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Prices of tomatoes, garri, potatoes, others jump as low inventory hits major markets

Nigerians may face hard times in the coming weeks as the latest Nairametrics Household survey reveals that the prices of major household commodities increased significantly as low inventory hits major markets in Lagos State.

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Quality of local rice improves as food prices drop across major markets Prices of major household items on the high as weather condition limits harvest, Onions, Pepper, Yam, others increase across various Lagos markets as dealers lament low sales, Traders bag imported rice in local bags, as prices of onions, Ppepper, others drop

Nigerians may face hard times in the coming weeks as the latest Nairametrics Household survey revealed that the prices of major household commodities increased significantly as low inventory hits major markets in Lagos State.

According to the latest survey conducted by Nairametrics Research Team, a big basket of round shaped tomatoes now sells for an average of N8,000 compared to an initial N6,500 while a bag of pepper increased to N7,000 from N6,000 recorded just two weeks ago.

The report further showed that a bag of white Garri, which was sold for an average of N6,125 earlier in the month now sells for an average of N6,500. Also, other food  items such as yellow garri, Potatoes, bread and Fish recorded significant jump in price.

Recession portfolio, FAO Price Index: Nigeria, others to rebound rice production 

The reports highlighted items that witnessed increased in price, items that witnessed reduction in price, items that maintained initial prices, Special markets and Market insights.

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[READ MORE: Scarcity of imported rice hits major markets, as dealers pack local rice in foreign bags]

Items that witnessed price increase

  • A bag of white Garri, which was sold for an average of N6,125 increased to an average of N6,500. Indicating 6.12% increase within two weeks.
  • The price of a bag of Yellow Garri currently sells for an average of N7,625. A 17.31% rise compared to N6,500 recorded two weeks ago.
  • Also, the price of a big basket of Sweet Potatoes witnessed significant increase as it now sells for an average of N6,000. A 39.53% increase compared to an initial average of N4,300 while a small basket sells for N1,000 compared to N700 recorded earlier in the month.
  • Also, a big basket of round shaped tomatoes sold for an average of N6,500 two weeks ago jumped significantly to N8,000. This change represents 23.1% increase.
  • Medium sized basket of round shaped tomatoes now sells for an average of N4,000 from an initial average of N3,000 while a small basket which was sold for N2,000 now sells for an average of N2,500.
  • The price of one Kilo of fish (Kote) increased marginally from an average of N478 to N480 while Titus fish currently sell for an average of N488 from an initial N485.
  • A big bag of Pepper currently sells for an average of N7,000 from an initial average of N6,000, indicating 16.7% increase in price. Also, a small bag of Pepper cost an average of N5,000 from an initial average of N4,800.
  • A loaf of bread currently sells for an average of N350. 16.7% increase compared to the initial average of N300.

Food items sell cheapest at Mile 12, as traders lament high price of local rice

[READ MORE: Food items’ stock pile-up across major markets, as prices continue to drop]

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Items that witnessed reductions in prices

Despite the significant increase in price recorded in major household items, some items recorded relative drop in price.

  • A bag of white Beans sold for an average of N19,875 earlier in the month, is now sells for an average of N18,250, indicating 8.2% decrease in two weeks.
  • The price of a big bag of Brown Beans also decreased from an average of N20,375 to an average of N19,500.
  • Also, a medium sized basket of Irish Potatoes currently sells for an average of N1,800 from an initial average of N2,000.
  • The price of a big bag of New Onion reduced by 7.9% to sell for an average of N17,500 compared to N19,000 recorded two weeks ago.
  • A bag of Flour (Dangote) reduced marginally to an average of N11,100 from an initial average of N11,275.
  • A big bag of Melon now sells for an average of N44,000 from an initial N48,000 recorded earlier in the month of February.

[READ ALSO: New brands of local rice flood major markets, as prices of major items drop]

Items that maintained initial prices

  • The price of a big tuber of yam maintains its initial price at N850 while a medium sized tuber sells for an average of N625.
  • A 50kg bag of Beans (Oloyin) continues to sell for an average of N12,500.
  • Household cooking gas is still being refilled for the same price as recorded two weeks ago; 12.5kg (N4,000) and 5kg (1,725).
  • A crate of egg sells for an average of N975, same as observed earlier in the month.
  • Other items that maintained initial prices include; Noodles, locally made rice (Mama Gold & Mama’s Pride), Foreign made rice (Royal Stallion & Caprice) and Cocoa Beverages

Edward Lametek

Special Markets

  • Nairametrics Research Team found that Mile 12 market has low stock of tomatoes, and consequently, prices of the commodity continue to rise. According to a tomato seller at the market, Malam Audu “Vehicles that brought tomatoes to the market from the North, brought below the usual volume of goods, so sellers are raising prices to make more profit”.
  • Another seller who spoke to Nairametrics Research team, said that the reduced supply of the commodity is due to lack of bountiful harvest, which is caused by the change in whether. He said, “Since harmattan season is coming to an end, it becomes harder to harvest as much as before, which will eventually affect the price of tomatoes in the long run”.
  • An Interview with sellers of Maize at Mile 12 market revealed that the price of Maize is unpredictable as it changes easily, since the raining season has not commenced. He went further to highlight that the diverse usefulness of the commodity to Nigerian households, most times causes the price to fluctuate as the price is determined by the demand of the item. He however stated that the price is expected to regularize by April when it begins to rain.

[READ ALSO: Tomatoes, pepper prices crash across major markets, as local rice continues to ease-off]

Market Insights

  • The price of locally made rice continues to reduce due to influx of new brands of the commodity. Nairametrics Research, in a visit to Daleko market found out that some brands of rice currently sell for as low as N16,500. Brands such as Tomatoes Gold, Car Gold, Tomatoes Aroso and Jameela while some foreign rice such as Aroso and African care sell for an average of N22,500.
  • A bag of Bush mango (Ogbono) is currently sold for an average of N100,000 compared to an initial average of N90,000 recorded earlier in the year while a bag of Cray fish sells for an average of N13,500.
  • Also, a new brand of brown beans is now in the market. This was revealed by a trader at Mile 12 market, “the brand is known as Gombe beans and it sells for as low as N14,500 for a very big bag” He said. Meanwhile, the generic brown beans currently sell for an average of N19,500.

ItemsBrandUnitMUSHIN (20/02/2020)DALEKO (20/02/2020)OYINGBO (20/02/2020)MILE 12 (20/02/2020)Average MUSHIN (06/02/2020)DALEKO (06/02/2020)OYINGBO (06/02/2020)MILE 12 (06/02/2020)Average
Bag of RiceBasmati5kgNANANANANANANANANANA
Bag of RiceMama Gold10kgNA3500NANA3500NA3500NANA3500
Bag of RiceRoyal Stallion50Kg27000NA27000NA2700027000NA27000NA27000
Bag of RiceRice Master10kgNA3500NA35003500NA3500NANA3500
Bag of RiceMama Gold50kg19000190001950019500192501900019000195001950019250
Bag of RiceCaprice50kg26500NANA250002575026500NANA2500025750
Bag of RiceMama's Pride50kg19000190001950019500192501900019000195001950019250
Bag of RiceFalcon25kgNANANANANANANANANANA
Bag of BeansOloyin50kg13000120001300012000125001300012000130001200012500
Bag of BeansWhite50kg19000180001850017500182502050018000210002000019875
Bag of BeansBrown>50kg21000180002100018000195002200018000215002000020375
Tuber of YamAbuja1 Big Size Tuber900800850850850900800850850850
Tuber of YamAbuja1 Medium Size Tuber650650600600625650650600600625
Carton of NoodlesIndomie305g (Belle full)2900290029002900290029002900290029002900
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2000220021002100210020002200210021002100
Carton of NoodlesMinimie70g1500150015001500150015001500150015001500
Carton of NoodlesGolden Penny70g1400140014001400140014001400140014001400
Bag of GarriIjebu80kg6000680070007000670060006800700070006700
Bag of GarriWhite50kg6000650065007000650060006000650060006125
Bag of GarriYellow50kg7500750075008000762560006500650070006500
Basket of PotatoSweetBig Basket6000600043004300
Basket of PotatoSweetSmall Basket10001000700700
Basket of PotatosweetSmallest Basket200200200200
Basket of PotatoIrishBiggest Basket17000170001800018000
Basket of PotatoIrishMedium Basket1800180020002000
Basket of PotatoIrishSmall Basket1300130015001500
Packet of PastaGolden Penny500g4300440043004200430043004400430042004300
Packet of PastaDangote500g4000400040004100402540004000400041004025
Packet of PastaPower (1 pc)500g220220220200215220220220200215
Packet of PastaBonita (1 pc)500g220200200210207.5220200200210207.5
Gallon of Palm OilLocal5 Litres2200200023002000212522002000230020002125
Gallon of Palm OilLocal25 Litres10500900010000950097501050090001000095009750
Gallon of Vegetable OilLocal5 Litres2300230024002300232523002300240023002325
Gallon of Vegetable OilLocal25 Litres13000130001350012800130751300013000135001280013075
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 FlourDangote50kg11200112001100011000111001120011200112001150011275
Bag of FlourHoney well50Kg11200112001120011200112001150011200112001120011275
Bag of FlourMama Gold50kg11000113001100011000110751150011300110001130011275
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 loaf350350350350350300300300300300
BreadButterfield1 loaf350350350350350300300300300300
EggN/ACrate9501000950100097595010009501000975
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre600550550600575600550550600575
JuiceChivita1 litre600550600550575600550600550575
GasRefilling12.5kg4000400040004000400040004000400040004000
GasRefilling5kg1700170018001700172517001700180017001725
TomatoesBig Basketround shaped8000800065006500
Medium Basketround shaped4000400038003800
Small Basketround shaped2500250020002000
Big BasketOval ShapedNANANANA
Small BasketOval ShapedNANANANA
FishKote (Horse Mackerel)1 big Fish500450470500480500450470490477.5
FishTitus (Mackerel)1 big Fish500450500500487.5500450500490485
PepperBig bag7000700060006000
Medium bag4800500048004800
MaizeYellow170002100019000140001400014000
White150001600015500150001600015500
MelonBig bag48000440004800048000
OnionsBig bagDry OnionsNANA2200022000
OnionsBig bagNew Onions17500175001900019000

About Nairametrics Food Price Survey

The Nairametrics Food Price Watch is a bi-weekly household market survey that covers the prices of major food items, with emphasis on five major markets in Lagos – Mushin Market, Daleko Market, Oyingbo Market, Idi-Oro Market and Mile 12.

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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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Energy

NNPC says local operators must improve capacity to achieve low cost of oil production

The NNPC has mandated local oil companies to improve capacity to so as to reduce oil production cost.

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NNPC unveils covid-19 contacts tracing app, marketers to buy petroleum products online

The Nigerian National Petroleum Corporation (NNPC) has said that indigenous companies operating in Nigeria’s oil and gas sector must upscale their capacity for global competitiveness in order to achieve the target of reducing the cost of oil production in Nigeria on a sustainable basis.

This was disclosed by the Group Managing Director of NNPC, Mallam Mele Kyari, at a virtual stakeholder’s consultative summit which was organized by the Senate Committee on Local Content.

According to a press release by NNPC, which was signed by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, the NNPC GMD said that there was need to amend the Local Content Act to reflect current realities in the industry.

Kyari, who was represented by the Group General Manager, Corporate Planning & Strategy (CP&S), Mrs Eyesan Oritsemeyiwa, argued that there was a need to have a legislation to resolve the issues of funding challenges faced by local players, stressing that oil and gas business required high technical skills and competence to compete favourably at the global stage.

Speaking further on the need for greater capacity building on the part of indigenous companies, the GMD said the nation’s education system has a great role to play in the development of highly skilled technical manpower, adding that any legislation on Nigerian content development that fails to embrace issues of investment in the educational system was not likely to achieve much.

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He said, “In terms of the interaction between industry and education, we think these new bills would present a good model that we should work with. People are the greatest assets of any nation. If you have the best brains in the industry today, as long as you are not getting a good replacement for them from the educational sector when they grow old and retire, then your industry will collapse,”

The NNPC boss pointed out that the nation has made some good progress from the era when there was no single indigenous operator in the oil and gas industry to the current situation where local operators have risen to double digits, stressing that the trend should be encouraged.

He praised the National Assembly’s initiative to review and amend the Local Content Act and urged the committee to ensure that it is carried out in a timely fashion in order for the law to deliver maximum value for the nation.

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The GMD commended the legislators for the plan to extend the local content law beyond the oil and gas industry to other sectors of the nation’s economy, stressing that it would open up the non-oil sectors to growth and development.

The local content initiative has been identified as being very critical to the development of Nigeria’s oil and gas sector as the Federal Government plans to reduce the cost of production of crude oil to $10 per barrel in the face of the recent crash in crude oil prices.

The Federal Government has provided the sum of $350 million as the Nigerian Content Intervention Fund to help support local participation in the oil and gas sector.

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Energy

NNPC signs gas development and commercialization deal with SEEPCO

NNPC and SEEPCO have signed a gas development and commercialization deal.

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FG to give up majority stakes in its 4 refineries, to be privately managed, NNPC, Pipeline Vandalism: Stakeholder collaboration, critical to tame menace - Kyari, Nigeria explains when it will fully comply with OPEC+ output cut

The state oil giant, Nigerian National Petroleum Corporation (NNPC) has signed a gas development deal with Sterling Exploration and Energy Production Company (SEEPCO).

The agreement between the 2 oil firm is for the development and commercialization of gas from Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country.

The disclosure was contained in a press statement that was issued by the Group General Manager, Group Public Affairs Division of NNPC, Dr Kennie Obateru, on Saturday, September 26, 2020, in Abuja.

According to the statement, the Group Managing Director of NNPC, Malam Mele Kyari, while speaking at the agreement-signing ceremony which held at the NNPC Towers, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy.

Kyari disclosed that the deal would not only help reduce gas flaring and its environmental hazards but would also promote gas production and utilization in the domestic market.

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The NNPC boss also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which has led to the establishment of a Special Purpose Vehicle that will help expand gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

On his part, the Chairman of SEEPCO, Mr Tony Chukwueke, described the deal as an essential partnership that would help the company fulfil the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.

He commended NNPC and the Group Managing Director for ensuring the execution of the agreement which he described central to the achievement of the company’s cardinal objective of boosting the production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600 million for that purpose.

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This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

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Energy

Buhari reappoints 3 Chief Executives of agencies under Federal Ministry of Petroleum

3 Chief Executive Officers of agencies under the Federal Ministry of Petroleum Resources have been reappointed.

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BREAKING: President Buhari retains portfolio as Petroleum Minister

President Muhammadu Buhari has renewed the appointment of 3 Chief Executive Officers of parastatals under the Federal Ministry of Petroleum Resources with immediate effect.

The appointments that were renewed by the president include that of Dr Bello Aliyu Gusau as the Executive Secretary of Petroleum Technology Development Fund (PTDF), Ahmed Bobboi as the Executive Secretary/Chief Executive Officer of Petroleum Equalization Fund (PEF) and Simbi Wabote as Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB).

The disclosure was made through a series of tweet posts by the presidency on its official Twitter handle on Friday, September 25, 2020.

The statement disclosed that the renewal of the appointments followed recommendations to the President by the Minister of State Petroleum Resources, Timipre Syla.

It stated that Dr Aliyu Gusau was credited to have run the PTDF successfully in the past four years, keeping faith with the Seven Strategic Priorities he had introduced in January 2017.

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These are Domestication, Cost cutting, Sustainable funding, Efficient internal processes, Linkages with the industry, Utilization of centres of excellence, and Pursuit of home-grown research.

It also stated that Bobboi got his reappointment for having run PEF in a way that made it a key and strategic player in the administration’s oil and gas reforms, especially in stabilizing the supply and distribution of petroleum products across the country, among others.

Going further, it stated that the NCDMB boss, Wabote, won his pips for managing the NCDMB and completing its headquarters building. Wabote was also credited to have initiated many landmark projects that were widely commended by industry players.

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