It appears Nigerians are in for good times in the new year, as the price of bags of local and foreign rice, onions, pepper, tomatoes, amongst others recorded a significant drop in price.

This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.

The survey revealed that the price of a 50kg bag of locally produced rice dipped by 6.4% from an average of N25,375 recorded in December to an average of N23,750 while a bag of foreign rice of the same size now sells for an average of N24,500 as against an initial average of N26,125.

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

Also, the price of a bag of dry onions dropped by 77.5% to sell for an average of N21,500 compared to an initial average of N95,500 while the price of new onions crashed by 74.6% to sell for an average of 16,500.

This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and insights.

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Items that witnessed price increase

• A big bag of melon that was sold for an average of N43,500 in December now sells for an average of N45,000. This represents an increase of 3.45% in three weeks.
• A nylon of crayfish now sells for an average of N14,250, representing an increase of 9.6% compared to an initial average of N13,000.
• The price of a big tuber of yam spiked by 31.2% to sell for an average of N1,000 as against an initial average of N763.
• Also, a medium-sized tuber of yam now sells for an average of N588, indicating an increase of 11.9% compared to an initial average of N525.
• A big basket of sweet potatoes that was sold for an initial average of N5,500, witnessed an increase of 9.1% to sell for an average of N6,000.
• The price of a small-sized basket increased by 3.6% to sell for an average of N727 from an initial average of N700.
• Also, a big basket of Irish potatoes now sells for an average of 25,000 as against an initial average of N20,000. This represents an increase of 25% in three weeks.

READ: FG warns local rice dealers to desist from price hike

Items that witnessed price decrease

• A big basket of round shaped tomatoes that was sold for an average of N15,000 in December, now sells for an average of N6,500. This represents a price decrease of 56.7% in three weeks.
• Also, the price of a medium-sized basket of round shaped tomatoes reduced by 64.7% to sell for an average of N3,000 as against an initial average of N8,500.
• A big bag of pepper now sells for an average of N7,750. This is 61.3% lower than an average of N20,000 recorded in December while a medium-sized bag currently sells for an average of N3,750 as opposed to an initial average of N10,000.
• A 50kg bag of brown beans currently sells for an average of N30,000, representing a 27.7% decline in price compared to an initial average of N41,500.
• The price of a 10kg bag of Mama Gold rice dipped by 8.3% to sell for an average of N4,400 compared to an initial average of N4,800.
• Also, a 50kg bag of Royal Stallion rice that was initially sold for an average of N26,125 now sells for an average of N24,500 while Mama Gold rice of the same size sells for an average of N24,875 as against an initial average of 26,125.
• The price of a carton of full chicken recorded a marginal decrease of 0.29% to sell for an average of N14,125 compared to an initial average of N14,167.
• A big bag of Bush mango seeds (Ogbono) that was sold for an average of N115,000 during Christmas festivity, now sells for an average of N105,000. This represents a price decrease of 8.7%.

READ: Why onion has become the “new gold” in Nigeria

Items that maintained initial prices

• A crate of eggs continues to sell for an average of N1,200, the same as recorded in December.
• A big bag of yellow maize is still sold for an average of N20,167, while a bag of white maize costs an average of N20,000.
• A bag of yellow maize sells for an average of N23,333, the same as recorded in December, while white maize of the same size still sells for an average of N23,167.
• A 50kg bag of Honey well and Mama Gold flour sells for N13,950 and N13,850 respectively, while a bag of Dangote flour sells for an average of N13,750.
• Horse fish (Kote) and Titus fish still sell for an average of N613 and 638 respectively across markets in Lagos.
• A 50kg bag of garri (Ijebu) still sells for an average of N14,375, while white and yellow garri sell for an average of N10,750 and N11,125 respectively.
• Amongst the list of food items that maintained their initial prices include: noodles, beverages, cocoa drinks, sugar, water, and juice.
• A 12.5kg cylinder of cooking gas is filled for an average of N3,975, while a 5kg cylinder is filled for an average of N1,750.

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Special markets/items

• Several customers were sighted at Mile-12 market negotiating and transacting with traders at different units of the market as the prices of most food items recorded a significant decline in price compared to the just-concluded year.
• In an interview with a tomato seller at Mushin market, Mr. Bala, explained that the decline in the price of tomatoes is due to seasonal fluctuations and increased supply of the food item.
• He stated that there has been a huge amount of harvest during this period, which has caused an increased supply of tomatoes coming from the north, and as a result driving the price of the commodity downwards. He however mentioned that oval-shaped tomatoes are not currently in the market, only round-shaped tomatoes were harvested and supplied to the market.
• The price of foreign rice has continued to witness a significant decrease in the past four weeks, largely due to the reopening of some land borders across the country. Also, the price of locally produced rice trickled down last week due to the new influx of foreign rice.
• According to our correspondent at Daleko market, Mrs. Oladayo, she explained that foreign-made rice is of two types for each of the brands, long and short. A 50kg of the long grain of rice sells for an average of N24,000 in the market, while the bag of short grains sells for an average of N24,000.
• Although, a 50kg bag of Big Bull rice sells for an of N24,000 some Nigerian made rice are now selling for as low as N18,000 and N17,000. She however warned that some of these brands are quite stony. For example, Zainab rice sells for an average of N17,000 at Daleko market.

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Market insights

• In an interactive session with an Onion seller at Mile-12 market, it was revealed that the reason for the significant nosedive in the price of onions was due to bountiful harvest towards the end of December.
• According to Muhammed, he said this is a period for onion harvest and it is only normal for the price to decline, although it seemed like a significant decline due to the irregular hike witnessed in the price of onions last year as a result of some string of events, such as insecurity, lack of harvest, etc.
• He further mentioned that the reduction in the price of onions is a very positive development for the year, considering the hardship experienced by many Nigerians during the past year.
• “We are happy that the price of onions and other food items have dropped in recent times and we hope it continues this way, because the lesser the price, the more customers are likely to buy,” He added.
• In a bid to understand the cause of the increase in the price of potatoes, Mr. Audu explained to Nairalytics that the price of potatoes increased due to the effect of seasonal fluctuations.

About Nairametrics Food Price Survey

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

Poultry owners in Nigeria are not having a swell time in this year’s festive period, as sales of live chickens dropped significantly.

According to the special edition of the Christmas Household Survey conducted by Nairalytics Research, the price of Chicken witnessed an average of 40% increase this December when compared to the corresponding period of 2019, as more Nigerians switched to frozen food items.

READ: Why onion has become the “new gold” in Nigeria

According to this survey, the high cost of Chickens in this year’s festive period across major markets in Lagos State, was significantly driven by the high cost of poultry feeds. Major poultry farmers and chicken sellers lamented the hike in price of chicken this Christmas period and attributed it to the increase in the cost of poultry feeds.

Key Highlights

• Customers now prefer to buy frozen food items instead of regular chicken due to the increase in the price of chickens.
• The price of a carton of frozen Chicken, however, recorded a marginal increase in price from N15,000 recorded last week to N15,500 on Thursday 24th December 2020.
• Price of poultry feeds has gone up by 50% compared to the previous year.
• High demand for the materials used in making the feeds such as maize and soya caused the significant increase in price of poultry feeds.

READ: Prices of food items rise across major markets as traders fear low patronage in December

Current prices of chicken

• Broiler – N7,000
• Layers – N5,000
• Small layers – N2,200
• Cockrel – N5,000

Frozen food (1kg)

• Full Chicken – N2,000
• Orobo Chicken – N1,500
• Turkey – N1,900

READ: CBN to offer Niger Delta rice farmers single-digit loan 

Poultry Market Insights

According to Mrs. Olaoluwa, a Chicken trader at Iddo, Lagos explained to Nairalytics that sales have trickled down this year owing to the incessant increase in the prices of chicken in the market.

She further explained that the general increase in the price of poultry items has significantly affected turnover this year as many consumers are opting to buy frozen foods rather than live Chicken.

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• “Despite already celebrating Christmas, you can see our large stock and low turn out of people, customers now prefer frozen chicken and turkey.”

A Broiler Chicken, which was sold for at most N5,000 last December now sells for an average of N7,000 this year, representing 40% increase in price.

A big sized layer that was sold for an average of N3,000 last year, now sells for N5,000 in the market, representing an increase of 66.7% in price.

READ: Poultry owners jack up prices of chickens, others, as Nigerians abandon imported frozen foods 

In a conversation with Mr. Adeyemi Adekoya of Uphill Farms Limited, he explained that the various types of animal feed have gone up significantly within the year. For example, Hybrid feed that was sold for an average of N2,800 last year December now sells for an average of N4,200 while animal care now sells for an average of N4,200 as against N2,800 last December.

• “The increase in the cost of growing our birds has necessitated the unavoidable increase in the price of our chickens.”

He opined that although the price of these materials is beginning to reduce in recent times, he does not see the price of feeds easing, because in Nigeria nothing goes up and comes back to normal.

READ: Eid-El-Kabir: Food prices surge, as ram traders decry low patronage

Mr. Sanni Rasheed of TAK Poultry Farm also confirmed that the price of poultry feeds is the major cause of the significant hike in price of Chicken across major poultry farms in Nigeria. He explained that there are about 6 different types of feeds namely; Broiler starter, Chicks, Layer feed, Grower, Super starter, and Finisher.

According to him, the highest cost of feed as at December 2019 was N3,750, which now sells for an average of N5,400, representing a 44% increase in price. He also mentioned that the price of feeds changes constantly, which makes it difficult for poultry farmers to make adequate planning and maintain their business models.

READ: Prices of rice, frozen chicken, tomatoes and others jump as border closure bites hard

Furthermore, he explained that the huge demand for the raw materials (Maize and Soya) has contributed to the significant increase of the feeds. Some of the industries he mentioned that demand for maize are the Brewery industry and some consumer goods manufacturers.

To sample the feel of sales of frozen food items, Nairalytics visited Oshodi Market. Speaking to Mrs. Iwezu of God’s Anointed Frozen Foods Venture, she told Nairalytics that she believes more people bought live Chicken this Christmas and only used frozen food items as compliments.

READ: Price of foreign rice, beans, onions drop across major markets as borders gradually reopen

She said due to the taste live Chicken brings to food, many Nigerians prefer to buy it instead of frozen food items. She, however, stated that a full Chicken (1kg) is sold for an average of N2,000, 33.3% increase when compared to N1,500 recorded last December.

The price of foreign-made rice has trickled down significantly in major markets in Lagos State, partly attributable to the recent directive by the federal government of Nigeria to reopen the country’s land borders.

This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.

Nigerians may enjoy some respites going into the Christmas festivities as the price of a 50kg bag of Royal Stallion rice now sells for an average of N26,125 from an initial average of N30,333, representing a 13.9% decrease in price.

READ: Prices of food items rise across major markets as traders fear low patronage in December

The survey further showed that a 50kg bag of Caprice reduced by 10.43% to sell for an average of N26,125 as against an initial average of N29,167 recorded in November 2020. Meanwhile, the price of local rice has remained sticky as a 50kg bag of Mama’s Pride sells for an average of N23,375.

The report highlights information on items that witnessed price increase, price decrease, as well as information on special markets, and insights.

READ: Prices of rice, tomatoes, frozen foods increase in September as traders lament low turnover

Items that witnessed price increase

• The price of a big basket of oval-shaped tomatoes increased by 11.1% to sell for an average of N10,000, as against an initial average of N9,000 recorded weeks ago.
• A small basket of the oval-shaped tomatoes increased by 9.1% to sell for an average of N6,000 compared to an initial average of N5,500.
• A big bag of pepper now sells for an average of N20,000 from an initial average of N17,000. This represents 17.65% price increase in three weeks.
• Also, a medium-sized bag of pepper sells for an average of N10,000 from an initial average of N8,000, indicating a 25% increase in price.
• A big basket of round shaped tomatoes currently sells for an average of N15,000, compared to N13,000 recorded three weeks ago, it increased by 15.38% in price.
• A medium-sized basket of tomatoes increased by 6.25% to sell for an average of N8,500 from an initial N8,000, while a small basket size spiked by 10% to sell for an average of N5,500.
• 5kg cylinder of cooking gas is currently filled for an average of N3,975, representing 15.22% increase in price compared to an initial average of N3,450.
• Also, a 5kg cylinder that was initially filled for an average of N1,625 now sells for an average of N1,750 indicating a 7.69% increase in price.

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Items that witnessed price decrease

• A 50kg bag of Royal Stallion rice sells for an average of N26,125. This represents 13.9% decrease in price compared to an average of N30,333 recorded three weeks ago.
• Also, a 50kg bag of Caprice recorded a 10.43% decrease in price from an initial average of N29,167 to sell for an average of N26,125.
• A 50kg bag of brown beans that was initially sold for an average of N43,250 now sells for an average of N41,500 representing 4.1% decrease in price.
• The price of a 50kg bag of Mama’s Pride rice (Local) decreased marginally by 0.49% to sell for an average of N25,375.
• The price of a big bag of Bush mango seed (Ogbono) reduced by 4.17% to sell for an average of N115,000 as against an initial average of N120,000.
• The price of a big bag of dry onions dipped by 2.05% to sell for an average of N95,500 compared to an initial average of N97,500.
• A big bag size of new onions also recorded a decline in price, as it currently sells for an average of N65,000 moving by 7.14% compared to an initial average of N70,000.

READ: Poultry owners jack up prices of chickens, others, as Nigerians abandon imported frozen foods 

Items that maintained initial prices

• A big basket of Sweet potatoes sells for an average of N5,500, a small basket sells for an average of N700 while the smallest basket is sold for an average of N325.
• Also, a big basket of Irish potatoes sells for an average of N20,000, same as recorded three weeks ago.
• A 50kg bag of Honey well and Mama Gold flour sells for N13,950 and N13,850 respectively after witnessing a significant spike in price last month.
• A carton of full chicken is sold for an average of N14,167, turkey (N19,000) while Chicken lap is sold for an average of N14,000.
• A big bag of yellow maize continues to sell for an average of N23,333 while white maize sells for an average of N23,167.
• A big tuber of yam is sold for an average of N763 while a medium size is sold for an average of N525.
• A 50kg bag of garri (Ijebu) still sells for an average of N14,375 while white and yellow garri sells for an average of N10,750 and N11,125 respectively.

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Special markets/items

The price of onions is yet to normalize after a recent surge in prices.  Meanwhile, despite the sustained increase in the price of the commodity, large quantity of onions could be sighted at the onion section of the Mile-12 market as consumers buy in large quantities.

According to an onion seller at the market, he stated that the reason for the large quantity of onion in the market is because of the festivity as the item is always in high demand during the period.

The closure of Nigerian land borders in 2019 resulted in influx of various brands of local rice in the Nigerian market. Meanwhile, the latest survey showed that the prices of local rice remained high. Below are some of the brands of locally produced rice sighted at the various markets and their respective prices.

Ultimate Gold (N23,000), Umza (N24,500), Big bull (N25,500), Mamaan (N22,000), Mama’s Pride (N25,000), and Mama’s Choice (N25,000).

Market insights

The reduction in the price of foreign rice may be partly attributable to the directive by the federal government to reopen closed land borders in Nigeria. In a discussion with a major rice dealer at Daleko Market, Mrs. Dayo, she explained to Nairalytics that the price of foreign-made rice has reduced significantly to N25,000 in the market. She explained further that, although traders are not allowed to bring in rice from these borders, the price has still recorded a significant decline in the past week.

In an interview session with Mr. Chukwuma, a rice dealer at Daleko Market, he told Nairalytics Research that it is indeed good that the price of foreign rice has declined, but quite bad that locally produced rice that is expected to cost far lesser is still sold for a high price.

According to him, locally produced rice of superior quality is sold within the range of N25,000 and N27,000 while imported rice sells within the same range or even lesser for some unbranded foreign rice.

While discussing with another rice dealer at Mile-12 market by the name, Mrs. Chizoba. She told Nairalytics that although sales have not picked up, transactions are expected to increase later in the week due to the festive period.

About Nairametrics Food Price Survey

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