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Prices of frozen Fish, Yam, Pepper, others jump as traders lament low sales in major markets

The prices of major household food items witnessed significant increase within the last two weeks, resulting in low patronage for many traders in various markets.

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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 not be having it easy in the past weeks as prices of major household items continue spike while sellers across major markets in Lagos State also lament low sales. The latest Household market survey conducted by Nairametrics Research Team reveals.

According to the latest survey conducted by the Research Team, household items such as Frozen Fish, Onions, Yam, Pepper and Melon recorded significant increase in price over the past two weeks. Specifically, a slate of frozen fish now sells for as high as N22,000, while the price of a big bag of New Onions jumped from an average of N17,500 to a current average of N25,000

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Nigerians spent N334.3 billion to import foodstuffs, tobacco, others in 6-months 

Also, a big tuber of Abuja Yam currently sells for an average of N875, 2.94% increase compared to N850 recorded in the later part of February while a smaller tuber sells for an average of N638. Meanwhile, items such as tomatoes and palm oil recorded drop in prices over the past two weeks.

This report highlights items that witnessed increase in price, items that witnessed reduction in price, items that maintained initial prices, Special markets and Market insights.

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

Items that witnessed price increase

Some of the items that recorded uptick in prices in the last two weeks include onions, pepper, fish, bread, and melon seeds.

  • A big bag of new onions currently sells for an average of N25,000 from an initial N17,500, while dry onions are now available in the market but increased to an average of N30,000.
  • The price of a bag of melon seeds increased to an average price of N49,000 from an initial average of N48,000, indicating a 2.08% increase.
  • A big bag of pepper currently sells for an average of N7,500. This is a 7.14% increment compared to N7,000 recorded two weeks ago.
  • A loaf of Val-U bread is currently sold for an average of N360, from an earlier average of N350.
  • The price of fish also recorded slight increase compared with what was witnessed in February, as one big Kote fish currently sells for an average of N525, indicating a 9.4% increase from an initial price of N480.
  • One big Titus fish also increased by 5.1% to sell for an average of N513 from an initial average of N488.
  • A big bag of white maize increased to N16,000 from an initial average of N15,500 recorded two weeks ago.
  • A 500g size of Bournvita (refill) that was previously sold for an average of N925 is now sold for an average of N950.

Items that witnessed price decrease

  • A 25-litre gallon of palm oil sells for an average of N9,375. 3.85% decrease compared to N9,750 recorded two weeks ago.
  • Also, a 5-litre gallon of palm oil reduced by 22.4% to sell at an average of N1,650.
  • A big basket of round shaped tomatoes sells for an average of N7,500 this week, compared to N8,000 recorded two weeks ago. This represents a 6.5% reduction in price.
  • A medium sized basket of round shaped tomatoes currently sells for an average of N3,500, a 12.5% reduction compared to N4,000 recorded the last time.

Items that maintained initial prices

Household items that maintained their initial prices include locally and foreign-made rice, beans, garri, and potatoes.

  • Royal Stallion rice still sells for an average of N27,000 while Caprice costs an average of N25,750.
  • Mama Gold and Mama’s Pride continue to sell for an average of N19,250.
  • A bag of brown beans (Oloyin) still sells for an average of N12,500, as white beans maintains its initial price of N18,250.
  • Dangote Flour and Honeywell Flour continue to sell for an average of N11,100 and N11,200 respectively, same as recorded two weeks ago.
  • A crate of eggs sells for average of N975; the price of Cway Bottled water also remained at an average of N613.
  • Household cooking gas is still being refilled for the same price as recorded two weeks ago: 12.5kg (N4,000) and 5kg (1,725).

READ MORE: Alert: Tomato prices are up by over 80% in these Lagos markets

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Special Markets

  • The price of frozen fish continues to increase, as dealers across the various markets lament low sales. A “bazo” slate of fish is currently sold for an average of N19,000, while “Fuel” costs an average of N22,000.
  • The low of turn out of sales is feared by many traders to be due to the Coronavirus case in Lagos announced in the end of February, although it remains to be seen if one has anything to do with the other.
  • The price of imported frozen items such as chicken and turkey still maintain their initial prices as reported earlier in the year.
  • Turkey – N13,500
  • Orobo Chicken – N12,000
  • Full Chicken – N12,000
  • Chicken Lap – N12,000

Local rice floods major markets in Nigeria, as frozen food sellers lament low patronage

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READ ALSO: Quality of local rice improves as food prices drop across major markets

Market Insights

  • Dry onions, which were not sold in the various markets in the later part of February due to weather conditions and supply, were sighted at Mile 12 market but with a significant 36.36% increase in price as a large bag currently sells for an average of N30,000.
  • New onions also increased from an initial average of N17,500 to N25,000, thereby indicating a 42.9% increase in two weeks. In an interview, one of the sellers who wished to remain anonymous told Nairametrics Research that, “though there is large supply of the commodity in the market, the price of onions just increased significantly for reasons not known to us”. He went further to express hope that the commodity would reduce in time because the price is scaring off potential buyers from the market.
  • Despite the reduction recorded in the price of round shaped tomatoes, traders of the commodity lament that the price is still on the high side, as they could sell for as low as N4,000 and N5,000. Meanwhile, the big basket sells for an average of N8,500 in the early hours of the day, and N7,500 by noon.
ItemsBrandUnitMUSHIN (05/03/2020)DALEKO (05/03/2020)OYINGBO (05/03/2020)MILE 12 (05/03/2020)Average MUSHIN (20/02/2020)DALEKO (20/02/2020)OYINGBO (20/02/2020)MILE 12 (20/02/2020)Average
Bag of RiceBasmati5kgNANANANANANANANANANA
Bag of RiceMama Gold10kgNA3500NANA3500NA3500NANA3500
Bag of RiceRoyal Stallion50Kg27000NA27000NA2700027000NA27000NA27000
Bag of RiceRice Master10kgNA3500NA35003500NA3500NA35003500
Bag of RiceMama Gold50kg19000190001950019500192501900019000195001950019250
Bag of RiceCaprice50kg26500NANA250002575026500NANA2500025750
Bag of RiceMama's Pride50kg19000190001950019500192501900019000195001950019250
Bag of RiceFalcon25kgNANANANANANANANANANA
Bag of BeansOloyin50kg13000120001300012000125001300012000130001200012500
Bag of BeansWhite50kg19000180001850017500182501900018000185001750018250
Bag of BeansBrown>50kg21000180002100018000195002100018000210001800019500
Tuber of YamAbuja1 Big Size Tuber900850900850875900800850850850
Tuber of YamAbuja1 Medium Size Tuber650650600650637.5650650600600625
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 GarriWhite50kg6000650065007000650060006500650070006500
Bag of GarriYellow50kg7500750075008000762575007500750080007625
Basket of PotatoSweetBig Basket6000600060006000
Basket of PotatoSweetSmall Basket1000100010001000
Basket of PotatosweetSmallest Basket200200200200
Basket of PotatoIrishBiggest Basket17000170001700017000
Basket of PotatoIrishMedium Basket1800180018001800
Basket of PotatoIrishSmall Basket1300130013001300
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 Litres1800150018001500165022002000230020002125
Gallon of Palm OilLocal25 Litres1000090009500900093751050090001000095009750
Gallon of Vegetable OilLocal5 Litres2300220023002200225023002300240023002325
Gallon of Vegetable OilLocal25 Litres13000128001310012800129251300013000135001280013075
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 FlourDangote50kg11200112001100011000111001120011200110001100011100
Bag of FlourHoney well50Kg11200112001120011200112001120011200112001120011200
Bag of FlourMama Gold50kg11000113001100011000110751100011300110001100011075
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 Refill500g9501000950900950950900950900925
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 loaf370350350370360350350350350350
BreadButterfield1 loaf350350350350350350350350350350
EggN/ACrate9501000950100097595010009501000975
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre600550550600575600550550600575
JuiceChivita1 litre600550600550575600550600550575
GasRefilling12.5kg4000400040004000400040004000400040004000
GasRefilling5kg1700170018001700172517001700180017001725
TomatoesBig Basketround shaped7500750080008000
Medium Basketround shaped3500350040004000
Small Basketround shaped2000250025002500
Big BasketOval ShapedNANANANA
Small BasketOval ShapedNANANANA
FishKote (Horse Mackerel)1 big Fish550500500550525500450470500480
FishTitus (Mackerel)1 big Fish500500550500512.5500450500500487.5
PepperBig bag7500750070007000
Medium bag5500550048005000
MaizeYellow170001800017500170002100019000
White160001600016000150001600015500
MelonBig bag49000490004800048000
OnionsBig bagDry Onions3000030000NANA
OnionsBig bagNew Onions25000250001750017500

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

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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Economy & Politics

President Buhari directs Ministries of Power, Finance, BPE to seal Siemens deal

Presidency has approved the release of funding for the first part of Phase 1 of the PPI, to kick-off the pre-engineering and concession financing workstreams.

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Nigeria-Siemens power deal get N61 billion allocation 

President Muhammadu Buhari has directed the Ministries of Power, Finance, and the Bureau of Public Enterprise (BPE) to conclude the nation’s engagement with Siemens AG over regular power supply.

The directive, which was issued via the Presidency’s Twitter handle on Wednesday, was to start the pre-engineering & concessionary financing aspects of the Presidential Power Initiative (PPI).

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PPI is a power infrastructure upgrade and modernization Programme agreed to by the Federal Government and Siemens AG of Germany, with the support of the German Government. The ultimate goal of the initiative, according to the government, is to modernize and increase the Nigerian electricity grid capacity from its current capacity of  about 5 GW to 25 GW, over three phases.

How it works: Under the PPI, Nigeria on behalf of the other shareholders in the Electricity Distribution Companies (DisCos), will invest in infrastructure upgrades in the form of improved payment systems, distribution substations, transformers, protection devices, smart meters, and transmission lines among others.

The President explained that all DisCos have, directly and through the BPE, been diligently carried along over the last 15 months to understand in detail the challenges in the electricity systems.

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Funding: The funding for the PPI will be secured under concessionary terms (up to 3-year moratorium and 12-year repayment at concessionary interest rates) through the German Euler Hermes cover, which Nigeria will on-lend as a convertible loan to the other shareholders in the DisCos.

According to the statement, President Buhari has approved the release of funding for the first part of Phase 1 of the PPI, to kick-off the pre-engineering and concession financing workstreams.

“To ensure fairness and transparency of the intervention, the President has also directed that the nation engage the International Finance Corporation (‘IFC’) to assist in developing the commercial structure of the intervention…

“The President has also directed that to ensure value for money and preserve the integrity & transparency of the procurement process under the Govt-to-Govt framework, Siemens AG shall be solely responsible for nominating its EPC partners to perform all onshore works; NO middlemen.

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“Our goal is simply to deliver electricity to Nigerian businesses and homes… Our intention is to ensure that our cooperation is structured under a Govt-to-Govt framework. No middlemen will be involved, so that we can achieve value for money for Nigerians,” President Buhari added.

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The PPI journey started on August 31, 2018, when Chancellor Angela Merkel visited Nigeria and met with President Buhari. Then the Chancellor brought along with her a business delegation that included the Global CEO of Siemens.

Nigeria and Germany agreed to explore cooperation in a number of areas, including Power.

PPI was designed to deliver improved power supply nationwide, with attendant results in job creation, investor confidence, cost and ease of doing business and economic growth. The partnership is also  expected to guarantee training & capacity building for thousands of young Nigerians (non-graduates, students & graduates).

Other goals include the creation of economic opportunities for Nigerian engineering companies that will serve as local vendors for the provision of manpower and equipment. Overall, the partnership will guarantee inflow of additional investment into the power sector.

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Companies

Endeavour honours founders of Kobo360

Fixing Africa’s supply chain is clearly important for commerce on the continent.

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Kobo360

Endeavour, a leading global movement for high-impact entrepreneurship, has honoured the founders of Kobo360, Obi Ozor and Ife Oyedele as Endeavor Entrepreneurs.

Kobo360 is a digital logistics platform that uses big data and agile technology to reduce friction and improve efficiency in the African logistics ecosystem.

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Managing Director, Endeavor in Nigeria, Gihan-Mbelu, explained that the company is excited to welcome Kobo360 into Endeavor’s network which includes some of the world’s most exciting scale-up entrepreneurs and most experienced mentors and investors.

He said, “Fixing Africa’s supply chain is clearly important for commerce on the continent, and Kobo360’s rapid growth over the past 3 years is evidence that the company’s valuable services are in critical demand. Obi and Ife are inspiring founders and their relentless focus on scaling Kobo360 serves as an inspiration to high-impact entrepreneurs everywhere.”

Meanwhile, since launching in 2017, Kobo360 has surpassed several milestones, including a $30 million Series A in August 2019.

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“It’s an honour to be joining this global network of high-impact entrepreneurs and to have Endeavor recognise our efforts to transform Africa’s logistics sector using technology. As entrepreneurs, we wanted to turn African problems into African opportunities.

“Focusing on logistics, Ife and I started Kobo360 to not only fix the inefficiencies that exist, but to build opportunities for the businesses we serve and most importantly, the hundreds of thousands of truck drivers across Africa. This is a fundamental milestone in Kobo360’s journey; our Global Logistics Operating System [GLOS] will revolutionize supply chain across emerging markets, Ozor, Co-founder & CEO of Kobo360.

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Companies

Why these companies remain on NSE’s delisting radar

The Regulation Committee of the National Council of The Exchange (RegCom) has given approval to The Exchange to proceed with the delisting process.

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NSE moves to protect investors’ data , Ekiti, Osun, Delta, Imo, 9 others raise over N500 billion bonds in 10 years, Equities: Foreign investors remain net sellers of Nigerian equities, Top 10 stockbroking firms traded N1.35 trillion on stocks in 2019, Equities: A bullish run to start the year, NSE to sustain growth in 2020, CEO assures, Commodities , NSE PUBLISHES GUIDANCE TO FACILITATE EFFECTIVE VIRTUAL MEETINGS FOR STAKEHOLDERS AMIDST COVID-19

Data obtained from the Nigerian Stock Exchange (NSE) has revealed that about seven companies have been on the delisting radar of the Exchange since December 2019.

They have been either in the process of delisting their issued shares from the bourse or on the delisting watchlist of the Exchange. This was stated in the Exchange’s X-Compliance report.

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The report, which is released by the Exchange every Friday and seen by Nairametrics, stated that the Regulation Committee of the National Council of The Exchange (RegCom) has approved for the Exchange to proceed with the delisting process of Evans Medical Plc, Tourist Company of Nigeria, Anino International Plc, Nigerian German Chemicals Plc, and Roads Nigeria Plc since last December.

On the other hand, Omatek Ventures and Deap Capital Management & Trust have been placed on the NSE’s delisting watch-list over their failure to comply with some post-listing requirements, including failure to file their quarterly and annual reports within a stipulated time.

Why companies delist 

There are two main reasons why companies delist from the NSE or are forced to delist from the market. The first one entails punishment for companies that violate NSE’s listing rules.

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The NSE periodically fines defaulting companies, whilst demanding that such companies address their corporate governance lapses. As Nairametrics reported recently, the latest X-Compliance report showed that the NSE made as much as N154 million by imposing fines on defaulting companies.

But sometimes, fines are not enough. The NSE is often forced to voluntarily delist companies whose infractions have become persistent.

On the other hand, a good number of companies have also voluntarily delisted from the NSE for various reasons, including the desire to become privately owned entities.

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What you should know

In the case of Omatek Ventures, the company’s fate has been dwindling since the departure of its founder, Dr Florence Seriki. Nairametrics reported when it was accused of defaulting on its credit facility agreement with the Bank of Industry (BOI).

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According to the development bank, the company has refused to service the N5.81 billion which it obtained in 2012. The bank disclosed that several measures had been employed to ensure that Omatek kept to the loan agreement, all to no avail. One of such efforts was the appointment of Ade Oyebanji as a receiver, who took inventory of all items located at Omatek’s premises at Plot 11, Kudirat Abiola Way, Oregun,  Ikeja, Lagos, in January 2017.

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Summary of the loan detail

In December 2012, the Bank of Industry loaned Omatek Ventures N5,808,429,033.95 in a term loan and working capital facilities agreement. The loan was disbursed to finance the procurement of assembly components for the production of laptops.

Also, as part of the requirements for obtaining the loan, the development finance bank said that it requested an Irrevocable Standing Payment Order arrangement with the defunct Skye Bank Plc in favour of BoI, all assets debenture, and an Irrevocable Personal Guarantee of the late Seriki.

Evans Medical Plc is a Nigerian pharmaceutical company that was established in 1954 and listed on the Nigerian Stock Exchange in 1979. Over the years, the company has been plagued by many challenges, ranging from increasing competition to corporate governance lapses. The latest NSE X-Compliance report indicated that the company has not submitted any quarterly financial statement from 2016 to 2019. At this rate, the NSE may have no choice but to forcefully delist the company.

Nigeria-German Chemicals Plc has also not been obeying the listing rules of the NSE. The latest NSE X-Compliance report also noted that the company had not filed any financial statement since Q3 2014 till date. It will not come as a surprise if the company is delisted from the Nigerian bourse any moment from now due to regulatory reasons.

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Note that the company is a chemical/healthcare company which was incorporated in 1964. It was initially known as Nigerian Hoechst Plc before it rebranded and changed to its name in 1995. It was listed on the NSE in 1979.

Amino International Plc is also in the process of delisting, primarily because it abused NSE rules by not disclosing its quarterly financial statements from 2015 till date. The company, which engages in manufacturing different kinds of personal and industrial products, was incorporated in 1981 and listed on the NSE in 1990.

Roads Nigeria Plc is a civil engineering firm that is in the business of construction of roads, bridges, dams, airfields, and real estate. The company was incorporated in 1974 and is headquartered in the Northern Nigerian city of Sokoto.

Unfortunately, the company has not released its quarterly financial statements since 2014. This is a major violation of the NSE listing rules, which could result in the company being delisted soon.

The delisting of the Tourist Company of Nigeria Plc from the Nigerian Stock Exchange may be a voluntary move by the company’s owners. The company has recently been plagued by ownership tussles, with some shareholders calling for it to be liquidated. The hospitality company was incorporated in 1964.

DEAP Capital Management Trust Plc was incorporated in 2002 and listed on the NSE in 2007. Though Nairametrics had reported earlier that it was unclear whether its delisting was voluntary or regulatory with the recent X-Compliance report, it appears that the company is struggling financially as it has failed to turn in its quarterly reports to the Exchange.

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