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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.

READ: PenCom recovers N17.51billion from defaulting employers, imposes penalties

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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READ: Samsung Electronics profits increased by 58% in the third quarter

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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READ: CBN Commences distribution of grants and inputs worth over N700 million to cocoa Farmers

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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.

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

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.

READ: Data War: MTN edges out Airtel, first time in 5 months as more subscribers dump Glo, 9mobile 

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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READ: Prices of tomatoes, frozen foods, onions, others jump, as low demand hits imported rice 

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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

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

A carton of full chicken that was initially sold for an average of N13,000 now sells for N14,000.

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Nigeria's Inflation

Nigerians continue to grapple with the persistent increase in prices of household food items as rice, vegetable oil, flour, tomatoes, onions and frozen food items recorded significant increase in price at the end of September. This was contained in the latest Household Market Survey conducted by Nairalytics, the research arm of Nairametrics.

Major food items continue to jump across Lagos markets as sustained structural issues affecting food production and supply were further exacerbated by the lockdown measures implemented by the Government in response to curbing the spread of the COVID-19 pandemic.

READ: US headline crude oil crashes further, below $0 in an unprecedented outcome

According to the latest survey conducted by Nairalytics, a big bag of round shaped tomatoes spiked by 16.7% to sell for an average of N14,000 compared to N12,000 recorded a fortnight ago. Also, a cartoon of frozen Chicken that was initially sold for an average of N13,000 now sells for N14,000.

On the flip side, a 50kg bag of Mama Gold Flour which endured a sudden increase two weeks ago to N16,500 now sells for an average of N14,125.

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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: Unknown entity transfers $166 million worth of Bitcoins

Items that witnessed price increase 

Listed below are the items that recorded significant price increase:

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  • A 50kg bag of Mama’s Pride rice increased by 3% to sell for an average of N25,500 compared to an initial average of N24,750.
  • Also, a 50kg bag of foreign rice (Mama Gold) rice sells for an average of N29,750. This indicates a 3% increase compared to N28,875 recorded earlier in September.
  • A 50kg bag of Royal Stallion (Foreign rice) also increased by 1.1%. selling for an average of N30,333 as against N30,000 earlier reported.
  • A 70g carton of Golden Penny noodles recorded an 8.47% increase in price to sell for an average of N1,600 compared to N1,475 recorded two weeks ago.
  • A 5 litres gallon of local vegetable oil that was sold for an average of N2,750 two weeks ago now sells for N3,100 indicating a 12.7% increase in price.
  • Also, a 25 litres gallon increased by 4.84% to sell for an average of N14,625 from initial average N13,950.
  • A big basket of round shaped tomatoes increased by 16.7% to sell for an average of N14,000 as against N12,000 recorded two weeks ago.
  • A medium-sized basket of round shaped tomatoes also increased by 21.4% to sell for an average of N8,500 compared an initial average of N7,000.
  • A big basket of oval-shaped tomatoes now sells for an average of N16,000 representing an 100% increase in price.
  • A carton of full chicken sells for an average of N14,000 compared to an initial average of N13,000. The frozen food item increased by 7.7%.
  • While the price of a carton of chicken laps, also increased by 7.7% to sell for an average of N14,000.
  • A big bag of dry onion now sell for an average of N37,500, increasing by 7.9% from an initial average of N34,750.

Items that witnessed price decrease

Some of the items that recorded slight decrease in prices include:

  • A 50kg bag of white beans recorded a decline in price of 6.3% to sell for an average of N29,750 as against N31,750 recorded earlier in the month.
  • A medium-sized tuber of yam now sells for an average of N638, representing 10.5% reduction in price.
  • Mama Gold flour (50 kg) that was sold for an average of N16,500 two weeks ago, is now being sold for an average of N14,125.
  • A big bag of pepper currently sells for an average of N15,500, decreasing by 3.1% from an initial average of N16,000 while a medium bag size decreased by 7.1% to sell for an average of N6,500.
  • The price of a big bag of yellow maize dipped by 14.5% to sell for an average of N17,667 while that of white maize also reduced by 15.7% to sell for an average of N17,000.
  • Bush mango seed (Ogbono) that was sold for N105,000 earlier in September, now sells for an average of N95,000 representing 9.5% reduction in price.

Items that maintained initial prices

  • Items whose prices remained the same, compared to two weeks ago include:
  • A big bag of new onions continues to sell for an average of N25,500, same as recorded two weeks ago
  • A crate of raw egg still sells for an average of N1,200 across the four markets.
  • Refilling of 12.5kg cylinder of household cooking gas still cost average of N3,275 while 5kg cylinder costs an average of N1,375.
  • Dangote and Honeywell flour still sell for an average of N14,333 and N14,375 respectively.
  • A big basket of sweet potatoes continues to sell for an average of N14,000 while Irish potatoes of the same size, still sell for an average of N30,500
  • 50kg bag of beans (Oloyin) still sell for an average of N20,375.

Special markets/items

  • Recall that, Nairalytics earlier reported a significant surge in the price of flour across major markets in Lagos State. A visit to Oyingbo market revealed that the price of flour is still very much on the high side as most traders sell a 50kg bag of flour between N13,500 and N14,500 depending on the brand of the product.
  • According to Mrs. Esther who bakes cake at Oyingbo market, “the increase in the price of flour, is really affecting us seriously, we bought a bag of flour for N11,000 before lockdown, now we are forced to buy for as high as N14,000 while we also buy 25 litres gallon of vegetable oil for an average of N15,000 despite the fact that we cannot increase the price of our goods so as not to discourage buyers”. She stated further that the increase in price of flour is affecting their ability to make profit and grow their businesses.
  • 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) – N29,500, Caprice (50kg) – N29,000, Mama’s Pride (50kg) – N25,500, 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

  • Nigerians have been hit with persistent increase in prices of most food items despite the easing of lockdown in the country. Nairametrics visited some tomatoes sellers at Mushin and obtained some insightful responses as to cause of the recent spike in the price of tomatoes.
  • According to Mrs. Alomaja, Northerners bringing in the items to the market are complaining of rain spoiling their harvests, which has, in turn, affected the price of the commodity. “this year, it did not rain as much as anticipated, and now when it is time to harvest heavy downpour of rain is now destroying the harvest in the farm” she said. This implies that the heavy rainfall has destroyed most of the harvest, hereby limiting the quantity of goods available for sale.
  • Mr Yaya, on the other hand told Nairametrics that the increase in price of tomatoes is due to seasonal fluctuations, considering that the year is gradually getting to the end, a period characterized by increase in price of food items.
  • Meanwhile, the price of a big bag of dry onions increased by 7.9% to sell for an average of N37,500. The increase has been attributed to scarcity of the commodity in the market. Mr. Kelechi, a trader at Mile 12 told Nairametrics that there have been limited quantity of the commodity coming into the market in recent times, which has caused the price of the item to surge.

READ: Smuggling of imported rice hits Lagos major markets, as residence brace for shutdown

ItemsBrandUnitMUSHIN (24/09/2020)DALEKO (24/09/2020)OYINGBO (24/09/2020)MILE 12 (24/09/2020)Average MUSHIN (10/09/2020)DALEKO (10/09/2020)OYINGBO (10/09/2020)MILE 12 (10/09/2020)Average
Bag of RiceMama Gold10kgNA4500450050004666.6666666667NA4000450050004500
Bag of RiceRoyal Stallion50Kg30000NA300003100030333.33333333330000NA290003100030000
Bag of RiceRice Master10kg5000NA450047504000NA45004250
Bag of RiceMama Gold50kg29500295003000030000297502950029000290002800028875
Bag of RiceCaprice50kg30000NA290003000029666.66666666730000NA290003000029666.666666667
Bag of RiceMama's Pride50kg25500255002500026000255002500024000250002500024750
Bag of BeansOloyin50kg20000195002000022000203752000019500200002200020375
Bag of BeansWhite50kg30000300003000029000297503000030000350003200031750
Bag of BeansBrown>50kg32000340003500031000330003200034000350003100033000
Tuber of YamAbuja1 Big Size Tuber10009008501000937.5100090010001000975
Tuber of YamAbuja1 Medium Size Tuber600600650700637.5600800650800712.5
Carton of NoodlesIndomie305g (Belle full)3200310032003100315032003100320031003150
Carton of NoodlesIndomie210g (Hungry man)3200320032003200320032003200320032003200
Carton of NoodlesChikki100g2200220021002300220022002200210021002150
Carton of NoodlesMinimie70g19001750170018001787.521001650170016501775
Carton of NoodlesGolden Penny70g1700150016001600160017001400140014001475
Bag of GarriIjebu50kg14000135001350013500136251400013500130001300013375
Bag of GarriWhite50kg13000130001250013000128751300012500125001250012625
Bag of GarriYellow50kg12500130001300013500130001250013000120001300012625
Basket of PotatoSweetBig Basket14000140001400014000
Basket of PotatoSweetSmall Basket700700700700700700
Basket of PotatosweetSmallest Basket400250325400250325
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 Litres12000115001250013000122501200011500125001300012250
Gallon of Vegetable OilLocal5 Litres2900300030003500310027002500230035002750
Gallon of Vegetable OilLocal25 Litres14000150001450015000146251400013500135001480013950
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 FlourDangote50kgNA13500150001450014333.33333333313500150001450014333.333333333
Bag of FlourHoney well50Kg14500135001450015000143751450013500145001500014375
Bag of FlourMama Gold50kg14000145001400014000141251600016500160001750016500
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)400gNA1000100010501016.66666666671000100010501016.6666666667
MilkLoya (Refill)400gNA800850800816.66666666667800850800816.66666666667
MilkCoast (Refill)500gNA750750750750750750750750
Cocoa BeveragesMilo (Tin)500g10001100105010001037.510001100105010001037.5
Cocoa BeveragesMilo (Tin)900g2200210021002100212522002100210021002125
Cocoa BeveragesMilo Refill500g10009009009009251000900900900925
Cocoa BeveragesBournvita Refill500g10001000950900962.51000950900950
Cocoa BeveragesBournvita (Plastic)900g200020002000200020002000200020002000
Cocoa BeveragesOvaltine Refill500g850800850850837.5800850850833.33333333333
Cocoa BeveragesOvaltine(Plastic)500g110011001000110010751100100011001066.6666666667
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g300290300300297.5300290300300297.5
TeaTop tea52g300300300300300300300300300300
SugarSt' Loius Sugar(Cube) 500g500550550550537.5500550550550537.5
SugarGolden Penny Sugar (cube)500g300350350400350300350350400350
BreadVal-U1 loaf450450450500462.5450NA450500466.66666666667
BreadButterfield1 loaf450450500500475450450500500475
EggN/ACrate1200120012001200120012001200120012001200
Bottled Water (Refill)CwayRefill600600650600612.5600600650600612.5
Juice5 Alive1 litre550550550600562.5550550550600562.5
JuiceChivita1 litre550550600550562.5550550600550562.5
GasRefilling12.5kg3200320034003300327532003200340033003275
GasRefilling5kg1400140014001300137514001400140013001375
TomatoesBig Basketround shaped14000140001200012000
TomatoesMedium Basketround shaped8500850070007000
TomatoesSmall Basketround shaped6000600055005500
TomatoesBig BasketOval Shaped160001600080008000
TomatoesSmall BasketOval Shaped9000900055005500
FishKote (Horse Mackerel)1 big Fish650700650650662.5600600550650600
FishTitus (Mackerel)1 big Fish600600600750637.5600550550750612.5
PepperBig bag15500155001600016000
PepperMedium bag6500650070007000
MaizeYellow18000185001650017666.66666666721000220001900020666.666666667
MaizeWhite1700018000160001700021500200001900020166.666666667
MelonBig bag400003600038000400003500037500
OnionsBig bagDry Onions370003800037500350003450034750
OnionsBig bagNew Onions250002600025500250002600025500
Bush mango seed(Ogbono)1 big bag9500095000105000105000
Frozen foodFull chickenCarton1350013500150001400013000130001300013000
Frozen foodChicken lapCarton130001500014000130001300013000
Frozen foodTurkeyCarton17000175001750017333.33333333317000165001700016833.333333333
Crayfish130001300013000130001350013250

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

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.

GTBank 728 x 90

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%). 

GTBank 728 x 90

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). 


 

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Note: FBN was exempted from this analysis because their Half year 2020 financial is unaudited 

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