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Research Analysis

Prices of beans, potatoes, palm oil, others jump as traders lament hike, seasonal scarcity

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Food items sell cheapest at Mile 12, as traders lament high price of local rice

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.

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

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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.

READ MORE: Prices of food items jump across Lagos markets, as traders lament transport fare hike

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.

READ ALSO: Gold prices suffers its worst week plunge since March

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Special markets

  • 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

Market insights

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.”

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ItemsBrandUnitMUSHIN (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 RiceBasmati5kgNANANANANANANANANANA
Bag of RiceMama Gold10kgNA4000450047004400NA4000450045004333.3333333333
Bag of RiceRoyal Stallion50Kg30000NA29000280002900029000NA290002950029500
Bag of RiceRice Master10kg4000NA40004000NA4000NA40004000
Bag of RiceMama Gold50kg25000225002500024000241252200022500250002400023250
Bag of RiceCaprice50kg30000NA290002900029333.33333333328000NA290002850028500
Bag of RiceMama's Pride50kg25000210002250024000231252300021000225002300022000
Bag of RiceFalcon25kgNANANANANANANANANA
Bag of BeansOloyin50kg38000195002000022000248752100019500220002200020750
Bag of BeansWhite50kgNA290003500032000320003000029000300003200030500
Bag of BeansBrown>50kg24000295003500030000296253200029500350003000029750
Tuber of YamAbuja1 Big Size Tuber10009009008009009009008501000912.5
Tuber of YamAbuja1 Medium Size Tuber600800500800675750800750800775
Carton of NoodlesIndomie305g (Belle full)3200310032003100315029002900290029002900
Carton of NoodlesIndomie210g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2200220021002100215020002200210021002100
Carton of NoodlesMinimie70g2100165017001650177516001650170016501650
Carton of NoodlesGolden Penny70g1700140014001400147514001400140014001400
Bag of GarriIjebu80kg14000135001400012000133751300013500150001200013375
Bag of GarriWhite50kg13000115001300011800123251100011500190001180013325
Bag of GarriYellow50kg11000125001100012000116251200012500140001200012625
Basket of PotatoSweetBig Basket2000016000180001450014500
Basket of PotatoSweetSmall Basket700600650700600600633.33333333333
Basket of PotatosweetSmallest Basket400200300200300200233.33333333333
Basket of PotatoIrishBiggest Basket3300028000305002800028000
Basket of PotatoIrishSmall Basket25002500200025002250
Basket of PotatoIrishSmallest Basket1700150016001700150015001566.6666666667
Packet of PastaGolden Penny500g440043004200430043004400430042004300
Packet of PastaDangote500g4100420041004133.333333333341004100420041004125
Packet of PastaPower (1 pc)500g220220220220220220220220220
Packet of PastaBonita (1 pc)500g200230220216.66666666667230200230220220
Gallon of Palm OilLocal5 Litres2700230027002400252522002100210021002125
Gallon of Palm OilLocal25 Litres14000120001350012500130001100011000110001100011000
Gallon of Vegetable OilLocal5 Litres2700220023002200235024002200230022002275
Gallon of Vegetable OilLocal25 Litres14000130001350013500135001310013000135001350013275
Gallon of Vegetable OilKings5 Litres3200300030003000305030003000300030003000
Gallon of Vegetable OilWesson5 Litres4500390039003900405039003900390039003900
Gallon of Vegetable OilMamador3.8 Litres25002450250024002462.525002450250024002462.5
Gallon of Vegetable OilPower3 Litres1900180018001800182518001800180018001800
Bunch of PlantainPlantain1 Bunch500550500500512.5500400450500462.5
Bag of FlourDangote50kg11200110001100011066.6666666671120011200110001100011100
Bag of FlourHoney well50Kg12500112001120011200115251120011200112001120011200
Bag of FlourMama Gold50kg13000113001100011000115751100011300110001100011075
MilkPeak Powdered (Tin)400g1200120012001200120012501200120012001212.5
Milkpeak Powdered(Tin)900g23502400240023002362.524002400240023002375
MilkPeak milk (Refill)500g1000100010001000100010501000100010001012.5
MilkDano Powdered (Tin)500g1000100010001000100010001000100010001000
MilkDano Powdered(Tin)900g2600200020002000215020002000200020002000
MilkDano (Refill)500g800800800800800850800800800812.5
MilkThree Crown (Refill)380g700700750700712.5720700750700717.5
MilkLoya Powdered (Tin)400g1000100010501016.666666666710001000100010501012.5
MilkLoya (Refill)400g800850800816.66666666667850800850800825
MilkCoast (Refill)500g750750750750750750750750750
Cocoa BeveragesMilo (Tin)500g10001100105010001037.510001100105010001037.5
Cocoa BeveragesMilo (Tin)900g2200210021002100212520002100210021002075
Cocoa BeveragesMilo Refill500g1000900900900925900900900900900
Cocoa BeveragesBournvita Refill500g10009509009509501000950900950
Cocoa BeveragesBournvita (Plastic)900g200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800850850833.33333333333800800850850825
Cocoa BeveragesOvaltine(Plastic)500g1100100011001066.666666666711001100100011001075
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g300290300300297.5310290300300300
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g500550550550537.5500550550550537.5
SugarGolden Penny Sugar (cube)500g300350350400350350350350400362.5
BreadVal-U1 loaf450NA450500466.66666666667500NA450NA475
BreadButterfield1 loaf450450500500475500450450500475
EggN/ACrate1200120012001100117511001200120011001150
Bottled Water (Refill)CwayRefill600650600616.66666666667600600650600612.5
Juice5 Alive1 litre550550550600562.5600550550600575
JuiceChivita1 litre550550600550562.5600550600550575
GasRefilling12.5kg3400330034003600342535003000340036003375
GasRefilling5kg1500140014001400142514001400140014001400
TomatoesBig Basketround shaped1500014000145001500015000
Medium Basketround shaped10000700085001000010000
Small Basketround shaped80006000700060006000
Big BasketOval Shaped12000120001200012000
Small BasketOval Shaped7500750075007500
FishKote (Horse Mackerel)1 big Fish600600550500562.5550600550500550
FishTitus (Mackerel)1 big Fish600550550600575550550550600562.5
PepperBig bag7500750075007500
Medium bag4500450045004500
MaizeYellow18000220001900019666.66666666718000220001900019666.666666667
White1800020000190001900018000200001900019000
MelonBig bag5100042000465004200042000
OnionsBig bagDry Onions3500025000300002500025000
OnionsBig bagNew OnionsNANA
Bush mango seed(Ogbono)1 big bag95000950007500075000
Frozen foodFull chickenCarton12500125001250012500
Frozen foodChicken lapCarton12500125001250012500
Frozen foodTurkeyCarton14200142001420014200
Crayfish13000130001700017000

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.

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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Research Analysis

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. 

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Access, GTBank, two others pay PWC & EY N1.5 billion as Audit fees in H1 2020 

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 tier1 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.  

READ: Zenith Bank’s Profit After Tax in H1,2020 rises by 16.8% to N103.8 billion

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. 

READ: Guinness Nigeria: Revenue recovers but operating performance remains weak

Details 

  • 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 2020and posted an aggregate profit after tax of N303.56 billion in H1 2020.

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READ: Exclusive: Best bank in Nigeria judging by the numbers  

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%). 

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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 billionAccess 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

Bottom line 

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 

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Research Analysis

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.  

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Alert: Tomato prices are up by over 80% in these Lagos markets, Prices of flour, rice, beans, tomatoes, pepper, others jump, as low patronage hits major markets

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. 

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

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

Items that witnessed price increase  

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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. 

READ: FAAC disagrees over revenue allocation for FG, States, LGs

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Special markets/items 

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.”  

READ: Only customers with minimum of 12 hours electricity can have tariff increase – FG

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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. 

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Market insights 

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. 

(READ MORE: Prices of beans, potatoes, palm oil, others jump as traders lament hike, seasonal scarcity)

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.  

READ: Ethereum miners made $113 million in August 2020

ItemsBrandUnitMUSHIN (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 RiceBasmati5kgNANANANANANANANA
Bag of RiceMama Gold10kgNA4000450050004500NA4000450047004400
Bag of RiceRoyal Stallion50Kg30000NA29000310003000030000NA290002900029333.333333333
Bag of RiceRice Master10kg4000NA450042504000NA40004000
Bag of RiceMama Gold50kg29500290002900028000288752500023500250002400024375
Bag of RiceCaprice50kg30000NA290003000029666.66666666730000NA290002900029333.333333333
Bag of RiceMama's Pride50kg25000240002500025000247502500024000230002400024000
Bag of RiceFalcon25kgNANANANANANA
Bag of BeansOloyin50kg20000195002000022000203752000019500200002200020375
Bag of BeansWhite50kg30000300003500032000317503000029500350003200031625
Bag of BeansBrown>50kg32000340003500031000330002700029500350003000030375
Tuber of YamAbuja1 Big Size Tuber1000900100010009751000900900800900
Tuber of YamAbuja1 Medium Size Tuber600800650800712.5600800500800675
Carton of NoodlesIndomie305g (Belle full)3200310032003100315032003100320031003150
Carton of NoodlesIndomie210g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2200220021002100215022002200210021002150
Carton of NoodlesMinimie70g2100165017001650177521001650170016501775
Carton of NoodlesGolden Penny70g1700140014001400147517001400140014001475
Bag of GarriIjebu50kg14000135001300013000133751400014000140001450014125
Bag of GarriWhite50kg13000125001250012500126251300011500130001200012375
Bag of GarriYellow50kg12500130001200013000126251150012500120001200012000
Basket of PotatoSweetBig Basket1400014000200001600018000
Basket of PotatoSweetSmall Basket700700700700600650
Basket of PotatosweetSmallest Basket400250325400200300
Basket of PotatoIrishBiggest Basket330002800030500330002800030500
Basket of PotatoIrishSmall Basket2500250025002500
Basket of PotatoIrishSmallest Basket170015001600170015001600
Packet of PastaGolden Penny500g4400440043004200432544004400430042004325
Packet of PastaDangote500g4100410042004100412541004100420041004125
Packet of PastaPower (1 pc)500g220220220220220220220220220220
Packet of PastaBonita (1 pc)500g200200230220212.5200200230220212.5
Gallon of Palm OilLocal5 Litres2700230023002400242527002300230024002425
Gallon of Palm OilLocal25 Litres12000115001250013000122501200011500125001250012125
Gallon of Vegetable OilLocal5 Litres2700250023003500275027002500230026002525
Gallon of Vegetable OilLocal25 Litres14000135001350014800139501400013500135001400013750
Gallon of Vegetable OilKings5 Litres3200300030002800300032003000300030003050
Gallon of Vegetable OilWesson5 Litres4500390039004300415045003900390039004050
Gallon of Vegetable OilMamador3.8 Litres25002450250028002562.525002450250024002462.5
Gallon of Vegetable OilPower3 Litres1900180018002200192519001800180018001825
Bunch of PlantainPlantain1 Bunch500500500600525500500500500500
Bag of FlourDangote50kg13500150001450014333.33333333311200110001100011066.666666667
Bag of FlourHoney well50Kg14500135001450015000143751250011200112001120011525
Bag of FlourMama Gold50kg16000165001600017500165001300011300110001100011575
MilkPeak Powdered (Tin)400g1200120012001200120012001200120012001200
Milkpeak Powdered(Tin)900g23502400240023002362.523502400240023002362.5
MilkPeak milk (Refill)500g1000100010001000100010001000100010001000
MilkDano Powdered (Tin)500g1000100010001000100010001000100010001000
MilkDano Powdered(Tin)900g2600200020002000215026002000200020002150
MilkDano (Refill)500g800800800800800800800800800800
MilkThree Crown (Refill)380g700700750700712.5700700750700712.5
MilkLoya Powdered (Tin)400g1000100010501016.66666666671000100010501016.6666666667
MilkLoya (Refill)400g800850800816.66666666667800850800816.66666666667
MilkCoast (Refill)500g750750750750750750750750
Cocoa BeveragesMilo (Tin)500g10001100105010001037.510001100105010001037.5
Cocoa BeveragesMilo (Tin)900g2200210021002100212522002100210021002125
Cocoa BeveragesMilo Refill500g10009009009009251000900900900925
Cocoa BeveragesBournvita Refill500g10009509009501000950900950
Cocoa BeveragesBournvita (Plastic)900g20002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g800850850833.33333333333800850850833.33333333333
Cocoa BeveragesOvaltine(Plastic)500g1100100011001066.66666666671100100011001066.6666666667
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g300290300300297.5300290300300297.5
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g500550550550537.5500550550550537.5
SugarGolden Penny Sugar (cube)500g300350350400350300350350400350
BreadVal-U1 loaf450NA450500466.66666666667450NA450500466.66666666667
BreadButterfield1 loaf450450500500475450450500500475
EggN/ACrate1200120012001200120012001200120012001200
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre550550550600562.5550550550600562.5
JuiceChivita1 litre550550600550562.5550550600550562.5
GasRefilling12.5kg3200320034003300327532003200340033003275
GasRefilling5kg1400140014001300137514001400140013001375
TomatoesBig Basketround shaped12000120001100011000
TomatoesMedium Basketround shaped7000700070007000
TomatoesSmall Basketround shaped5500550055005500
TomatoesBig BasketOval Shaped8000800070007000
TomatoesSmall BasketOval Shaped5500550050005000
FishKote (Horse Mackerel)1 big Fish600600550650600600600550500562.5
FishTitus (Mackerel)1 big Fish600550550750612.5600550550600575
PepperBig bag16000160001300013000
PepperMedium bag7000700065006500
MaizeYellow21000220001900020666.66666666718000220001900019666.666666667
MaizeWhite21500200001900020166.66666666718000200001900019000
MelonBig bag400003500037500400003500037500
OnionsBig bagDry Onions350003450034750350003600035500
OnionsBig bagNew Onions2500026000255002600026000
Bush mango seed(Ogbono)1 big bag105000105000100000100000
Frozen foodFull chickenCarton1300013000130001300012500127001300012733.333333333
Frozen foodChicken lapCarton1300013000
Frozen foodTurkeyCarton17000165001700016833.333333333167001600016350
Crayfish130001350013250130001350013250

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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Research Analysis

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.

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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. 

READ: CBN pays $4.45 billion external debt to World Bank, others in 2-month

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%. 

Highlights 

  • 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%.

READ: 2020 revised budget, spending inefficiencies, and a looming debt hole  

GTBank 728 x 90

According to the press release, the recent increase in Debt Stock was as a result of th$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 2020when 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. 

GTBank 728 x 90

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. 

READ: LCCI condemns Senate over Buhari’s $22.7 billion loan approval

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. 

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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. 

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