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.
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.
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.
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.
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
- 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.
- 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.
|Items||Brand||Unit||MUSHIN (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 Rice||Basmati||5kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Rice||Mama Gold||10kg||NA||3500||NA||NA||3500||NA||3500||NA||NA||3500|
|Bag of Rice||Royal Stallion||50Kg||27000||NA||27000||NA||27000||27000||NA||27000||NA||27000|
|Bag of Rice||Rice Master||10kg||NA||3500||NA||3500||3500||NA||3500||NA||NA||3500|
|Bag of Rice||Mama Gold||50kg||19000||19000||19500||19500||19250||19000||19000||19500||19500||19250|
|Bag of Rice||Caprice||50kg||26500||NA||NA||25000||25750||26500||NA||NA||25000||25750|
|Bag of Rice||Mama's Pride||50kg||19000||19000||19500||19500||19250||19000||19000||19500||19500||19250|
|Bag of Rice||Falcon||25kg||NA||NA||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Beans||Oloyin||50kg||13000||12000||13000||12000||12500||13000||12000||13000||12000||12500|
|Bag of Beans||White||50kg||19000||18000||18500||17500||18250||20500||18000||21000||20000||19875|
|Bag of Beans||Brown||>50kg||21000||18000||21000||18000||19500||22000||18000||21500||20000||20375|
|Tuber of Yam||Abuja||1 Big Size Tuber||900||800||850||850||850||900||800||850||850||850|
|Tuber of Yam||Abuja||1 Medium Size Tuber||650||650||600||600||625||650||650||600||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||6000||6800||7000||7000||6700|
|Bag of Garri||White||50kg||6000||6500||6500||7000||6500||6000||6000||6500||6000||6125|
|Bag of Garri||Yellow||50kg||7500||7500||7500||8000||7625||6000||6500||6500||7000||6500|
|Basket of Potato||Sweet||Big Basket||6000||6000||4300||4300|
|Basket of Potato||Sweet||Small Basket||1000||1000||700||700|
|Basket of Potato||sweet||Smallest Basket||200||200||200||200|
|Basket of Potato||Irish||Biggest Basket||17000||17000||18000||18000|
|Basket of Potato||Irish||Medium Basket||1800||1800||2000||2000|
|Basket of Potato||Irish||Small Basket||1300||1300||1500||1500|
|Packet of Pasta||Golden Penny||500g||4300||4400||4300||4200||4300||4300||4400||4300||4200||4300|
|Packet of Pasta||Dangote||500g||4000||4000||4000||4100||4025||4000||4000||4000||4100||4025|
|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||2200||2000||2300||2000||2125||2200||2000||2300||2000||2125|
|Gallon of Palm Oil||Local||25 Litres||10500||9000||10000||9500||9750||10500||9000||10000||9500||9750|
|Gallon of Vegetable Oil||Local||5 Litres||2300||2300||2400||2300||2325||2300||2300||2400||2300||2325|
|Gallon of Vegetable Oil||Local||25 Litres||13000||13000||13500||12800||13075||13000||13000||13500||12800||13075|
|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||11000||11000||11100||11200||11200||11200||11500||11275|
|Bag of Flour||Honey well||50Kg||11200||11200||11200||11200||11200||11500||11200||11200||11200||11275|
|Bag of Flour||Mama Gold||50kg||11000||11300||11000||11000||11075||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||8000||8000||6500||6500|
|Medium Basket||round shaped||4000||4000||3800||3800|
|Small Basket||round shaped||2500||2500||2000||2000|
|Big Basket||Oval Shaped||NA||NA||NA||NA|
|Small Basket||Oval Shaped||NA||NA||NA||NA|
|Fish||Kote (Horse Mackerel)||1 big Fish||500||450||470||500||480||500||450||470||490||477.5|
|Fish||Titus (Mackerel)||1 big Fish||500||450||500||500||487.5||500||450||500||490||485|
|Onions||Big bag||Dry Onions||NA||NA||22000||22000|
|Onions||Big bag||New Onions||17500||17500||19000||19000|
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.
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.
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.
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.
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.
Local Content: @NNPCgroup Advocates Capacity Upgrade for Indigenous Operators
In order to achieve the target of reducing the cost of oil production in Nigeria on a sustainable basis, @NNPCgroup says indigenous companies operating in the…
— NNPC Group (@NNPCgroup) September 26, 2020
NNPC signs gas development and commercialization deal with SEEPCO
NNPC and SEEPCO have signed a gas development and commercialization deal.
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.
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.
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.
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.
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.
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.
STATE HOUSE PRESS RELEASE
PRESIDENT BUHARI RENEWS APPOINTMENTS OF PTDF, PEF, NCDMB BOSSES
President @MBuhari has renewed the appointments of Chief Executive Officers of agencies under the Ministry of Petroleum Resources.
— Presidency Nigeria (@NGRPresident) September 25, 2020