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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: 

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  • 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. 

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.

2 Comments

2 Comments

  1. Sekou

    September 17, 2020 at 6:20 am

    I wish we could read the whole of this report. a third of the content does not fit in the page and there is no scrolling bar

  2. E H

    September 17, 2020 at 11:31 am

    Same here. Content on visible via mobile.

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Exclusives

Lafarge, Nigerian Breweries, Stanbic IBTC, others top best performing stocks in Q3 2020

Nairametrics reviews the best stocks in Q3 2020, judging by their performance.

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Lafarge, Nigerian Breweries, Stanbic IBTC, others top best performing stocks in Q3 2020

Lafarge Africa, Nigerian Breweries, Stanbic IBTC, United Capital, and FTN Cocoa made the list of best-performing stocks in the third quarter of 2020 (July – Sept’20).

The third quarter of the year was a recovery period for the Exchange, as the All Share Index grew by 9.61% to close the gap caused by the negative performance it endured in the first quarter of the year – during the heat of the COVID-19 pandemic. It also recorded a 14.92% positive growth in the second quarter.

READ: Mixed fortunes for Nigerian Breweries Plc as the Brewery sector moribunds

READ: UPDATED: Nigeria received $1.29 billion capital inflows in Q2 2020, down by 78.6%

As Company stocks is one of the popular means of short-term investments in Nigeria and a look at persistent inflationary pressures; it is imperative to assess the performances of the stocks listed on the exchange during the covid era, to ascertain the profitability of investors in this period.

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To determine the best-performing stocks, we looked at the stock prices as of the last trading day in June 2020 and compared to their prices as of the last trading day of September 2020. Here are the top 5:

READ: MTN shareholders have made approximately N1 trillion since April 2020


Lafarge Africa Plc

The Cement manufacturing company grew its stock value by as much as 50% between July and September 2020. As at 30th June 2020, the stock of Lafarge was worth N10 per unit of share but grew to N15 as at the last trading day of September – with a market capitalization of N241.6 billion.

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A cursory look at the Q2 2020 financial performance, shows a 5% year-on-year decrease in revenue generated. However, a reduced cost of sales helped improved the company’s gross profit by 10% and a subsequent 78% increase in profit before tax at N19.38 billion.

READ: PMI: Nigeria’s manufacturing sector gains momentum in November 

READ: These industries drove business activities in September

June 30th – N10

September 30th – N15

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Return – 50%

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Ranking – First


Nigerian Breweries Plc

The second on the list is the brewery giant, Nigerian Breweries – the makers of Star Lager, Fayrouz, Goldberg, and many other consumables. It grew its stocks by 35.73% from N36.1 as of 30th of June to N49 per share at the end of Q3 2020. The market capitalization also closed at N391.8 billion as at the review period, being the second most capitalized consumer goods firm – only behind Nestle Nigeria.

A look at the Q2 2020 financials, shows that the company endured a downturn, mostly affected by the COVID-induced lockdown, which halted all social gatherings, as it posted a profit before tax of N69.8 million – 99% decline compared to N7.95 billion recorded in the corresponding quarter of 2019.

However, with the lifting of lockdown nationwide, the outlook for the Q3 and Q4 2020 appears to be positive, as investors have shown confidence in the brand, which has translated into a positive stock performance in the quarter.

READ: GDP: Nigeria’s manufacturing sector on tight ropes

June 30th – N36.1

September 30th – N49

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Return – 35.73%

Ranking – Second

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Stanbic IBTC Plc

The third most capitalized bank on the stock exchange is also the third on the list of best performing stocks in Q3 2020, growing its stock by 33.88% from N30.25 per unit of share recorded as of June 30th to N40.5 at the end of trading in September – with a total market capitalization of N449.8 billion.

In the same vein, the Q2 performance of Stanbic IBTC indicates an 11% increase in gross earnings, which permeates into 32.2% increase in profit before tax – from N21.1 billion recorded in Q2 2019, as against N27.9 billion in the review period.

READ: Heineken scoops more Nigerian Breweries shares in insider disclosure

June 30th – N30.25

September 30th – N40.5

Return – 33.88%

Ranking – Third


United Capital Plc

The financial and investment service firm recorded a 30.59% increase in its stock value, as it moved from N2.55 per unit of share as at June 30th to N3.33 as at the end of September. This growth places United Capital in fourth position, as one the best performing stocks between July and September 2020.

The investment firm displayed firm resolve against the effects of COVID-19 in the second quarter of the year – as it posted a profit before tax of N1.5 billion, as against N1.2 billion reported in the corresponding quarter of 2019. This indicates a 22.9% increase in profit.

READ: Custodian Investment Plc posts Profit After Tax of N1.5 billion in Q3 2020

READ: NFF receives $1 million from FIFA as COVID-19 palliative

June 30th – N2.55

September 30th – N3.33

Return – 30.59%

Ranking – Fourth


FTN Cocoa Processors Plc

A unit of FTN Cocoa shares was valued at 20 kobo as at June 30th. However, it grew by 30% to N26 kobo as at the end of trading on 30th September 2020, leaving its total market capitalization at N572 million.

Data obtained from Nairalytics – the research arm of Nairametrics, showed that FTN Cocoa has not released its financials since Q1 2019. However, the cocoa processing company was able to post a positive stock performance in the third quarter of the year to sit fifth on the list.

READ: Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN 

The company was formerly registered as Fantastic Traders Nigeria Limited, a Limited Liability Company, which was incorporated in 1991. It commenced cocoa processing business in a third-party arrangement (Toll Processing) with Stanmark cocoa processing company limited in 1995. They converted cocoa beans into cocoa butter and cocoa cake/powder, and later extended their activities to Ile-oluji, Cocoa Cooperative etc.

READ: Togo, Niger, Benin remit N2.04 billion to Nigeria for power supply

June 30th – N0.20k

September 30th – N0.26k

Return – 30%

Ranking – Fifth


Bubbling Under

The following stocks make up the rest of the top 10 in descending order:

6. Guaranty Trust Bank Plc

7. University Press Plc

8. Eterna Plc

9. Unity Bank Plc

10. Fidson Healthcare Plc

Explore some Advanced Financial Calculators on Nairametrics


Bottom line: With a double-digit growth in the following stocks, Investors who bought these stocks would be delighted to see their investments appreciate during this period and will look forward to gaining more in the subsequent periods.

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Research Analysis

Market Survey: Price of tomatoes, maize, and melon spikes, as scarcity hits Lagos markets

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

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Market survey, FSDH Merchant Bank Ltd, Inflation rate, private sector loans, NBS

Prices of major household food items have increased significantly across major markets in Lagos State, as a result of low harvest and scarcity. This is according to the latest Household Market Survey conducted by Nairalytics – the research arm of Nairametrics.

The persistent rise in the price of food items has been enabled by dwindling harvest, which has caused scarcity of commodities across major markets in Lagos State. Some of the items that surged as a result of the scarcity include tomatoes, melon and maize.

READ: Prices of frozen Fish, Yam, Pepper, others jump as traders lament low sales in major markets

The report shows that a big basket of Oval-shaped tomatoes now sells for an average of N17,000, indicating a 6.3% increase in price when compared to N16,000 recorded in September. A big bag of Melon increased by 22.4%, to sell for an average of N46,500.

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

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READ: Alert: Tomato prices are up by over 80% in these Lagos markets

Items that witnessed price increase

  • A carton of Turkey increased by 5.8% to sell for an average of N18,333, compared to an initial average of N17,333 recorded in September 2020.
  • A carton of full Chicken that was sold for an average of N14,000 two weeks ago, now sells for an average of N14,500. This represents 3.6% increase in price.
  • A carton of Chicken laps increased by 2.4% to sell for an average of N14,333, compared to N14,000 recorded in September.
  • A big bag of Bush mango seed, popularly known as “Ogbono” now sells for N100,000 at Mile-12 market. A 5.3% increase compared to N95,000 reported earlier.
  • A big bag of dry Onions increased by 48% to sell for an average of N55,500, compared to an initial average of N37,500.
  • A big bag of new Onions spiked by 60.8% to sell for an average of N41,000. It was initially sold for an average of N25,500.
  • A big bag of Yellow Maize that was initially sold for an average of N17,667 now sells for an average of N20,167 – a 14.2% increase in two weeks.
  • A big bag of White Maize also increased by 17.7% to sell for an average of N20,000, compared to an initial average of N17,000.
  • A big bag of Pepper increased by 9.7% to sell for an average of N17,000, while a medium-sized bag sells for an average of N9,000 – a 38.5% increase in price.
  • A Mackerel fish, popularly known as “Kote” sells for an average of N663. An increase of 3.9% from an initial average of N638.
  • A big basket of Oval-shaped Tomatoes now sells for N17,000 at Mile-12 market, compared to N16,000 recorded in the later part of last month. A small basket increased by 5.6% to sell for N9,500.
  • A pack of 500g Dangote Pasta increased marginally by 1.21% to sell for an average of N4,175, compared to an initial average of N4,125.
  • A big bag of Melon increased by 22.4% to sell for an average of N46,500, compared to an initial N38,000 recorded in September.

READ: Food items’ stock pile-up across major markets, as prices continue to drop 

Items that witnessed price decrease

  • A big basket of Sweet Potato now sells for an average of N13,500, from an initial average of N14,000 – a 3.6% reduction in price.
  • The price of a big basket of Irish Potatoes reduced by 29.5% to sell for an average of N21,500, compared to N30,500 recorded in September.
  • A 50kg bag of White Beans sells for an average of N25,025. It reduced by 15.9% from an initial average of N29,750.
  • 5 litres gallon of Palm Oil currently sells for an average of N2,375 from an initial average of N2,425. 25 litres gallon sells for an average of N12,125.
  • A big bag (nylon) of Crayfish currently sells for an average of N12,500, compared to an initial average of N13,000.
  • A big Horse Mackerel fish popularly known as “Kote” sells for an average of N625. It was initially sold for an average of N663.

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

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Items that maintained initial prices

  • A 50kg bag of Royal Stallion Rice still sells for an average of N30,333, Mama Gold (N29,750), Caprice (N29,667), and Mama’s Pride (N25,500).
  • A big sized bag of Brown Beans still sells for an average of N33,000.
  • The various brands of noodles maintained their initial prices. 305g carton of Indomie still sells for an average of N3,150, 210g of Indomie (N3,200), and 100g of Chikki (N2,200).
  • The price of a 50kg bag of Yellow Garri remains unchanged at an average of N13,000.
  • The price of a 50kg bag of Flour remains on the high, as Dangote sells for an average of N14,333, Honey well (N14,375), and Mama Gold (N14,125).
  • A big basket of Round-shaped Tomatoes still sells for an average of N14,000, while a medium-sized basket sells for an average of N8,500.

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

Special markets/items

Nairametrics research found that there are two varieties of pepper at Mile-12 market, a small and a big one. A big bag of the big Pepper sells for an average of N17,000 while that of the small Pepper sells for an average of N10,000. Interestingly, a medium-sized bag of the small pepper sells for an average of N9,000.

Mr. Musa, a Pepper seller at the market, explained that the reason for the difference in price between the two varieties is that the small pepper is more peppery, when compared to the bigger one. He added that most people from the Western part of the country prefer to buy the small ones, as they like to prepare spicy meals.

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Our agent at Daleko market, told Nairametrics Research that one of the major types of brown beans (Niger beans) is now scarce in the market, same goes for Maiduguri beans. However, she stated that “Oloyin Pelebe” is currently sold for an average of N22,000, Gombe beans (big bag) for an average of N33,000, and the small bag sells for an average of N27,000.

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Market insights

Scarcity of major food items across Lagos markets has caused a significant hike in the price of commodities, as traders highlighted the reasons for the persistent increase.

Mr. KC from Mile-12 market said it is a surprise to traders that Melon is now sold for N48,000 in the market, since it is always cheap at this time of the year. However, he attributed the price increase to scarcity of the commodity. According to him, farmers did not cultivate significant quantity of melon because of the incessant rain in recent times.

“Melon requires sun to dry; however, the northern part of the country witnessed lots of rainfall this year, which really affected the cultivation of the commodity during this period,” he added.

Nairametrics Research met a scanty Onion section of Mile 12 market during visitation this week. In a discussion with one of the sellers named Ismail, he said that the prices of onions have spiked significantly because of its scarcity.

According to Ismail, there has been limited influx of new onions into the market, while dry onions is even more limited. He said the price is also expensive in the north.

Explore Data on the Nairametrics Research Website

ItemsBrandUnitMUSHIN (08/10/2020)DALEKO (08/10/2020)OYINGBO (08/10/2020)MILE 12 (08/10/2020)Average MUSHIN (24/09/2020)DALEKO (24/09/2020)OYINGBO (24/09/2020)MILE 12 (24/09/2020)Average
Bag of RiceMama Gold10kgNA4500450050004666.6666666667NA4500450050004666.6666666667
Bag of RiceRoyal Stallion50Kg30000NA300003100030333.33333333330000NA300003100030333.333333333
Bag of RiceRice Master10kg5000NA450047505000NA45004750
Bag of RiceMama Gold50kg29500295003000030000297502950029500300003000029750
Bag of RiceCaprice50kg30000NA290003000029666.66666666730000NA290003000029666.666666667
Bag of RiceMama's Pride50kg25500255002500026000255002550025500250002600025500
Bag of BeansOloyin50kg20000210002000020333.3333333332000019500200002200020375
Bag of BeansWhite50kg3100320003300032000250253000030000300002900029750
Bag of BeansBrown>50kg32000340003500031000330003200034000350003100033000
Tuber of YamAbuja1 Big Size Tuber10009008501000937.510009008501000937.5
Tuber of YamAbuja1 Medium Size Tuber600600650700637.5600600650700637.5
Carton of NoodlesIndomie305g (Belle full)3200310032003100315032003100320031003150
Carton of NoodlesIndomie210g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2200220021002300220022002200210023002200
Carton of NoodlesMinimie70g19001750170018001787.519001750170018001787.5
Carton of NoodlesGolden Penny70g1700150016001600160017001500160016001600
Bag of GarriIjebu50kg14000135001400013500137501400013500135001350013625
Bag of GarriWhite50kg13000125001250013000127501300013000125001300012875
Bag of GarriYellow50kg12500130001300013500130001250013000130001350013000
Basket of PotatoSweetBig Basket13500135001400014000
Basket of PotatoSweetSmall Basket700700700700700700
Basket of PotatosweetSmallest Basket400250325400250325
Basket of PotatoIrishBiggest Basket200002300021500330002800030500
Basket of PotatoIrishSmall Basket2500250025002500
Basket of PotatoIrishSmallest Basket170015001600170015001600
Packet of PastaGolden Penny500g4400440043004200432544004400430042004325
Packet of PastaDangote500g4200415042004150417541004100420041004125
Packet of PastaPower (1 pc)500g250220250220235220220220220220
Packet of PastaBonita (1 pc)500g200220230220217.5200200230220212.5
Gallon of Palm OilLocal5 Litres2700230023002200237527002300230024002425
Gallon of Palm OilLocal25 Litres12000115001250012500121251200011500125001300012250
Gallon of Vegetable OilLocal5 Litres2900300030003500310029003000300035003100
Gallon of Vegetable OilLocal25 Litres14000150001450015000146251400015000145001500014625
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 PlantainPlantain1 Bunch500500500600525500500500600525
Bag of FlourDangote50kgNA13500150001450014333.333333333NA13500150001450014333.333333333
Bag of FlourHoney well50Kg14500135001450015000143751450013500145001500014375
Bag of FlourMama Gold50kg14000145001400014000141251400014500140001400014125
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)400gNA1000100010501016.6666666667NA1000100010501016.6666666667
MilkLoya (Refill)400gNA800850800816.66666666667NA800850800816.66666666667
MilkCoast (Refill)500gNA750750750750NA750750750750
Cocoa BeveragesMilo (Tin)500g10001100105010001037.510001100105010001037.5
Cocoa BeveragesMilo (Tin)900g2200210021002100212522002100210021002125
Cocoa BeveragesMilo Refill500g10009009009009251000900900900925
Cocoa BeveragesBournvita Refill500g10001000950900962.510001000950900962.5
Cocoa BeveragesBournvita (Plastic)900g2000200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g850800850850837.5850800850850837.5
Cocoa BeveragesOvaltine(Plastic)500g1100110010001100107511001100100011001075
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g300290300300297.5300290300300297.5
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g500550550550537.5500550550550537.5
SugarGolden Penny Sugar (cube)500g300350350400350300350350400350
BreadVal-U1 loaf450450450500462.5450450450500462.5
BreadButterfield1 loaf450450500500475450450500500475
EggN/ACrate1200120012001200120012001200120012001200
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre550550550600562.5550550550600562.5
JuiceChivita1 litre550550600550562.5550550600550562.5
GasRefilling12.5kg3200320034003300327532003200340033003275
GasRefilling5kg1400140014001300137514001400140013001375
TomatoesBig Basketround shaped14000140001400014000
TomatoesMedium Basketround shaped8500850085008500
TomatoesSmall Basketround shaped6000600060006000
TomatoesBig BasketOval Shaped17000170001600016000
TomatoesSmall BasketOval Shaped9500950090009000
FishKote (Horse Mackerel)1 big Fish650600600650625650700650650662.5
FishTitus (Mackerel)1 big Fish600650650750662.5600600600750637.5
PepperBig bag17000170001550015500
PepperMedium bag9000900065006500
MaizeYellow21000200001950020166.66666666718000185001650017666.666666667
MaizeWhite2050019500200002000017000180001600017000
MelonBig bag450004800046500400003600038000
OnionsBig bagDry Onions560005500055500370003800037500
OnionsBig bagNew Onions400004200041000250002600025500
Bush mango seed(Ogbono)1 big bag1000001000009500095000
Frozen foodFull chickenCarton1450014000150001450013500135001500014000
Frozen foodChicken lapCarton14000140001500014333.333333333130001500014000
Frozen foodTurkeyCarton19000180001800018333.33333333317000175001750017333.333333333
Crayfish120001300012500130001300013000

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’s dollar earnings fall by over $7 billion due to Covid-19

Nigeria recorded a whopping 52% drop in exports proceeds in the quarter ending June 2020 mostly due to the effects of Covid-19.

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Petrol importation gulps N1.13 trillion in 2019, as Nigeria fails another deadline 

Nigeria recorded a whopping 52% drop in exports proceeds in the quarter ending June 2020 mostly due to the effects of Covid-19. This is contained in the Current Account Deficit numbers published by the Central Bank of Nigeria. The current account deficit for the quarter fell to $3.2 billion compared to first-quarter data of $5.6 billion, the latest report indicates.

Explore Data on the Nairametrics Research Website

Export drop

According to the data, total exports in the second quarter of the year fell to $6.3 billion from $13.8 billion in the first quarter of 2020 before the Covid-19 lockdown grounded the economy. Crude Oil inflows which Nigeria relies on for 85% of its export proceeds went from $11.2 billion in the first quarter to just $5.2 billion in the second quarter of the year.

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Crude Oil prices fell to as low as $20 per barrel in April as markets panicked as the Covid-19 lockdown spread globally. OPEC members also decided to cut crude oil output with Nigeria’s quota falling from 1.8 million barrels per day to just 1.4 million barrels per day. This culminated in lower export proceeds for Nigeria piling pressure to devalue the currency after the first devaluation in late March.

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READ: Nigeria’s forex devaluation timeline – 2020

Non-oil revenues also fell sharply from $2.1 billion in the first quarter of the year to $1.1 billion in the second quarter of the year revealing how damaging the pandemic has been on the economy. Nigeria earned an average of $2.6 billion per quarter from non-oil exports in 2019, the highest since 2008 when the CBN started publishing figures.

Imports also fall

Nigeria’s dollar outflow for imports also fell from $14.7 billion in the first quarter of 2020 to $10 billion in the second quarter of the year. The fall was also driven by a drop in oil imports falling to just $307 million from $3.7 billion. Non-oil exports which is a major driver of dollar outflows from Nigeria $11 billion to $9.7 billion. This was also due to the impact of the lockdown as most goods imported into the country from other parts of the world fell.

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Despite several import substitution policies of the current government, Nigerians spent an average of $12.7 billion on the importation of goods into the country in 2019 compared to $7.3 billion a year earlier. The country’s main non-oil imports are boilers, machinery and appliances gulping over 27% of imports. Vehicle parts are also a major source of dollar outflows with over 12.8% of the value of what is imported into the country.

READ: Nigeria’s worsening current account deficit piles pressure on exchange rate

The government has focussed its ban on accessing forex for the importation of listed items which they believe can be made in Nigeria. Most of these items are food-related.

Why this matters: Nigeria’s exchange rate is mostly determined by how much dollars the country can attract compared to outflows.

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  • With exports proceeds down by over 50% pressure was on the central bank to devalue the naira.
  • However, the CBN also had the option of managing the demand side of the deficit culminating in a drop in current account deficits.
  • The more Nigeria earns from exports compared to imports the higher the chances that the exchange rate will remain stable.
  • For example, in 2018 when the exchange rate was stable at N360/$1, Nigeria earned about $15.3 billion in dollar inflows or exports (mostly from crude oil sales) compared to $10.1 billion in imports.
  • Thus Nigeria will need to either earn more from exports or cut some of its reliance on imports if it is to maintain a stable exchange rate for the country.

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