Nigerians have been hard hit with further increase in the prices of food items as beans, onions, vegetable oil, palm oil, and several others recorded a significant price increase in November. This is according to the latest Household Market Survey conducted by Nairalytics — the research arm of Nairametrics.
In the latest household market survey, prices of major food items recorded significant increase across markets in Lagos State, as traders lament heightened level of insecurity such as banditry and kidnapping in the country, leading to scarcity and the subsequent hike in the prices of various food items.
According to the report, a big bag of white beans now sells for an average of N42,000, indicating a 31.3% in price compared to N32,000 recorded in October. A big bag of Onion also spiked by 48.7% to sell for an average of N82,500. Vegetable oil (25 litres) that was sold for an average of N14,625 in October, witnessed a 13.33% increase in price to sell for an average of N16,575.
However, some food items such as sweet potatoes, tomatoes, and pepper recorded slight reduction after recent months in snowballed prices. Nairalytics reported in September that a big basket of pepper jumped by 23.1%, while a big basket of round shaped tomatoes increased by 9.1%.
This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and insights.
Items that witnessed price increase
- A 50kg bag of white beans currently sells for an average of N42,000, 31.25% increase compared to an initial average of N32,000.
- A 50kg bag of brown beans increased by 27.27% to sell for an average of N42,000, as against N33,000 recorded in October.
- A carton of turkey that was sold for an average of N18,333 in October, now sells for N19,000 — indicating an increase of 3.64%.
- A big bag of dry onion spiked by 48.65% to sell for an average of N82,500, compared to an initial average of N55,000 recorded in October 2020.
- Also, a big bag of new onion increased by 62.2%, from an average of N41,000 to sell for N66,500.
- A big bag of melon that was initially sold for an average of N46,500 now sells for an average of N47,500. This represents a price increase of 12.15% in one month.
- A 25 litres gallon of vegetable oil that was sold for an average of N14,625 in October, witnessed a 13.33% increase in price to sell for an average of N16,575. While a 5 litres gallon now sells for an average of N3,375 compared to an initial value of N3,100.
- A 12.5kg cylinder of cooking gas that was refilled for an average of N3,275 in October, now costs an average of N3,450 –indicating a 5.34% increase in price.
- While a 5kg cylinder is now filled for an average of N1,625 as against an initial average of N1,375. This represents a price increase of 18.18%.
- A 25 litres gallon of locally made palm oil increased by 6.19% to sell for an average of N12,875 compared to N12,125 recorded in October.
- Also, the price of a 5-litre gallon increased by 11.58% to sell for an average of N2,650.
Items that witnessed price decrease
- A big basket of round shaped tomatoes now sells for an average of N12,000, as against an initial average of N14,000 — representing a 14.29% decline
- A big basket of oval-shaped tomatoes also recorded a price decrease of 35.29% to sell for an average of N11,000, as against an initial average of N17,000.
- The price of a carton of full chicken declined by 2.3% to sell for an average of N14,167 compared to an initial average of N14,500.
- Also, a carton of chicken lap now sells for an average of N14,000 as against N14,333 recorded last month (October 2020).
- A big bag of pepper now sells for an average of N7,500. This represents a 55.88% decline in price compared to N17,000 recorded last month.
- While the price of a medium-sized bag of pepper dipped by 55.56% to sell for an average of N4,000 relative to an initial average of N9,000.
- A big tuber of yam that was initially sold for an average of N938 now sells for an average of N700, while a medium-sized tuber sells for an average of N513.
- A big basket of Sweet Potatoes now sells for an average of N5,500. A reduction of 59.26% compared to N13,500 recorded in October.
- Also, the price of a big basket of Irish potatoes, reduced by 6.98% to sell for an average of N20,000 from an initial average of N21,500.
- A 50kg bag of flour also recorded a slight decrease in price as Dangote flour currently sells for an average of N13,800, Honeywell (N13,950), and Mama Gold for an average of N13,850.
- The decline in the price of flour translated to a slight decrease in the price of bread as Val-U bread now sells for an average of N450, while Butterfield sells for an average of N438.
Items that maintained initial prices
- A crate of egg continues to sell for an average of N1,200, same as recorded in October.
- A big bag of yellow maize is still sold for an average of N20,167, while a bag of white maize cost an average of N20,000.
- A 50kg bag of foreign rice (Royal Stallion) continues to sell for an average of N30,000, same as recorded in October.
- Mama’s Pride rice (50 kg) still sells for an average of N25,500.
- A bag of yellow maize sells for an average of N20,167, the same as recorded in October, while white maize of the same size still sells for an average of N20,000.
- Amongst the list of food items that maintained their initial prices include; noodles, smaller variants of Sweet and Irish potatoes, Beverages, Cocoa drinks, sugar, water, and juice.
- The price of a big bag of pepper dropped by 55.9% in November compared to the previous month. This came after an elongated period of persistent increase in the price of the commodity for some months. Consumers were seen in good mood as they went about negotiating with the various traders.
- In a discussion with one of the major traders who chose to remain anonymous, he told Nairametrics research that the decline in the price of Pepper is due to seasonality and also expects the price to decline further in coming weeks.
- The sudden surge in the price of beans has been attributed to the scarcity of the commodity in the market. Nairalytics took an inventory of various types of beans in the market and their prices. Olo 1 beans (N19,500), Maiduguri beans (N40,000), White beans (N45,000), a 22-paint bag of Maiduguri beans (N32,000), Gombe beans (N40,000), and Oloyin beans (N20,000).
- The price of tomatoes seems to still be on the high side, despite recording 14.3% decrease between November and October. According to Mrs. Makanjuola, a retailer at Mushin market, “usually by this time of the year, tomatoes is sold for lesser price as we head into December, only few days to Christmas before we do witness slight increase but this year is very different with a basket of round shaped tomatoes still selling for as high as N12,000”, She said.
- A look at the Nairametrics food price database showed that a big basket of round shaped tomatoes was sold for an average of N9,000 in November last year while a big basket of oval-shaped tomatoes sold for N7,000.
- Explaining further, Mrs. Makanjuola said the major factor responsible for the sustained increase in the price of food items is insecurity. According to her, farmers are unable to access their farmlands due to the fear of bandits and kidnappers terrorizing the north at the moment.
- Onion traders have expressed concerns about the persistent increase in the price of Onions in the past month. Malam Yisa, a trader at the market spoke to Nairametrics Research team with respect to the increase in price of Onions in the market.
- He said, “farmers are afraid to go to their farmlands because of the kidnappers and bandits terrorizing the area”. According to him, farmers and their family members are being kidnapped by bandits, while demanding for ransom from them before letting them go, hence, the farmers are forced to stay close to their homes and avoid secluded areas of the farm.
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.
Explore Data on the Nairametrics Research Website
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.
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.
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.
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:
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.
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.
June 30th – N10
September 30th – N15
Return – 50%
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.
June 30th – N36.1
September 30th – N49
Return – 35.73%
Ranking – Second
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.
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.
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.
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.
June 30th – N0.20k
September 30th – N0.26k
Return – 30%
Ranking – Fifth
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
|Items||Brand||Unit||MUSHIN (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 Rice||Mama Gold||10kg||NA||4500||4500||5000||4666.6666666667||NA||4500||4500||5000||4666.6666666667|
|Bag of Rice||Royal Stallion||50Kg||30000||NA||30000||31000||30333.333333333||30000||NA||30000||31000||30333.333333333|
|Bag of Rice||Rice Master||10kg||5000||NA||4500||4750||5000||NA||4500||4750|
|Bag of Rice||Mama Gold||50kg||29500||29500||30000||30000||29750||29500||29500||30000||30000||29750|
|Bag of Rice||Caprice||50kg||30000||NA||29000||30000||29666.666666667||30000||NA||29000||30000||29666.666666667|
|Bag of Rice||Mama's Pride||50kg||25500||25500||25000||26000||25500||25500||25500||25000||26000||25500|
|Bag of Beans||Oloyin||50kg||20000||21000||20000||20333.333333333||20000||19500||20000||22000||20375|
|Bag of Beans||White||50kg||3100||32000||33000||32000||25025||30000||30000||30000||29000||29750|
|Bag of Beans||Brown||>50kg||32000||34000||35000||31000||33000||32000||34000||35000||31000||33000|
|Tuber of Yam||Abuja||1 Big Size Tuber||1000||900||850||1000||937.5||1000||900||850||1000||937.5|
|Tuber of Yam||Abuja||1 Medium Size Tuber||600||600||650||700||637.5||600||600||650||700||637.5|
|Carton of Noodles||Indomie||305g (Belle full)||3200||3100||3200||3100||3150||3200||3100||3200||3100||3150|
|Carton of Noodles||Indomie||210g (Hungry man)||3200||3200||3200||3200||3200||3200||3200||3200||3200||3200|
|Carton of Noodles||Chikki||100g||2200||2200||2100||2300||2200||2200||2200||2100||2300||2200|
|Carton of Noodles||Minimie||70g||1900||1750||1700||1800||1787.5||1900||1750||1700||1800||1787.5|
|Carton of Noodles||Golden Penny||70g||1700||1500||1600||1600||1600||1700||1500||1600||1600||1600|
|Bag of Garri||Ijebu||50kg||14000||13500||14000||13500||13750||14000||13500||13500||13500||13625|
|Bag of Garri||White||50kg||13000||12500||12500||13000||12750||13000||13000||12500||13000||12875|
|Bag of Garri||Yellow||50kg||12500||13000||13000||13500||13000||12500||13000||13000||13500||13000|
|Basket of Potato||Sweet||Big Basket||13500||13500||14000||14000|
|Basket of Potato||Sweet||Small Basket||700||700||700||700||700||700|
|Basket of Potato||sweet||Smallest Basket||400||250||325||400||250||325|
|Basket of Potato||Irish||Biggest Basket||20000||23000||21500||33000||28000||30500|
|Basket of Potato||Irish||Small Basket||2500||2500||2500||2500|
|Basket of Potato||Irish||Smallest Basket||1700||1500||1600||1700||1500||1600|
|Packet of Pasta||Golden Penny||500g||4400||4400||4300||4200||4325||4400||4400||4300||4200||4325|
|Packet of Pasta||Dangote||500g||4200||4150||4200||4150||4175||4100||4100||4200||4100||4125|
|Packet of Pasta||Power (1 pc)||500g||250||220||250||220||235||220||220||220||220||220|
|Packet of Pasta||Bonita (1 pc)||500g||200||220||230||220||217.5||200||200||230||220||212.5|
|Gallon of Palm Oil||Local||5 Litres||2700||2300||2300||2200||2375||2700||2300||2300||2400||2425|
|Gallon of Palm Oil||Local||25 Litres||12000||11500||12500||12500||12125||12000||11500||12500||13000||12250|
|Gallon of Vegetable Oil||Local||5 Litres||2900||3000||3000||3500||3100||2900||3000||3000||3500||3100|
|Gallon of Vegetable Oil||Local||25 Litres||14000||15000||14500||15000||14625||14000||15000||14500||15000||14625|
|Gallon of Vegetable Oil||Kings||5 Litres||3200||3000||3000||2800||3000||3200||3000||3000||2800||3000|
|Gallon of Vegetable Oil||Wesson||5 Litres||4500||3900||3900||4300||4150||4500||3900||3900||4300||4150|
|Gallon of Vegetable Oil||Mamador||3.8 Litres||2500||2450||2500||2800||2562.5||2500||2450||2500||2800||2562.5|
|Gallon of Vegetable Oil||Power||3 Litres||1900||1800||1800||2200||1925||1900||1800||1800||2200||1925|
|Bunch of Plantain||Plantain||1 Bunch||500||500||500||600||525||500||500||500||600||525|
|Bag of Flour||Dangote||50kg||NA||13500||15000||14500||14333.333333333||NA||13500||15000||14500||14333.333333333|
|Bag of Flour||Honey well||50Kg||14500||13500||14500||15000||14375||14500||13500||14500||15000||14375|
|Bag of Flour||Mama Gold||50kg||14000||14500||14000||14000||14125||14000||14500||14000||14000||14125|
|Milk||Peak Powdered (Tin)||400g||1200||1200||1200||1200||1200||1200||1200||1200||1200||1200|
|Milk||Peak milk (Refill)||500g||1000||1000||1000||1000||1000||1000||1000||1000||1000||1000|
|Milk||Dano Powdered (Tin)||500g||1000||1000||1000||1000||1000||1000||1000||1000||1000||1000|
|Milk||Three Crown (Refill)||380g||700||700||750||700||712.5||700||700||750||700||712.5|
|Milk||Loya Powdered (Tin)||400g||NA||1000||1000||1050||1016.6666666667||NA||1000||1000||1050||1016.6666666667|
|Cocoa Beverages||Milo (Tin)||500g||1000||1100||1050||1000||1037.5||1000||1100||1050||1000||1037.5|
|Cocoa Beverages||Milo (Tin)||900g||2200||2100||2100||2100||2125||2200||2100||2100||2100||2125|
|Cocoa Beverages||Milo Refill||500g||1000||900||900||900||925||1000||900||900||900||925|
|Cocoa Beverages||Bournvita Refill||500g||1000||1000||950||900||962.5||1000||1000||950||900||962.5|
|Cocoa Beverages||Bournvita (Plastic)||900g||2000||2000||2000||2000||2000||2000||2000||2000||2000||2000|
|Cocoa Beverages||Ovaltine Refill||500g||850||800||850||850||837.5||850||800||850||850||837.5|
|Tea||Lipton Yellow label||52g||300||290||300||300||297.5||300||290||300||300||297.5|
|Sugar||St' Loius Sugar(Cube)||500g||500||550||550||550||537.5||500||550||550||550||537.5|
|Sugar||Golden Penny Sugar (cube)||500g||300||350||350||400||350||300||350||350||400||350|
|Bottled Water (Refill)||Cway||Refill||600||600||650||600||612.5||600||600||650||600||612.5|
|Juice||5 Alive||1 litre||550||550||550||600||562.5||550||550||550||600||562.5|
|Tomatoes||Big Basket||round shaped||14000||14000||14000||14000|
|Tomatoes||Medium Basket||round shaped||8500||8500||8500||8500|
|Tomatoes||Small Basket||round shaped||6000||6000||6000||6000|
|Tomatoes||Big Basket||Oval Shaped||17000||17000||16000||16000|
|Tomatoes||Small Basket||Oval Shaped||9500||9500||9000||9000|
|Fish||Kote (Horse Mackerel)||1 big Fish||650||600||600||650||625||650||700||650||650||662.5|
|Fish||Titus (Mackerel)||1 big Fish||600||650||650||750||662.5||600||600||600||750||637.5|
|Onions||Big bag||Dry Onions||56000||55000||55500||37000||38000||37500|
|Onions||Big bag||New Onions||40000||42000||41000||25000||26000||25500|
|Bush mango seed||(Ogbono)||1 big bag||100000||100000||95000||95000|
|Frozen food||Full chicken||Carton||14500||14000||15000||14500||13500||13500||15000||14000|
|Frozen food||Chicken lap||Carton||14000||14000||15000||14333.333333333||13000||15000||14000|
About Nairametrics Food Price Survey
Nairametrics Food Price Watch, is a bi-weekly Household Market Survey that covers the prices of major food items in Nigeria, with emphasis on five major markets in Lagos – Mushin market, Daleko market, Oyingbo market, Idi-Oro market, and Mile 12 market.
Nigeria’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.
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
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.
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.
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.
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.
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.
- 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.