The prices of household items across major markets in Nigeria’s commercial hub, Lagos state, have continued in the upward trajectory. Staples such as beans, potatoes, palm oil, and melon recorded significant jump, according to the latest Household Market Survey carried out by Nairametrics Research.
According to the latest report, the price of a big bag of beans (Oloyin) increased significantly by 19.9% N24,875, up from an average of N20,750 two weeks ago. Also, a big basket of sweet potatoes initially which sold for an average of N14,500, jumped an average of N18,000 indicating a 24.1% increase in price within two weeks.
Despite the significant jump in prices, a few household items recorded a slight decline in prices. A bag of white garri dropped to an average of N12,325 compared to N13,325 recorded last month, while a bag of yellow garri now sells for an average of N11,625.
Details of items that recorded an increase in price, items that recorded price decline, items that maintained the same prices and key insights were included in the report.
Items that witnessed price increase
- A big basket of sweet potatoes that was initially sold for an average of N14,500 is now being sold for N18,000, indicating a 24.1% increase in price.
- A big bag of melon that was initially sold for an average of N42,000 late in July is now being sold for an average of N46,500.
- A 5 litres gallon of palm oil increased by 18.8% to sell for an average of N2,525 while a 25 litres gallon now sell for an average of N13,000 compared to N11,000 recorded last month.
- 5 litres gallon of vegetable oil sells for an average of N2,350 as against an initial average of N2,275, representing a 3.3% increase in price.
- A bunch of plantain now sells for an average of N513 compared to N463 recorded in the last report.
- The price of a big bag of Bush mango seed (Ogbono) spiked by 26.7% from N75,000 recorded two weeks ago to sell for an average of N95,000.
- A big bag of melon now sells for an average of N46,500 compared to N42,000 recorded late last month.
- A 50kg bag of foreign rice (Caprice) now sells for an average of N29,333 compared to N25,500 indicating 2.9% increase in price.
- A 50kg bag of local rice also spiked by 5.1% to sell for an average of N23,125 compared to N22,000 recorded last month.
- A 50kg bag of white beans that was initially sold for an average of N30,500 now sells for an average of N32,000. This represents 4.9% increase in price.
Items that witness decrease in price
Some of the items that recorded a slight decrease in price compared to two weeks ago include:
- The price of a big basket of round shaped tomatoes declined by 3.3% to sell for an average of N14,500 compared to N15,000 initially recorded.
- A medium-sized basket of round shaped tomatoes also sells for an average of N8,500 from an initial average of N10,000 indicating a 15% reduction in price.
- A bag of white garri now sells for an average of N12,325, recording 7.5% decrease in price from an average of N13,325 while yellow garri sells for an average of N11,625.
- A big nylon of crayfish that was initially sold for an average of N17,000 now sells for N13,000. It witnessed 25.5% reduction in price.
Items that maintained initial prices
- A 10kg bag of Rice master still sells for an average of N4,000.
- A carton of 210g sized of Indomie continues to sell for an average of N3,200 across Lagos markets.
- The price of Ijebu garri remains unchanged as it still sells for an average of N13,375.
- The prices of the frozen foods maintain their initial prices as a carton of full chicken and Chicken lap sells for an average of N12,500 while a carton turkey sells for N14,200.
- A big bag of yellow maize still sells for an average of N19,667 while a big bag of white maize cost an average of N19,000.
- Also, a big basket of an oval-shaped basket of tomatoes sells for an average of N12,000 while a small basket sells for an average of N7,500.
- A big bag of pepper sells for an average of N7,500 while a medium-sized bag maintains an average of N4,500.
- New onion is still not available at Mile 12 market as price of dry onions continues to surge. A recent survey showed that a big bag of dry onions increased from an average of N17,000 to N25,000 in July, which has now moved further to sell for an average of N30,000.
- Speaking to a major Onion seller at Mile 12, it was disclosed the price of Onions is likely to remain on the high side until the availability of new onions in the market. The trader further stated that new onions will be harvested during the rainy season, which will help drive the prices downward.
- According to some traders in the market, the prices of food items is expected to reduce in the coming weeks. Mrs. Adeoye a trader at Mushin market who spoke to Nairametrics research said “The prices of food items will soon reduce as we move closer to the end of rainy season”.
- Traders further complained about the effect of the alternate market days as a result of Covid-19 lockdown and how it continues to drive down sales
- The prices of frozen food items remained unchanged compared to prices recorded two weeks ago, as given below:
Chicken lap – N12,500
Full Chicken – N12,500
Turkey – N14,200
Sellers at various markets who spoke to Nairametrics research team revealed that sales have dipped in the past month due to rise in prices of goods, traffic situation and alternate opening of the market. According to Mrs. Adeoye at Daleko market, “sales have dropped significantly in the past month as the price of food items keeps increasing worsened by markets only opening on specific days of the week. I think the increase in price of goods has discouraged consumers from purchasing as much as they do before which is affecting our revenue at the end of the day.”
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Meanwhile, in an interview session with a major trader at Mushin market who requested to remain anonymous, revealed to Nairametrics research the hike in price of some commodities in the market was anticipated due to scarcity as a result of rainy season. “For instance, price of palm oil and some other items like yam, potatoes usually increase during the rainy season, so we are not surprised. After the rainy season, the prices will most like drop compared to their current value in the market.”
Items Brand Unit MUSHIN (13/08/2020) DALEKO (13/08/2020) OYINGBO (13/08/2020) MILE 12 (13/08/2020) Average MUSHIN (21/07/2020) DALEKO (21/07/2020) OYINGBO (21/07/2020) MILE 12 (21/07/2020) Average
Bag of Rice Basmati 5kg NA NA NA NA NA NA NA NA NA NA
Bag of Rice Mama Gold 10kg NA 4000 4500 4700 4400 NA 4000 4500 4500 4333.3333333333
Bag of Rice Royal Stallion 50Kg 30000 NA 29000 28000 29000 29000 NA 29000 29500 29500
Bag of Rice Rice Master 10kg 4000 NA 4000 4000 NA 4000 NA 4000 4000
Bag of Rice Mama Gold 50kg 25000 22500 25000 24000 24125 22000 22500 25000 24000 23250
Bag of Rice Caprice 50kg 30000 NA 29000 29000 29333.333333333 28000 NA 29000 28500 28500
Bag of Rice Mama's Pride 50kg 25000 21000 22500 24000 23125 23000 21000 22500 23000 22000
Bag of Rice Falcon 25kg NA NA NA NA NA NA NA NA NA
Bag of Beans Oloyin 50kg 38000 19500 20000 22000 24875 21000 19500 22000 22000 20750
Bag of Beans White 50kg NA 29000 35000 32000 32000 30000 29000 30000 32000 30500
Bag of Beans Brown >50kg 24000 29500 35000 30000 29625 32000 29500 35000 30000 29750
Tuber of Yam Abuja 1 Big Size Tuber 1000 900 900 800 900 900 900 850 1000 912.5
Tuber of Yam Abuja 1 Medium Size Tuber 600 800 500 800 675 750 800 750 800 775
Carton of Noodles Indomie 305g (Belle full) 3200 3100 3200 3100 3150 2900 2900 2900 2900 2900
Carton of Noodles Indomie 210g (Hungry man) 3200 3200 3200 3200 3200 3200 3200 3200 3200 3200
Carton of Noodles Chikki 100g 2200 2200 2100 2100 2150 2000 2200 2100 2100 2100
Carton of Noodles Minimie 70g 2100 1650 1700 1650 1775 1600 1650 1700 1650 1650
Carton of Noodles Golden Penny 70g 1700 1400 1400 1400 1475 1400 1400 1400 1400 1400
Bag of Garri Ijebu 80kg 14000 13500 14000 12000 13375 13000 13500 15000 12000 13375
Bag of Garri White 50kg 13000 11500 13000 11800 12325 11000 11500 19000 11800 13325
Bag of Garri Yellow 50kg 11000 12500 11000 12000 11625 12000 12500 14000 12000 12625
Basket of Potato Sweet Big Basket 20000 16000 18000 14500 14500
Basket of Potato Sweet Small Basket 700 600 650 700 600 600 633.33333333333
Basket of Potato sweet Smallest Basket 400 200 300 200 300 200 233.33333333333
Basket of Potato Irish Biggest Basket 33000 28000 30500 28000 28000
Basket of Potato Irish Small Basket 2500 2500 2000 2500 2250
Basket of Potato Irish Smallest Basket 1700 1500 1600 1700 1500 1500 1566.6666666667
Packet of Pasta Golden Penny 500g 4400 4300 4200 4300 4300 4400 4300 4200 4300
Packet of Pasta Dangote 500g 4100 4200 4100 4133.3333333333 4100 4100 4200 4100 4125
Packet of Pasta Power (1 pc) 500g 220 220 220 220 220 220 220 220 220
Packet of Pasta Bonita (1 pc) 500g 200 230 220 216.66666666667 230 200 230 220 220
Gallon of Palm Oil Local 5 Litres 2700 2300 2700 2400 2525 2200 2100 2100 2100 2125
Gallon of Palm Oil Local 25 Litres 14000 12000 13500 12500 13000 11000 11000 11000 11000 11000
Gallon of Vegetable Oil Local 5 Litres 2700 2200 2300 2200 2350 2400 2200 2300 2200 2275
Gallon of Vegetable Oil Local 25 Litres 14000 13000 13500 13500 13500 13100 13000 13500 13500 13275
Gallon of Vegetable Oil Kings 5 Litres 3200 3000 3000 3000 3050 3000 3000 3000 3000 3000
Gallon of Vegetable Oil Wesson 5 Litres 4500 3900 3900 3900 4050 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 1900 1800 1800 1800 1825 1800 1800 1800 1800 1800
Bunch of Plantain Plantain 1 Bunch 500 550 500 500 512.5 500 400 450 500 462.5
Bag of Flour Dangote 50kg 11200 11000 11000 11066.666666667 11200 11200 11000 11000 11100
Bag of Flour Honey well 50Kg 12500 11200 11200 11200 11525 11200 11200 11200 11200 11200
Bag of Flour Mama Gold 50kg 13000 11300 11000 11000 11575 11000 11300 11000 11000 11075
Milk Peak Powdered (Tin) 400g 1200 1200 1200 1200 1200 1250 1200 1200 1200 1212.5
Milk peak Powdered(Tin) 900g 2350 2400 2400 2300 2362.5 2400 2400 2400 2300 2375
Milk Peak milk (Refill) 500g 1000 1000 1000 1000 1000 1050 1000 1000 1000 1012.5
Milk Dano Powdered (Tin) 500g 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000
Milk Dano Powdered(Tin) 900g 2600 2000 2000 2000 2150 2000 2000 2000 2000 2000
Milk Dano (Refill) 500g 800 800 800 800 800 850 800 800 800 812.5
Milk Three Crown (Refill) 380g 700 700 750 700 712.5 720 700 750 700 717.5
Milk Loya Powdered (Tin) 400g 1000 1000 1050 1016.6666666667 1000 1000 1000 1050 1012.5
Milk Loya (Refill) 400g 800 850 800 816.66666666667 850 800 850 800 825
Milk Coast (Refill) 500g 750 750 750 750 750 750 750 750 750
Cocoa Beverages Milo (Tin) 500g 1000 1100 1050 1000 1037.5 1000 1100 1050 1000 1037.5
Cocoa Beverages Milo (Tin) 900g 2200 2100 2100 2100 2125 2000 2100 2100 2100 2075
Cocoa Beverages Milo Refill 500g 1000 900 900 900 925 900 900 900 900 900
Cocoa Beverages Bournvita Refill 500g 1000 950 900 950 950 1000 950 900 950
Cocoa Beverages Bournvita (Plastic) 900g 2000 2000 2000 2000 2000 2000 2000 2000 2000
Cocoa Beverages Ovaltine Refill 500g 800 850 850 833.33333333333 800 800 850 850 825
Cocoa Beverages Ovaltine(Plastic) 500g 1100 1000 1100 1066.6666666667 1100 1100 1000 1100 1075
Coffee Nescafe Classic 50g 600 600 600 600 600 600 600 600 600 600
Tea Lipton Yellow label 52g 300 290 300 300 297.5 310 290 300 300 300
Tea Top tea 52g 300 300 300 300 300 300 300 300 300 300
Sugar St' Loius Sugar(Cube) 500g 500 550 550 550 537.5 500 550 550 550 537.5
Sugar Golden Penny Sugar (cube) 500g 300 350 350 400 350 350 350 350 400 362.5
Bread Val-U 1 loaf 450 NA 450 500 466.66666666667 500 NA 450 NA 475
Bread Butterfield 1 loaf 450 450 500 500 475 500 450 450 500 475
Egg N/A Crate 1200 1200 1200 1100 1175 1100 1200 1200 1100 1150
Bottled Water (Refill) Cway Refill 600 650 600 616.66666666667 600 600 650 600 612.5
Juice 5 Alive 1 litre 550 550 550 600 562.5 600 550 550 600 575
Juice Chivita 1 litre 550 550 600 550 562.5 600 550 600 550 575
Gas Refilling 12.5kg 3400 3300 3400 3600 3425 3500 3000 3400 3600 3375
Gas Refilling 5kg 1500 1400 1400 1400 1425 1400 1400 1400 1400 1400
Tomatoes Big Basket round shaped 15000 14000 14500 15000 15000
Medium Basket round shaped 10000 7000 8500 10000 10000
Small Basket round shaped 8000 6000 7000 6000 6000
Big Basket Oval Shaped 12000 12000 12000 12000
Small Basket Oval Shaped 7500 7500 7500 7500
Fish Kote (Horse Mackerel) 1 big Fish 600 600 550 500 562.5 550 600 550 500 550
Fish Titus (Mackerel) 1 big Fish 600 550 550 600 575 550 550 550 600 562.5
Pepper Big bag 7500 7500 7500 7500
Medium bag 4500 4500 4500 4500
Maize Yellow 18000 22000 19000 19666.666666667 18000 22000 19000 19666.666666667
White 18000 20000 19000 19000 18000 20000 19000 19000
Melon Big bag 51000 42000 46500 42000 42000
Onions Big bag Dry Onions 35000 25000 30000 25000 25000
Onions Big bag New Onions NA NA
Bush mango seed (Ogbono) 1 big bag 95000 95000 75000 75000
Frozen food Full chicken Carton 12500 12500 12500 12500
Frozen food Chicken lap Carton 12500 12500 12500 12500
Frozen food Turkey Carton 14200 14200 14200 14200
Crayfish 13000 13000 17000 17000
About Nairametrics Food Price Survey
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.
Access, GTBank, two others pay PWC & EY N1.5 billion as Audit fees in H1 2020
PWC earned N1.24 billion, while EY got only N282 million from the total.
Four out of the FUGAZ banks – Access Bank, GTB, UBA, and Zenith Bank, paid a sum of N1.52 billion to Pricewaterhouse Cooper (PWC) and Ernst & Young (EY), as audit fee in the first half of 2020, from a total revenue of N1.27 trillion.
Despite the downturn caused by the COVID-19 pandemic, which put most aspect of the economy on hold in Q2 2020, two of the biggest audit firms in the country received a sum of N1.52 billion from four of the five tier–1 banks in Nigeria. The audit fees paid by the four banks however, declined by 5.23% compared with the N1.61 billion paid in the same period of 2019.
Audit fees paid
- Access Bank paid a total of N467 million to PWC – the highest
- GTBank paid N409 million to PWC
- Zenith Bank paid N364 million to PWC
- UBA paid N282 million to EY.
- Access Bank paid N467 million in H1 2020, 16.8% less when compared with N561 million paid in H1 2019.
- GTBank increased its audit expenses by 4.6%, from N391 million paid to PWC in H1 2019 to N409 million in H1 2020.
- Zenith Bank paid a sum of N364 million to PWC in H1 2020, which represents a 3.9% decrease compared to N379 million paid to KPMG in H1 2019. It should be noted that Zenith Bank changed its Auditors in 2020 from KPMG to PWC.
- UBA paid a sum of N282 million to EY in H1 2020, 2.5% more than the N275 million paid to PWC in H1 2019.
The four banks boast of a total asset value of N26.63 trillion, aggregate market value of N1.73 trillion as of 15th September 2020, and posted an aggregate profit after tax of N303.56 billion in H1 2020.
What it means
PWC audited three of the accounts under consideration with UBA being the only exception. It is handled by EY. Findings revealed that while PWC earned N1.24 billion (81.6%) out of the total audit fee of N1.52 billion, EY got only N282 million (18.4%).
Decline in profit
The four banking giants posted an aggregate profit after tax of N303.6 billion in H1 2020, a marginal decrease of 1% compared to N306.6 billion posted in the comparable period of 2019. However, only Zenith Bank managed to record a positive growth in profit, as it grew its profit after tax by 16.8% from N88.9 billion in H1 2019 to N103.8 billion in H1 2020.
UBA on the other hand, recorded the highest negative growth in profit. It posted a profit after tax of N44.4 billion, as against N56.7 billion recorded in H1 2019. This is followed by GT Bank, which recorded a 4.9% decline in profit, from N99.1 billion to N94.3 billion. Access Bank posted a profit after tax of N61.04 billion, 1.4% decline compared with the N61.9 billion recorded in the previous year.
Explore the Nairametrics Research Website for Economic and Financial Data
The decline in profit posted by the tier-1 banks could be attributed to the ripple effect of the COVID-19 pandemic, which also reflected in the audit fees paid to auditors during the year. However, despite the economy contracting by 6.1% in Q2 2020, the banking sector saw its activities grow by a massive 28.4% (year-on-year).
Note: FBN was exempted from this analysis because their Half year 2020 financial is unaudited
Prices of flour, rice, beans, tomatoes, pepper, others jump, as low patronage hits major markets
The report contains information on items that witnessed price increase, price decrease, as well as insights.
Despite the ease of lockdown in the country, the prices of household items continue to trend upwards, as traders across Lagos markets have once again lamented the sustained decline in patronage. This is according to the latest Household Market Survey conducted by Nairalytics, the research arm of Nairametrics.
The persistent increase in the price of food items across major markets in Lagos State continues to hit harder on consumers, as local and foreign rice, tomatoes, pepper, flour amongst others, recorded significant surges in their prices.
Explore the Nairametrics Research Website for Economic and Financial Data
According to the latest report, a 50kg bag of Mama Gold flour that was initially sold for an average of N11,575, now sells for an average of N16,500 – a 42.6% increase. Also, a 50kg bag of Mama Gold rice now sells for an average of N28,875, as against N24,375 recorded two weeks ago.
The survey further shows that a big bag of pepper increased by 23.1%, to sell for an average of N16,000, compared to an initial average of N13,000. A big basket of round-shaped tomatoes, now sells for an average of N12,000.
The report contains information on items that witnessed price increase, price decrease, as well as information on special markets, and insights.
Items that witnessed price increase
Listed below are the items that recorded significant price increase:
- A 50kg bag of Honeywell flour increased by 24.7%, from an initial average of N11,525 to sell for N14,375, while Mama Gold brand sells for an average of N16,500.
- A 50kg bag of Dangote flour now sells for an average of N14,333, compared to N11,067 recorded a fortnight ago.
- A big bag of pepper that was initially sold for an average of N13,000, now sells for an average of N16,000 – a 23.1% increase.
- A big basket of round shaped tomatoes increased by 9.1% to sell for an average of N12,000, compared to an initial average of N11,000.
- The cost of a big basket of oval shaped tomatoes spiked by 14.3%, from an initial average of N7,000 to sell for an average of N8,000.
- A 50kg bag of Mama Gold rice now sells for an average of N28,875, from an initial average of N24,375 – a 18.5% increase.
- A big bag of brown beans increased by 8.6%, from an initial average of N30,375, to sell for an average of N33,000.
- A 5-litre gallon of vegetable oil that was sold for an average of N2,525 two weeks ago, now sells for N2,750 – 8.91% increase.
- A bag of bush mango seeds (Ogbono) increased by 5% to sell for an average of N105,000. It was initially sold for an average of N100,000.
Items that witnessed price decrease
Some of the items that recorded slight decrease in prices include:
- A 50kg bag of garri (Ijebu) that reduced by 5.31%, to sell for an average of N13,375, compared to an initial average of N14,125.
- A big basket of sweet potatoes that was initially sold for an average of N18,000, now sells for N14,000 – a 22.2% decrease.
- A 5-litre gallon of Kings oil now sells for an average of N3,000, as against N3,050 recorded last month.
- A big bag of dry onions reduced marginally by 2.11%, to sell for an average of N34,750, compared to N35,500 recorded two weeks ago.
- A big bag of new onions now sells for an average of N25,500, a 1.92% reduction, compared to an initial average of N26,000.
Items that maintained initial prices
Items whose prices remained the same, compared to two weeks ago include:
- A crate of egg which continues to sell for an average of N1,200, same as recorded in the previous report.
- A medium-sized basket of round shaped tomatoes continues to sell for an average of N7,000.
- A 50kg bag of beans (Oloyin) sells for an average of N20,375.
- A 400g tin of Peak Powdered Milk sells for an average of N1,200, while 900g still sells for an average of N2,363.
- The various sizes of cartons of noodles maintained their initial prices – 305g Indomie (N3,150), 210g Indomie (N3,200), and 100g Chikki (N2,150).
- 500g and 900g Milo tins still sell for N1,038 and N2,125 on average respectively across the four markets.
- A carton of Golden Penny Pasta sells for an average of N4,325.
Nairalytics had reported two weeks earlier, that prices of major food items such as rice, beans, pepper, and other items recorded significant increase. This was partly attributed to seasonal fluctuations and supply chain bottlenecks caused by the COVID-19 induced lockdown.
In the latest increase, traders decried the sudden jump in price of flour. Flour, which is a necessity for the production of items like bread, cakes, and confectioneries, recorded a significant spike, as a 50kg bag of flour witnessed a 29.5% increase in price.
(READ MORE: Yearn.finance: Buyers earn 125,322% profits)
An interview with a trader at Oyingbo market revealed that customers have become disgruntled with the persistent increase in prices of most food items, as it has become a cause for worry to the traders, “We are worried about this continued increase in price of food, as some of our customers now decide to buy less due to the price increment, while others just take a walk,” She said.
She further revealed, “Bakeries have now increased the price of bread, as the increase in price of flour has affected their already declining profits.”
Below are the prices of various brands of rice sighted at Daleko market:
Mama Gold (10kg) – N4,500; Royal Stallion (50kg) – N29,000; Rice Master (10kg) – N5,000; Mama Gold (50kg) – N29,000; Caprice (50kg) – N29,000; Mama’s Pride(50kg) – N24,500; Umza (50kg) – N24,500; Labana (50kg) – N25,000; Alamzat (50kg) – N23,500; Big Bull (50kg) – N25,000; Mama’s Choice (50kg) – N24,000.
Major tomato traders at Mushin market, during the week, blamed the increase of tomatoes on the fact that, the season for the oval shaped tomatoes is coming to an end. According to Mrs. Jamiu, “Very soon, oval shaped tomatoes will no more be available in the market, as its season is almost over.”
Nairametrics, earlier reported that a small basket of oval shaped tomatoes was sold for an average of N800 at Mushin market last month. However, it has doubled in price, and now sells for an average of N1,700.
Mrs. Olaoluwa, who also sells at Mushin market, shared a contrary opinion. She attributed the increase in price of major food items including tomatoes to the approaching festivity.
“As the year is coming to an end, it is normal for prices of items in Nigeria to jack up, it is just hitting harder this year because of the effect of the COVID-19 pandemic.” She said
When Nairalytics Research visited Daleko market, Mrs. Oladayo, reiterated that the Federal Government’s decision to restrict importation of rice, is the major cause of the increase in price of rice. According to her, Nigeria is not able to produce enough rice that can circulate across the country, hence the unavoidable scarcity.
She reiterated that the stony rice being sold in the markets also affects the prices of the commodity, as most consumers who do not wish to buy the inferior quality, will have to pay more for neater brands of rice.
|Items||Brand||Unit||MUSHIN (10/09/2020)||DALEKO (10/09/2020)||OYINGBO (10/09/2020)||MILE 12 (10/09/2020)||Average||MUSHIN (27/08/2020)||DALEKO (27/08/2020)||OYINGBO (27/08/2020)||MILE 12 (27/08/2020)||Average|
|Bag of Rice||Basmati||5kg||NA||NA||NA||NA||NA||NA||NA||NA|
|Bag of Rice||Mama Gold||10kg||NA||4000||4500||5000||4500||NA||4000||4500||4700||4400|
|Bag of Rice||Royal Stallion||50Kg||30000||NA||29000||31000||30000||30000||NA||29000||29000||29333.333333333|
|Bag of Rice||Rice Master||10kg||4000||NA||4500||4250||4000||NA||4000||4000|
|Bag of Rice||Mama Gold||50kg||29500||29000||29000||28000||28875||25000||23500||25000||24000||24375|
|Bag of Rice||Caprice||50kg||30000||NA||29000||30000||29666.666666667||30000||NA||29000||29000||29333.333333333|
|Bag of Rice||Mama's Pride||50kg||25000||24000||25000||25000||24750||25000||24000||23000||24000||24000|
|Bag of Rice||Falcon||25kg||NA||NA||NA||NA||NA||NA|
|Bag of Beans||Oloyin||50kg||20000||19500||20000||22000||20375||20000||19500||20000||22000||20375|
|Bag of Beans||White||50kg||30000||30000||35000||32000||31750||30000||29500||35000||32000||31625|
|Bag of Beans||Brown||>50kg||32000||34000||35000||31000||33000||27000||29500||35000||30000||30375|
|Tuber of Yam||Abuja||1 Big Size Tuber||1000||900||1000||1000||975||1000||900||900||800||900|
|Tuber of Yam||Abuja||1 Medium Size Tuber||600||800||650||800||712.5||600||800||500||800||675|
|Carton of Noodles||Indomie||305g (Belle full)||3200||3100||3200||3100||3150||3200||3100||3200||3100||3150|
|Carton of Noodles||Indomie||210g (Hungry man)||3200||3200||3200||3200||3200||3200||3200||3200||3200||3200|
|Carton of Noodles||Chikki||100g||2200||2200||2100||2100||2150||2200||2200||2100||2100||2150|
|Carton of Noodles||Minimie||70g||2100||1650||1700||1650||1775||2100||1650||1700||1650||1775|
|Carton of Noodles||Golden Penny||70g||1700||1400||1400||1400||1475||1700||1400||1400||1400||1475|
|Bag of Garri||Ijebu||50kg||14000||13500||13000||13000||13375||14000||14000||14000||14500||14125|
|Bag of Garri||White||50kg||13000||12500||12500||12500||12625||13000||11500||13000||12000||12375|
|Bag of Garri||Yellow||50kg||12500||13000||12000||13000||12625||11500||12500||12000||12000||12000|
|Basket of Potato||Sweet||Big Basket||14000||14000||20000||16000||18000|
|Basket of Potato||Sweet||Small Basket||700||700||700||700||600||650|
|Basket of Potato||sweet||Smallest Basket||400||250||325||400||200||300|
|Basket of Potato||Irish||Biggest Basket||33000||28000||30500||33000||28000||30500|
|Basket of Potato||Irish||Small Basket||2500||2500||2500||2500|
|Basket of Potato||Irish||Smallest Basket||1700||1500||1600||1700||1500||1600|
|Packet of Pasta||Golden Penny||500g||4400||4400||4300||4200||4325||4400||4400||4300||4200||4325|
|Packet of Pasta||Dangote||500g||4100||4100||4200||4100||4125||4100||4100||4200||4100||4125|
|Packet of Pasta||Power (1 pc)||500g||220||220||220||220||220||220||220||220||220||220|
|Packet of Pasta||Bonita (1 pc)||500g||200||200||230||220||212.5||200||200||230||220||212.5|
|Gallon of Palm Oil||Local||5 Litres||2700||2300||2300||2400||2425||2700||2300||2300||2400||2425|
|Gallon of Palm Oil||Local||25 Litres||12000||11500||12500||13000||12250||12000||11500||12500||12500||12125|
|Gallon of Vegetable Oil||Local||5 Litres||2700||2500||2300||3500||2750||2700||2500||2300||2600||2525|
|Gallon of Vegetable Oil||Local||25 Litres||14000||13500||13500||14800||13950||14000||13500||13500||14000||13750|
|Gallon of Vegetable Oil||Kings||5 Litres||3200||3000||3000||2800||3000||3200||3000||3000||3000||3050|
|Gallon of Vegetable Oil||Wesson||5 Litres||4500||3900||3900||4300||4150||4500||3900||3900||3900||4050|
|Gallon of Vegetable Oil||Mamador||3.8 Litres||2500||2450||2500||2800||2562.5||2500||2450||2500||2400||2462.5|
|Gallon of Vegetable Oil||Power||3 Litres||1900||1800||1800||2200||1925||1900||1800||1800||1800||1825|
|Bunch of Plantain||Plantain||1 Bunch||500||500||500||600||525||500||500||500||500||500|
|Bag of Flour||Dangote||50kg||13500||15000||14500||14333.333333333||11200||11000||11000||11066.666666667|
|Bag of Flour||Honey well||50Kg||14500||13500||14500||15000||14375||12500||11200||11200||11200||11525|
|Bag of Flour||Mama Gold||50kg||16000||16500||16000||17500||16500||13000||11300||11000||11000||11575|
|Milk||Peak Powdered (Tin)||400g||1200||1200||1200||1200||1200||1200||1200||1200||1200||1200|
|Milk||Peak milk (Refill)||500g||1000||1000||1000||1000||1000||1000||1000||1000||1000||1000|
|Milk||Dano Powdered (Tin)||500g||1000||1000||1000||1000||1000||1000||1000||1000||1000||1000|
|Milk||Three Crown (Refill)||380g||700||700||750||700||712.5||700||700||750||700||712.5|
|Milk||Loya Powdered (Tin)||400g||1000||1000||1050||1016.6666666667||1000||1000||1050||1016.6666666667|
|Cocoa Beverages||Milo (Tin)||500g||1000||1100||1050||1000||1037.5||1000||1100||1050||1000||1037.5|
|Cocoa Beverages||Milo (Tin)||900g||2200||2100||2100||2100||2125||2200||2100||2100||2100||2125|
|Cocoa Beverages||Milo Refill||500g||1000||900||900||900||925||1000||900||900||900||925|
|Cocoa Beverages||Bournvita Refill||500g||1000||950||900||950||1000||950||900||950|
|Cocoa Beverages||Bournvita (Plastic)||900g||2000||2000||2000||2000||2000||2000||2000||2000|
|Cocoa Beverages||Ovaltine Refill||500g||800||850||850||833.33333333333||800||850||850||833.33333333333|
|Tea||Lipton Yellow label||52g||300||290||300||300||297.5||300||290||300||300||297.5|
|Sugar||St' Loius Sugar(Cube)||500g||500||550||550||550||537.5||500||550||550||550||537.5|
|Sugar||Golden Penny Sugar (cube)||500g||300||350||350||400||350||300||350||350||400||350|
|Bottled Water (Refill)||Cway||Refill||600||600||650||600||612.5||600||600||650||600||612.5|
|Juice||5 Alive||1 litre||550||550||550||600||562.5||550||550||550||600||562.5|
|Tomatoes||Big Basket||round shaped||12000||12000||11000||11000|
|Tomatoes||Medium Basket||round shaped||7000||7000||7000||7000|
|Tomatoes||Small Basket||round shaped||5500||5500||5500||5500|
|Tomatoes||Big Basket||Oval Shaped||8000||8000||7000||7000|
|Tomatoes||Small Basket||Oval Shaped||5500||5500||5000||5000|
|Fish||Kote (Horse Mackerel)||1 big Fish||600||600||550||650||600||600||600||550||500||562.5|
|Fish||Titus (Mackerel)||1 big Fish||600||550||550||750||612.5||600||550||550||600||575|
|Onions||Big bag||Dry Onions||35000||34500||34750||35000||36000||35500|
|Onions||Big bag||New Onions||25000||26000||25500||26000||26000|
|Bush mango seed||(Ogbono)||1 big bag||105000||105000||100000||100000|
|Frozen food||Full chicken||Carton||13000||13000||13000||13000||12500||12700||13000||12733.333333333|
|Frozen food||Chicken lap||Carton||13000||13000|
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.
Nigeria total public debt hits N31 trillion as debt service gulp over N1.2 trillion in H1 2020
A report recently released by the DMO reveals that the country’s debt has hit N31 trillion.
Nigeria’s Total Debt Stock (Foreign & Domestic), as at June 2020 stood at N31.01 trillion ($85.9 billion)- 8.31% increase when compared with N28.63 trillion ($79.3 billion) recorded in March 2020. This was disclosed in the Nigeria public debt report, recently released by the Debt Management Office (DMO).
The breakdown shows that total external debt stood at N11.36 trillion ($31.47 billion), accounting for 36.65% of the total debt stock, while domestic debt represented 63.35% of the total debt. Domestic debts stood at N19.65 trillion ($54.42 billion) as at June 2020.
The report also reveals that N921.9 billion was used to service domestic debts between January and June 2020, while N288.6 billion ($759.6 million) was used on foreign debts, making a total of N1.21 trillion. Compared to N1.06 trillion spent in the same period of 2019, debt service increased by 14.6%.
- Federal government foreign debt in the period under review stood at N9.82 trillion ($27.2 billion). This represents 86.5% of the total foreign debts, while the 36 States and the Federal Capital Territory recorded external debt of N1.54 trillion ($4.26 billion).
- In terms of domestic debts, the federal government accounted for 78.7% of the federation local debts, as States including the FCT accounted for the remaining 21.3%.
- Foreign debt grew by 13.8%, compared to $27.7 billion (N9.9 trillion) recorded as at the first quarter of the year.
- Nigeria’s public debt grew by $22.09 billion in the last 5 years, indicating an increase of 34.6%.
According to the press release, the recent increase in Debt Stock was as a result of the $3.36 billion Budget Support Loan from the International Monetary Fund (IMF), New Domestic Borrowing, which was used to finance the Revised 2020 Appropriation Act, including the issuance of N162.56 billion Sukuk, and Promissory Notes issued to settle Claims of Exporters.
Meanwhile, a cursory look at the historic trend shows that Nigeria’s total public debt increased by $22.09 billion between June 2015 and June 2020, when multiplied by the prevailing exchange rate of N380/$1, it translates to a total additional loan of N8.39 trillion within 5 years of the current administration.
Despite facing economic downturn caused by the COVID-19 pandemic, and characterized by contraction in economic activities, reduced capital inflows, trade decline across international borders, coupled with reduced government revenue as a result of decline in global oil price; Nigeria spent a sum of N1.21 trillion to service both domestic and foreign debts between January and June 2020.
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The N1.21 trillion debt service expense represents 11.2% of the total revised budget of N10.8 trillion for the year 2020, an indication that over 11% of this year’s budget has been expended on debt servicing just half-year. Meanwhile, the funds being spent on debt servicing can be seen as another way of wasting limited resources while funding very little capital expenditure, that could be used to stimulate the productivity of the country.
Data from the Central Bank of Nigeria (CBN) shows that over the past 5 years spanning 2015 and 2019, the Nigerian government spent about N34.83 trillion, comprising of both recurrent expenditure (73.1%), capital expenditure (19.2%) and transfers (7.8%). This means that only about 19% of the debt load has been invested in further developing the nation through the creation of relevant infrastructure. The rest were spent on recurring expenses like salaries.
More loans to be expected
The DMO stated in its press release, that it expects the Public Debt Stock to grow as the balance of the New Domestic Borrowing is raised, and expected disbursements are made by the World Bank, African Development Bank (AFDB), and the Islamic Development Bank, which were arranged to finance the 2020 Budget.
It also stated that Additional Promissory Notes are expected to be issued in the course of the year, this, and new borrowings by State Governments, are also expected to increase the Public Debt Stock.