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Research Analysis

Covid-19: POS transaction value drops by N96 billion due to lock down in April

Transaction volume and values dropped across major platforms due to the Covid-19 imposed lockdowns.

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PoS transactions hit N3.20 trillion in 2019, as stamp duty rip-off remain , Charges: Current accounts held drops by 4.5 million, as PoS transactions hit N373 billion, Digital payments sustains surge, affirms growth prospects

Total volume of payment transactions across Nigerian payment channels fell by a whopping 26% in April compared to the preceding month. The Nigerian Government imposed a lock down of economic activities in the commercial cities of Lagos, Abuja and Ogun States between March .

The data available were cheque, ATM, POS, E-bills and NIP (interbank transfers) transactions. The CBN data for April excluded other transaction channels such as Web, Mobile, NEFT etc.

According to provisional data sourced from the central bank, total volume of transactions was 251.9 million in March but dropped to 186.6 million in April, the month of the lockdown. Transaction values also dropped from N12.3 trillion in March 2020 to N7.6 trillion in April 2020 a N4.6 trillion drop or 37.7% drop in transaction value.

READ ALSO: Zenith Bank’s Profit Before Tax Rises by 3% to N58.7 billion in Q1 2020

The last time Nigeria recorded payment transactions of less than 190 million for the subsets was in February 2018 at 159.9 million.

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The impact of the lockdown has been observed in several facets of the economy and is projected to lead the country into a second recession in 4 years. The lockdown was imposed as a counter measure against the rising cases of Covid-19 in the country. However, since the lockdown over 33,000 cases of Covid-19 has been recorded one of the lowest per capita in the world.

READ ALSO: 77% of BTC investors are in a state of profit

Payment Transaction Volumes and Vaue March vs April 2020
Source; CBN/Nairametrics.

In terms of value, the NIBBS or (NIP) platform remains the dominant form of transferring money by value but suffered a N3.9 trillion drop in transaction values. This perhaps reflects the lockdown of economic activities as most companies who rely on this platform to make transfers operated minimally. Cheque channels even performed worse with only N10.3 billion in transaction value.

Explore useful research data from Nairametrics on Nairalytics

POS transactions, which reflects spending pattern of Nigerians via merchant outlets such as supermarkets, retail markets and shops, shopping malls etc. dipped by 26.2% from N368.9 billion in March 2020 to just N272 billion in April 2020. Despite this drop, the value of POS transactions recorded in April appears to be an improvement especially when you consider that average value POS transactions in the whole of 2019 was N267 billion per month.

Nigerians spent more on food, medical supplies and household items during the lockdown period according to a basic survey conducted by Nairametrics.

READ ALSO: Nigeria’s Payment Channels Made a Record-breaking ₦86 trillion in 2017

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Why this matters: Payment transactions are closely monitored by the financial sector participants particularly FinTechs as they form the basis for the billions of naira in fees and commissions earned on transactions. The hugely competitive electronic payment space means players in the sector may have incurred significant drop in earnings in the month of April corresponding with the data from the CBN.

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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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  1. Zubairu Abdulkareem

    July 14, 2020 at 10:00 am

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Exclusives

Prices of local rice, onions, tomatoes, others crash as foreign rice continues to ease off

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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prices of food items, SBM Jollof Index, Smuggling of imported rice hits Lagos major markets, as residence brace for shutdown

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.

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

READ: Inflation rate jumps to 12.13%, highest in 21 months

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.

READ: Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon

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.

READ: No giving up, Bitcoin gains $5,000

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.
ItemsBrandUnitMUSHIN (7/1/2021)DALEKO (7/1/2021)OYINGBO (7/1/2021)MILE 12 (7/1/2021)Average MUSHIN (17/12/2020)DALEKO (17/12/2020)OYINGBO (17/12/2020)MILE 12 (17/12/2020)Average
Bag of RiceMama Gold10kg4400420045004500440046004800480050004800
Bag of RiceRoyal Stallion50Kg25000240002500024000245002600025500260002700026125
Bag of RiceRice Master10kg NA430043005000 NA45004750
Bag of RiceMama Gold50kg25000240002450026000248752600025500260002700026125
Bag of RiceCaprice50kg25000220002400025000240002600025500260002700026125
Bag of RiceMama's Pride50kg23000240002400024000237502550025000250002600025375
Bag of BeansOloyin50kg20000210002000020333.3333333332000021000210002000020500
Bag of BeansWhite50kg40000450004300042666.6666666674000043000450004300042750
Bag of BeansBrown50kg32000300003000028000300004300038000420004300041500
Tuber of YamAbuja1 Big Size Tuber1000900110010001000800750700800762.5
Tuber of YamAbuja1 Medium Size Tuber550600550650587.5550500550500525
Carton of NoodlesIndomie305g (Belle full)32003250330033003262.532003250330033003262.5
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2200220021002300220022002200210023002200
Carton of NoodlesMinimie70g19001750170018001787.519001750170018001787.5
Carton of NoodlesGolden Penny70g1700150016001600160017001500160016001600
Bag of GarriIjebu80kg14500140001450014500143751450014000145001450014375
Bag of GarriWhite50kg10500110001100010500107501050011000110001050010750
Bag of GarriYellow50kg11000110001150011000111251100011000115001100011125
Basket of PotatoSweetBig Basket6000600055005500
Basket of PotatoSweetSmall Basket700750725700700700
Basket of PotatosweetSmallest Basket400300350400250325
Basket of PotatoIrishBiggest Basket250002500025000200002000020000
Basket of PotatoIrishMedium Basket2600260025002500
Basket of PotatoIrishSmall Basket170016001650170015001600
Packet of PastaGolden Penny500g4400440043004200432544004400430042004325
Packet of PastaDangote500g4200430043004300427542004300430043004275
Packet of PastaPower (1 pc)500g250230250230240250230250230240
Packet of PastaBonita (1 pc)500g220230230220225220230230220225
Gallon of Palm OilLocal5 Litres2700260028002600267527002600280026002675
Gallon of Palm OilLocal25 Litres13000130001300013000130001300013000130001300013000
Gallon of Vegetable OilLocal5 Litres3400340035003400342534003400350034003425
Gallon of Vegetable OilLocal25 Litres16000170001700016500166251600017000170001650016625
Gallon of Vegetable OilKings5 Litres3200300030002800300032003000300028003000
Gallon of Vegetable OilWesson5 Litres4500390039004300415045003900390043004150
Gallon of Vegetable OilMamador3.8 Litres25002450250028002562.525002450250028002562.5
Gallon of Vegetable OilPower3 Litres1900180018002200192519001800180022001925
Bunch of PlaintainPlantain1 Big Bunch500600500600550500600500600550
Bag of FlourDangote50kg13600136001380014000137501360013600138001400013750
Bag of FlourHoney well50Kg14000136001400014200139501400013600140001420013950
Bag of FlourMama Gold50kg13800136001400014000138501380013600140001400013850
MilkPeak Powdered (Tin)400g12001300120012501237.512001300120012501237.5
Milkpeak Powdered(Tin)900g2800275027002750275028002750270027502750
MilkPeak milk (Refill)500g1200110012001200117512001100120012001175
MilkDano Powdered (Tin)500g1200120011001200117512001200110012001175
MilkDano Powdered(Tin)900g2600250024002500250026002500240025002500
MilkDano (Refill)500g100095010001000987.5100095010001000987.5
MilkThreeCrown (Refill)380g800750800750775800750800750775
MilkLoya Powdered (Tin)400g10001100110010501062.510001100110010501062.5
MilkLoya (Refill)400g900800850800837.5900800850800837.5
MilkCoast (Refill)500g750750750750750750750750750750
Cocoa BeveragesMilo (Tin)500g1500145015001450147515001450150014501475
Cocoa BeveragesMilo (Tin)1kg25002450240025002462.525002450240025002462.5
Cocoa BeveragesMilo Refill500g1100110010001100107511001100100011001075
Cocoa BeveragesBournvita Refill500g1300130012001300127513001300120013001275
Cocoa BeveragesBournvita (Plastic)900g2200220023002200222522002200230022002225
Cocoa BeveragesOvaltine Refill500g10009001000950962.510009001000950962.5
Cocoa BeveragesOvaltine(Plastic)500g15001500145014001462.515001500145014001462.5
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g300290300300297.5300290300300297.5
TeaTop tea52g300300300300300300300300300300
SugarSt' Louis Sugar(Cube) 500g600600600550587.5600600600550587.5
SugarGolden Penny Sugar (cube)500g400350400400387.5400350400400387.5
BreadVal-U1 loaf450450450450450450450450450450
BreadButterfield1 loaf450450400450437.5450450400450437.5
EggN/ACrate12001200125012001212.512001200125012001212.5
Bottled Water (Refill)CwayRefill600650600600612.5600650600600612.5
Juice5 Alive1 litre550550550600562.5550550550600562.5
JuiceChivita1 litre550550600550562.5550550600550562.5
GasRefilling12.5kg4000400039004000397540004000390040003975
GasRefilling5kg1700180018001700175017001800180017001750
TomatoesBig Basketround shaped650065001500015000
TomatoesMedium Basketround shaped3000300085008500
TomatoesSmall Basketround shaped2500250055005500
TomatoesBig BasketOval ShapedNA1000010000
TomatoesSmall BasketOval ShapedNA60006000
FishKote (Horse Mackerel)1 kg650600600600612.5650600600600612.5
FishTitus (Mackerel)1 kg600650650650637.5600650650650637.5
PepperBig bag8000750077502000020000
PepperMedium bag4000350037501000010000
MaizeYellow25000220002300023333.33333333325000220002300023333.333333333
MaizeWhite25000225002200023166.66666666725000225002200023166.666666667
MelonBig bag450004500045000435004350043500
OnionsBig bagDry Onions260001700021500940009700095500
OnionsBig bagNew Onions200001300016500650006500065000
Bush mango seed(Ogbono)1 big bag105000105000115000115000
Frozen foodFull chickenCarton140001450014000140001412514500140001400014166.666666667
Frozen foodChicken lapCarton135001400014000140001387514000140001400014000
Frozen foodTurkeyCarton1800018500190001850019000190001900019000
CrayfishNylon140001450014250125001350013000

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.

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Exclusives

Poultry owners lament low patronage, as price of chickens jump by 40% during Christmas

The price of Chicken witnessed an average of 40% increase this December when compared to the corresponding period of 2019.

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

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

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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.

READ: Household Survey: Palm Oil prices jack up as tomatoes and melon ease off

  • “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.

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

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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.

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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

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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.

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Exclusives

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

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

Published

on

prices of food items, SBM Jollof Index, Smuggling of imported rice hits Lagos major markets, as residence brace for shutdown

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.

Specta

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.

READ: Share buyback: Dangote shares gain 10% in early trading as investors launch full bids

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.

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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).

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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.

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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.

ItemsBrandUnitMUSHIN (17/12/2020)DALEKO (17/12/2020)OYINGBO (17/12/2020)MILE 12 (17/12/2020)Average MUSHIN (26/11/2020)DALEKO (26/11/2020)OYINGBO (26/11/2020)MILE 12 (26/11/2020)Average
Bag of RiceMama Gold10kg4600480048005000480046004800480050004800
Bag of RiceRoyal Stallion50Kg260002550026000270002612530000 NA300003100030333.333333333
Bag of RiceRice Master10kg5000 NA450047505000 NA45004750
Bag of RiceMama Gold50kg26000255002600027000261252950029500300003000029750
Bag of RiceCaprice50kg260002550026000270002612529000 NA290002950029166.666666667
Bag of RiceMama's Pride50kg25500250002500026000253752550025500250002600025500
Bag of BeansOloyin50kg20000210002100020000205002000021000210002000020500
Bag of BeansWhite50kg40000430004500043000427504000043000450004300042750
Bag of BeansBrown50kg43000380004200043000415004300042000450004300043250
Tuber of YamAbuja1 Big Size Tuber800750700800762.5800750700800762.5
Tuber of YamAbuja1 Medium Size Tuber550500550500525550500550500525
Carton of NoodlesIndomie305g (Belle full)32003250330033003262.532003250330033003262.5
Carton of NoodlesIndomie200g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2200220021002300220022002200210023002200
Carton of NoodlesMinimie70g19001750170018001787.519001750170018001787.5
Carton of NoodlesGolden Penny70g1700150016001600160017001500160016001600
Bag of GarriIjebu80kg14500140001450014500143751450014000145001450014375
Bag of GarriWhite50kg10500110001100010500107501050011000110001050010750
Bag of GarriYellow50kg11000110001150011000111251100011000115001100011125
Basket of PotatoSweetBig Basket5500550055005500
Basket of PotatoSweetSmall Basket700700700700700700
Basket of PotatosweetSmallest Basket400250325400250325
Basket of PotatoIrishBiggest Basket200002000020000200002000020000
Basket of PotatoIrishMedium Basket2500250025002500
Basket of PotatoIrishSmall Basket170015001600170015001600
Packet of PastaGolden Penny500g4400440043004200432544004400430042004325
Packet of PastaDangote500g4200430043004300427542004300430043004275
Packet of PastaPower (1 pc)500g250230250230240250230250230240
Packet of PastaBonita (1 pc)500g220230230220225220230230220225
Gallon of Palm OilLocal5 Litres2700260028002600267527002600280026002675
Gallon of Palm OilLocal25 Litres13000130001300013000130001300013000130001300013000
Gallon of Vegetable OilLocal5 Litres3400340035003400342534003400350034003425
Gallon of Vegetable OilLocal25 Litres16000170001700016500166251600017000170001650016625
Gallon of Vegetable OilKings5 Litres3200300030002800300032003000300028003000
Gallon of Vegetable OilWesson5 Litres4500390039004300415045003900390043004150
Gallon of Vegetable OilMamador3.8 Litres25002450250028002562.525002450250028002562.5
Gallon of Vegetable OilPower3 Litres1900180018002200192519001800180022001925
Bunch of PlaintainPlantain1 Big Bunch500600500600550500600500600550
Bag of FlourDangote50kg13600136001380014000137501360013600138001400013750
Bag of FlourHoney well50Kg14000136001400014200139501400013600140001420013950
Bag of FlourMama Gold50kg13800136001400014000138501380013600140001400013850
MilkPeak Powdered (Tin)400g12001300120012501237.512001300120012501237.5
Milkpeak Powdered(Tin)900g2800275027002750275028002750270027502750
MilkPeak milk (Refill)500g1200110012001200117512001100120012001175
MilkDano Powdered (Tin)500g1200120011001200117512001200110012001175
MilkDano Powdered(Tin)900g2600250024002500250026002500240025002500
MilkDano (Refill)500g100095010001000987.5100095010001000987.5
MilkThreeCrown (Refill)380g800750800750775800750800750775
MilkLoya Powdered (Tin)400g10001100110010501062.510001100110010501062.5
MilkLoya (Refill)400g900800850800837.5900800850800837.5
MilkCoast (Refill)500g750750750750750750750750750750
Cocoa BeveragesMilo (Tin)500g1500145015001450147515001450150014501475
Cocoa BeveragesMilo (Tin)1kg25002450240025002462.525002450240025002462.5
Cocoa BeveragesMilo Refill500g1100110010001100107511001100100011001075
Cocoa BeveragesBournvita Refill500g1300130012001300127513001300120013001275
Cocoa BeveragesBournvita (Plastic)900g2200220023002200222522002200230022002225
Cocoa BeveragesOvaltine Refill500g10009001000950962.510009001000950962.5
Cocoa BeveragesOvaltine(Plastic)500g15001500145014001462.515001500145014001462.5
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g300290300300297.5300290300300297.5
TeaTop tea52g300300300300300300300300300300
SugarSt' Louis Sugar(Cube) 500g600600600550587.5600600600550587.5
SugarGolden Penny Sugar (cube)500g400350400400387.5400350400400387.5
BreadVal-U1 loaf450450450450450450450450450450
BreadButterfield1 loaf450450400450437.5450450400450437.5
EggN/ACrate12001200125012001212.512001200125012001212.5
Bottled Water (Refill)CwayRefill600650600600612.5650650650650650
Juice5 Alive1 litre550550550600562.5550550550600562.5
JuiceChivita1 litre550550600550562.5550550600550562.5
GasRefilling12.5kg4000400039004000397535003400340035003450
GasRefilling5kg1700180018001700175016001600170016001625
TomatoesBig Basketround shaped15000150001300013000
TomatoesMedium Basketround shaped8500850080008000
TomatoesSmall Basketround shaped5500550050005000
TomatoesBig BasketOval Shaped100001000090009000
TomatoesSmall BasketOval Shaped6000600055005500
FishKote (Horse Mackerel)1 kg650600600600612.5650600600600612.5
FishTitus (Mackerel)1 kg600650650650637.5600650650650637.5
PepperBig bag20000200001700017000
PepperMedium bag100001000080008000
MaizeYellow25000220002300023333.33333333325000220002300023333.333333333
MaizeWhite25000225002200023166.66666666725000225002200023166.666666667
MelonBig bag435004350043500435004400043750
OnionsBig bagDry Onions9400097000955009500010000097500
OnionsBig bagNew Onions650006500065000700007000070000
Bush mango seed(Ogbono)1 big bag115000115000120000120000
Frozen foodFull chickenCarton14500140001400014166.66666666714500140001400014166.666666667
Frozen foodChicken lapCarton1400014000140001400014000140001400014000
Frozen foodTurkeyCarton1900019000190001900019000190001900019000
CrayfishNylon125001350013000125001350013000

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.

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