclosed to Nairametrics. Other brands of rice that sell for N19,500 include Shamad, Classic Gold, Royal Naija and Tomato Aroso.
- The Research Team also found that foreign rice brands are currently witnessing low patronage, as the varieties of locally produced rice continue to flood major markets. As a result, the price of imported rice is crashing.
- Also, the Research Team found that a bag of pepper dropped significantly to N14,000 at Mile 12 market compared to the N16,000 it previously sold for. However, the item sells for an average of N15,000 at early hours and reduces to N14,000 by noon.
- Dealers of onions disclosed to Nairametrics Research Team that the price of onions is expected to increase until the end of the year, as the Christmas festive season approaches.
One of the market traders interviewed said, “The rise in the prices of some items at the market is expected to last till the end of the year, as it is the normal trend during the yuletide period.”
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, Idi-Oro Market and Mile 12.
|Items||Brand||Unit||MUSHIN (21/11/2019)||DALEKO (21/11/2019)||OYINGBO (21/11/2019)||MILE 12 (21/11/2019)||Average||MUSHIN (17/11/2019)||DALEKO (17/11/2019)||OYINGBO (17/11/2019)||MILE 12 (17/11/2019)||Average|
|Bag of Rice||Basmati||5kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Rice||Mama Gold||10kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Rice||Royal Stallion||50Kg||28000||26000||28000||25000||26750||NA||NA||28000||28000||28000|
|Bag of Rice||Rice Master||10kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Rice||Mama Gold||50kg||22000||20500||22000||21000||21375||22000||20500||21000||22000||21375|
|Bag of Rice||Caprice||50kg||26500||26000||27000||25000||26125||NA||NA||28000||28000||28000|
|Bag of Rice||Mama's Pride||50kg||22000||20500||22000||21000||21375||22000||21000||22000||22000||21750|
|Bag of Rice||Falcon||25kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Beans||Oloyin||50kg||13000||12000||13000||14000||13000||13000||12000||13000||13500||12875|
|Bag of Beans||White||50kg||22000||20000||22000||21000||21250||22000||20000||22000||20000||21000|
|Bag of Beans||Brown||>50kg||24000||22000||24000||24000||23500||24000||22000||24000||24000||23500|
|Tuber of Yam||Abuja||1 Big Size Tuber||900||800||900||800||850||900||800||900||800||850|
|Tuber of Yam||Abuja||1 Medium Size Tuber||650||600||650||600||625||650||600||650||600||625|
|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||6000||6800||7000||7000||6700||7000||6800||7000||7000||6950|
|Bag of Garri||White||50kg||5500||6000||6500||6500||6125||6000||6500||6500||6000||6250|
|Bag of Garri||Yellow||50kg||5500||6000||6500||6500||6125||6000||6500||6000||5500||6000|
|Basket of Potato||Sweet||Big Basket||4500||4500||5000||5000|
|Basket of Potato||Sweet||Small Basket||700||700||700||700|
|Basket of Potato||sweet||Smallest Basket||200||200||200||200|
|Basket of Potato||Irish||Biggest Basket||22000||22000||20000||20000|
|Basket of Potato||Irish||Medium Basket||2000||2000||2000||2000|
|Basket of Potato||Irish||Small Basket||1500||1500||1500||1500|
|Packet of Pasta||Golden Penny||500g||4200||4200||4300||4200||4225||4200||4200||4300||4200||4225|
|Packet of Pasta||Dangote||500g||4000||4000||4000||3900||3975||4000||4000||4000||3900||3975|
|Packet of Pasta||Power (1 pc)||500g||220||220||220||200||215||220||220||220||200||215|
|Packet of Pasta||Bonita (1 pc)||500g||220||200||200||210||207.5||220||200||200||210||207.5|
|Gallon of Palm Oil||Local||5 Litres||2000||1700||2000||1700||1850||2000||1700||2000||1700||1850|
|Gallon of Palm Oil||Local||25 Litres||10500||9000||9500||9000||9500||10500||9000||9500||9000||9500|
|Gallon of Vegetable Oil||Local||5 Litres||2000||1900||2000||2000||1975||2000||1900||2000||2000||1975|
|Gallon of Vegetable Oil||Local||25 Litres||12000||9500||11000||9500||10500||12000||9500||11000||9500||10500|
|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||400||350||400||387.5|
|Bag of Flour||Dangote||50kg||11200||11200||11200||11500||11275||11200||11200||11200||11500||11275|
|Bag of Flour||Honey well||50Kg||11500||11200||11200||11200||11275||11500||11200||11200||11200||11275|
|Bag of Flour||Mama Gold||50kg||11500||11300||11000||11300||11275||11500||11300||11000||11300||11275|
|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||10000||10000||9000||9000|
|Medium Basket||round shaped||7000||7000||6500||6500|
|Small Basket||round shaped||6000||6000||6000||6000|
|Big Basket||Oval Shaped||8000||8000||7000||7000|
|Small Basket||Oval Shaped||5000||5000||4500||4500|
|Fish||Kote (Horse Mackerel)||1 kg||500||450||480||450||470||500||450||470||450||467.5|
|Fish||Titus (Mackerel)||1 kg||500||480||500||490||492.5||500||500||500||490||497.5|
Fidelity Bank Plc must cover the chink in its curtains to keep rising
Fidelity Bank Plc follows the narrative of top tier-2 banks, which have had better or easier years.
The Nigerian banking sector has consistently been one of the most profitable sectors in the Nigeria Stock Exchange market. However, in 2020, Deposit Money Banks (DMBs) have faced a flurry of impediments, which may have affected their solidity.
With reduced income from fee and commission implemented at the start of the year by the Central Bank of Nigeria, the paucity of foreign currency for international transactions, the resulting economic contraction from dire effects of the coronavirus pandemic, and the consequent operational constraints of keeping employees safe, 2020 is obviously fraught with numerous disorders for banking institutions.
Airtel is paying up its debts
Airtel’s annual report revealed that the company has a repayment of $890 million due in May, as well as, an installment of $505 million due in March 2023.
Airtel’s presence in 14 countries from East Africa to Central and West Africa would have been impossible without relevant financial investments. But, while the funds have been key to its growth in the past few years, many of its financial obligations are starting to mature quickly.
The Covid-19 pandemic has had negative economic effects on different sectors of the economy; however, the resilience of the telecom sector is evident in an increase in Airtel’s income. The overall performance of Airtel increased with a revenue growth in constant currency of 19.6% in Q2 compared to 16.4% recorded in Q1, while revenue on reported basis increased by 10.7% to $1.82 billion, with Q2 revenue growth of 14.3%.
Unilever Nigeria Plc: Change in management has had mixed impact
9 months into the change of management, Unilever Nigeria Plc’s performance in Nigeria has been largely underwhelming.
Change in the management of a company is never a walk in the park. Transitions usually take time to yield the desired results. Organizations can look to past successful managerial transitions for inspiration, but not for instruction because there is no defined playbook. The decision to replace Mr Yaw Nsarkoh, who served as the Managing Director of Unilever Nigeria Plc until the end of 2019 was plausible, but adjustments were never going to be an easy task.
Mr Nsarkoh had served as Managing Director of the company for 5 years and steered the course of its proceedings with remarkable skill up until the financial performance disaster which culminated in his resignation on November 28th, 2019.