As Nigerians prepare for the total shutdown of major markets in Lagos State due to the rapid spread of the pandemic (COVID-19), the latest household survey conducted by Nairametrics Research Team revealed that smuggled foreign rice has hit major market in the state.
According to the latest household survey, despite the closure of the country’s land borders, the past few weeks have been characterized with rise in the smuggling of foreign rice.
The research team found that various brand of foreign rice is being smuggled into the country, as traders disguise them in local bags to beat government tracking systems.
Meanwhile, the household survey showed that major food items reduced significantly across major markets visited last week as prices of tomatoes, pepper, Onions and Maize recorded significant drop. Specifically, a big bag of New Onions currently sells for an average of N11,000 compared to N25,000 recorded two weeks ago while Dry Onions sells for N13,000 from an initial average of N30,000.
On the other hand, some items such as Yam, Garri and Crayfish recorded increase in prices. For instance, the price of a big tuber sized yam rose from N875 recorded earlier in the month to sell for an average of N1,375.
This survey report highlights items that witnessed reduction in price, items that witnessed increase in price, items that maintained initial prices, Special markets and Market insights.
Items that witnessed reduction in price
- A 25 Litres gallon of local vegetable oil currently sells for an average of N12,575 from an initial average of N12,925. This indicates a 2.71% increase in two weeks.
- The price of a 5 litres gallon of local vegetable oil also reduced by 2.22% to sell for an average of N2,200 from an initial average of N2,250.
- A big basket of round shaped tomatoes reduced significantly to sell for an average of N5,500. It reduced by 26.67% from an initial average of N7,500 recorded earlier in March.
- While a medium sized basket of round shaped tomatoes currently sells for N3,200 compared to N3,500 recorded two weeks ago.
- A big bag of pepper currently sells for an average of N7,000. A 6.67% reduction compared to N7,500 recorded earlier in the month, while a medium bag that was sold for an average of N5,500 now sells for N5,000.
- Maize also witnessed reduction in price, as both yellow and white type of the commodity sell for an average of N13,000 compared to initial averages of N17,500 and N16,000 respectively.
- A bag of melon that was sold for an average of N49,000 two weeks ago, now sells for an average of N41,000 indicating a 16.33% decrease in price.
- The price of a big bag of Dry Onions reduced by more than half, as it currently sells for an average of N13,000 compared to an initial average of N30,000.
Items that witnessed increase in price
Some major items that recorded significant increase in price over the past two weeks include Yam, Garri and Crayfish.
- The price of a big tuber of Yam surged to sell for an average of N1,375 from an initial average of N875, indicating 57.14% increase in two weeks.
- Also, a medium-sized tuber of yam sells for an average of N738, 15.69% increase compared to N638 recorded earlier in March.
- A big bag of white of Garri currently sells for an average of N7,500 compared to an initial N6,500. This indicates a 15.38% increase in price.
- A bag (nylon) of Crayfish is currently sold for an average of N15,500 compared to an initial price of N12,000.
Items that maintained initial price
Household food items that maintained initial prices within the last weeks include locally made rice, Beans, Noodles, Potatoes, locally made palm oil, bag of Flour, Beverages, Bread, cooking gas, Egg and Sugar.
- A bag of brown beans (Oloyin) still sells for an average of N12,500, as white beans maintain 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.
- The biggest basket of Irish Potatoes still sells for an average of N17,000 as a small-sized basket maintains an average of N1,800.
- Sweet Potatoes also remain at its initial price reported earlier in March at N6,000 (Big basket), N1,000 (small basket) and N200 (smallest basket).
- A crate of eggs sells for an 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).
Special Items / Markets
- The price of tomatoes dropped by 26.67% from N7,500 recorded two weeks ago to N5,500.
- A basket of tomatoes in the market varied in price according to the quality. Some traders sold a big basket of round shaped tomatoes for N5,500, N4,000 while others were sold for an average of N3,200.
- A visit to the Onion section of Mile 12 market revealed a large influx of the commodity sighted in the market. According to major traders interviewed, the high stock of onions pressured the crash in price.
- A nylon bag of Crayfish that was initially sold for an average of N12,000 earlier in the year as surged significantly to an average of N15,500.
- Local rice (Umza) which was initially sold for an average N19,500 now sells for N17,000. Super King rice sells for an average of N16,500, JGW (Jigawa rice) also sells for an average of N17,000.
- As Nigerians brace for the shutdown of major markets due to the rapid spread of COVID-19, Niaratemtrics Research Team found that prices of major food items are witnessing sudden increase in prices as demand record significant surge.
- On smuggling, according to a major rice dealer at Daleko market, “some traders smuggling foreign rice into Nigeria and rebranding them into local bags so as not to escape government sanctions”. The rice dealer who pleaded to remain anonymous, told Nairametrics research that despite the closure of borders, recently, some major traders are now smuggling the item into the market disguised as local goods.”
Speaking further, he disclosed that local rice production has flooded Lagos markets, and this is a good development, but the quality of the product is still below par due to stones and dirt. He however, pleaded with the government to help block the channels where foreign brands of rice are still being smuggled into the country.
- Bush mango seed (Ogbono) is now sold in two types across major markets in Lagos. This was disclosed by a trader at Oyingbo market.“we have two types of Ogbono seed now, Old one which is sold for an average of N55,000 and new ones being sold for an average of N85,000”, she said.
|Items||Brand||Unit||MUSHIN (19/03/2020)||DALEKO (19/03/2020)||OYINGBO (19/03/2020)||MILE 12 (19/03/2020)||Average||MUSHIN (05/03/2020)||DALEKO (05/03/2020)||OYINGBO (05/03/2020)||MILE 12 (05/03/2020)||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||24500||26166.666666667||27000||NA||27000||NA||27000|
|Bag of Rice||Rice Master||10kg||NA||3500||NA||3500||3500||NA||3500||NA||3500||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||18500||18000||18500||18000||18250||19000||18000||18500||17500||18250|
|Bag of Beans||Brown||>50kg||20500||18000||19000||18000||18875||21000||18000||21000||18000||19500|
|Tuber of Yam||Abuja||1 Big Size Tuber||1400||1400||1300||1400||1375||900||850||900||850||875|
|Tuber of Yam||Abuja||1 Medium Size Tuber||750||700||750||750||737.5||650||650||600||650||637.5|
|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||7000||7500||7500||8000||7500||6000||6500||6500||7000||6500|
|Bag of Garri||Yellow||50kg||7500||7500||7500||8500||7750||7500||7500||7500||8000||7625|
|Basket of Potato||Sweet||Big Basket||6000||6000||6000||6000|
|Basket of Potato||Sweet||Small Basket||1000||1000||1000||1000|
|Basket of Potato||sweet||Smallest Basket||200||200||200||200|
|Basket of Potato||Irish||Biggest Basket||17000||17000||17000||17000|
|Basket of Potato||Irish||Small Basket||1800||1800||1800||1800|
|Basket of Potato||Irish||Smallest Basket||1300||1300||1300||1300|
|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||1800||1500||1800||1500||1650||1800||1500||1800||1500||1650|
|Gallon of Palm Oil||Local||25 Litres||10000||9000||9500||9000||9375||10000||9000||9500||9000||9375|
|Gallon of Vegetable Oil||Local||5 Litres||2200||2200||2200||2200||2200||2300||2200||2300||2200||2250|
|Gallon of Vegetable Oil||Local||25 Litres||12600||12400||12900||12400||12575||13000||12800||13100||12800||12925|
|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||11000||11000||11100|
|Bag of Flour||Honey well||50Kg||11200||11200||11200||11200||11200||11200||11200||11200||11200||11200|
|Bag of Flour||Mama Gold||50kg||11000||11300||11000||11000||11075||11000||11300||11000||11000||11075|
|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||1000||950||900||950||950||1000||950||900||950|
|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||5500||5500||7500||7500|
|Medium Basket||round shaped||3200||3200||3500||3500|
|Small Basket||round shaped||2000||2500||2000||2500|
|Big Basket||Oval Shaped||NA||NA|
|Small Basket||Oval Shaped||NA||NA|
|Fish||Kote (Horse Mackerel)||1 big Fish||550||500||500||550||525||550||500||500||550||525|
|Fish||Titus (Mackerel)||1 big Fish||500||500||550||500||512.5||500||500||550||500||512.5|
|Onions||Big bag||Dry Onions||13000||13000||30000||30000|
|Onions||Big bag||New Onions||11000||11000||25000||25000|
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
elev8 launches new Nigeria Academy, to host event series on Nigeria’s digital future
The event will bring together experts in business, digital technology and economic development to amplify Nigeria’s digital dialogue.
Global technology training company elev8 is delighted to announce the launch of its new academy in Lagos with a series of online events focused on digital transformation in Nigeria.
The Knowledge-based Economy – A Pathway to Nigeria’s Digitally Enabled Future is an opportunity for business leaders to participate in Nigeria’s digital dialogue with industry experts, technology trailblazers and government leaders.
C-suite executives and digital leaders across the country are invited to join elev8 for a special series of events exploring the impact of new technologies and digitalization, as well as the potential risks to economic growth, such as Covid-19.
Digital enablement is increasingly becoming a hot topic for global businesses. In the next few years, the digital economy is projected to be responsible for a quarter of global GDP.
Across the world, businesses are accelerating digital adoption to establish a competitive edge, drive growth and ensure efficiency. For Nigeria to compete on the world stage, investment in new technologies and skills is essential in supporting a transition to a knowledge-based economy.
Digital Event: The Knowledge-based Economy – A Pathway to Nigeria’s Digitally Enabled Future
30 November – 3 December
The event will commence with the release of a cutting-edge research report on November 30. Produced in conjunction with BusinessDay Research and Intelligence Unit.
The report examines the impact of digital transformation on Nigeria’s economic growth over the next three years.
On December 1, participants will gain valuable insight on the digital strategies and tactics deployed by leading market players in an exclusive masterclass, Digitize or Die, hosted by award-winning technology and digital innovator, Sabine VanderLinden.
The event will close on Thursday, December 3 with a live digital dialogue, featuring an expert panel of digital specialists, government figures, and business leaders, looking at the ways that digitization will impact Nigeria’s economic development.
To find out more, or register for the event, please visit: www.elev8me.com/nigeria20
ValuAlliance distributes value fund of N10 per unit for H1, 2020
ValuAlliance Value Fund has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.
ValuAlliance Value Fund (“Value Fund” or the “Fund”), formerly called the SIM Capital Alliance Value Fund, has declared the distribution to unit holders, the sum of N10.00/unit for the financial year ended June 30, 2020.
This is according to a notification by the firm, sent to the Nigerian Stock Exchange market and seen by Nairametrics.
The latest distribution indicates a decline of N1/unit when compared to its distribution in the corresponding period last year.
(READ MORE: SEC reinstates DEAP Capital’s Board)
The key highlights of the recent notification include:
- Annual General Meeting Date: 21st December 2020
- AGM Venue: 33A Alfred Rewane (Kingsway) Road, Ikoyi, Lagos, Nigeria
- Proposed Distribution: ₦10/unit
- Qualification Date: 9th December 2020
- Closure of Register Date: 10th December 2020
- Payment Date: 23rd December 2020
What you should know
- The Value Fund is a closed-end Fund registered and regulated by the Securities and Exchange Commission (SEC), whose units are listed on the main board of the NSE.
- The Value Fund for the year ended June 30, 2020 achieved a growth of 2.83% Year-on-Year, with a cumulative return of 125.32% since inception, which translates to a 9-year Internal Rate of Return (IRR) of 12.06%.
Nigeria generates N416.01 billion from Company Income Tax in Q3 2020
Total company income tax generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in Q2 2020.
Nigeria generated the sum of N416.01 billion from Company Income Tax (CIT) in the third quarter of 2020. This was revealed in the Company Income Tax by Sectors report, recently released by the National Bureau of Statistics (NBS).
According to the report, the total CIT generated increased by 3.48% in Q3 2020, compared to N402.03 billion recorded in the previous quarter (Q2 2020). It reduced by 20.13% compared to N520.89 billion recorded in the corresponding quarter (Q3) of 2019.
- Company income tax generated year-to-date sums up to N1.11 trillion as against N1.26 trillion in the comparable period of 2019.
- Professional Services including Telecoms generated the highest amount of CIT with N55.52 billion generated, closely followed by Other Manufacturing with N42.03 billion.
- Banks & Financial Institutions generated a sum of N24.05 billion.
- Mining generated the least, closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million, and N321.72 million generated respectively.
Out of the total amount generated in Q3 2020, N244.70 billion was generated as CIT locally, while N70.34 billion was generated as foreign CIT payment. The balance of N100.97 billion was generated as income taxes from other payments.
Automobiles and Assemblies grows CIT by 994%
In terms of sectors with the highest increase in company income tax remittances, the Automobiles and Assemblies sector grew its CIT by 994%, from N81.6 million in Q2 2020 to N892.7 million. It was closely followed by the Gas sector, which grew its CIT by 626% to stand at N4.76 billion from N655.5 million.
On the flip side, transport and haulage services recorded the highest decline in company income tax, as it reduced by 76% to stand at N7.35 billion from N31.1 billion. This is closely followed by Banks and financial institutions, which declined by 51% to stand at N24.1 billion.
The rise in company income tax is an indication of the Nigerian government’s move to improve the generation of revenue from the fiscal side as against oil exportation. However, the halt in economic activities due to the COVID-19 pandemic contributed to the year-on-year decline in company income tax.