The chart above is V-Shaped!
Nigeria’s Bureau of Statistics revealed on Tuesday that Nigeria reported a real GDP Growth rate of 0.11% for the fourth quarter of 2020, the first time following three consecutive quarters of negative GDP growth rate.
Why this matters
- A V-shaped recovery means the economy got out of a recession faster than expected.
- Several analysts had various predictions on what Nigeria’s economic recovery chart might look like. The predictions were between U, V, L, or W, shaped.
- This was also the headline of the Nairametrics Q3 2020 Economic Outlook Webinar where most of our panelists settled for a U-shaped recovery.
- Most analysts had opined that Nigeria’s GDP Growth rate will contract again in the 4th quarter of 2020 before eeking our growth in the first quarter of 2021.
- However, the latest GDP number indicates a GDP growth rate in the 4th quarter thus a V-shaped recovery.
At 0.11%, this is the slowest GDP Growth rate Nigeria has recorded since the GDP was rebased in 2011. In the second quarter of 2017 when Nigeria also exited a recession, the GDP Growth rate was 0.72% and was considered relatively tepid at the time.
Prices of local rice, onions, tomatoes, others crash as foreign rice continues to ease off
This report contains information on items that witnessed price increase, price decrease, as well as information on special markets and insights.
It appears Nigerians are in for good times in the new year, as the price of bags of local and foreign rice, onions, pepper, tomatoes, amongst others recorded a significant drop in price.
This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics.
The survey revealed that the price of a 50kg bag of locally produced rice dipped by 6.4% from an average of N25,375 recorded in December to an average of N23,750 while a bag of foreign rice of the same size now sells for an average of N24,500 as against an initial average of N26,125.
Also, the price of a bag of dry onions dropped by 77.5% to sell for an average of N21,500 compared to an initial average of N95,500 while the price of new onions crashed by 74.6% to sell for an average of 16,500.
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 big bag of melon that was sold for an average of N43,500 in December now sells for an average of N45,000. This represents an increase of 3.45% in three weeks.
- A nylon of crayfish now sells for an average of N14,250, representing an increase of 9.6% compared to an initial average of N13,000.
- The price of a big tuber of yam spiked by 31.2% to sell for an average of N1,000 as against an initial average of N763.
- Also, a medium-sized tuber of yam now sells for an average of N588, indicating an increase of 11.9% compared to an initial average of N525.
- A big basket of sweet potatoes that was sold for an initial average of N5,500, witnessed an increase of 9.1% to sell for an average of N6,000.
- The price of a small-sized basket increased by 3.6% to sell for an average of N727 from an initial average of N700.
- Also, a big basket of Irish potatoes now sells for an average of 25,000 as against an initial average of N20,000. This represents an increase of 25% in three weeks.
Items that witnessed price decrease
- A big basket of round shaped tomatoes that was sold for an average of N15,000 in December, now sells for an average of N6,500. This represents a price decrease of 56.7% in three weeks.
- Also, the price of a medium-sized basket of round shaped tomatoes reduced by 64.7% to sell for an average of N3,000 as against an initial average of N8,500.
- A big bag of pepper now sells for an average of N7,750. This is 61.3% lower than an average of N20,000 recorded in December while a medium-sized bag currently sells for an average of N3,750 as opposed to an initial average of N10,000.
- A 50kg bag of brown beans currently sells for an average of N30,000, representing a 27.7% decline in price compared to an initial average of N41,500.
- The price of a 10kg bag of Mama Gold rice dipped by 8.3% to sell for an average of N4,400 compared to an initial average of N4,800.
- Also, a 50kg bag of Royal Stallion rice that was initially sold for an average of N26,125 now sells for an average of N24,500 while Mama Gold rice of the same size sells for an average of N24,875 as against an initial average of 26,125.
- The price of a carton of full chicken recorded a marginal decrease of 0.29% to sell for an average of N14,125 compared to an initial average of N14,167.
- A big bag of Bush mango seeds (Ogbono) that was sold for an average of N115,000 during Christmas festivity, now sells for an average of N105,000. This represents a price decrease of 8.7%.
Items that maintained initial prices
- A crate of eggs continues to sell for an average of N1,200, the same as recorded in December.
- A big bag of yellow maize is still sold for an average of N20,167, while a bag of white maize costs an average of N20,000.
- A bag of yellow maize sells for an average of N23,333, the same as recorded in December, while white maize of the same size still sells for an average of N23,167.
- A 50kg bag of Honey well and Mama Gold flour sells for N13,950 and N13,850 respectively, while a bag of Dangote flour sells for an average of N13,750.
- Horse fish (Kote) and Titus fish still sell for an average of N613 and 638 respectively across markets in Lagos.
- A 50kg bag of garri (Ijebu) still sells for an average of N14,375, while white and yellow garri sell for an average of N10,750 and N11,125 respectively.
- Amongst the list of food items that maintained their initial prices include: noodles, beverages, cocoa drinks, sugar, water, and juice.
- A 12.5kg cylinder of cooking gas is filled for an average of N3,975, while a 5kg cylinder is filled for an average of N1,750.
- Several customers were sighted at Mile-12 market negotiating and transacting with traders at different units of the market as the prices of most food items recorded a significant decline in price compared to the just-concluded year.
- In an interview with a tomato seller at Mushin market, Mr. Bala, explained that the decline in the price of tomatoes is due to seasonal fluctuations and increased supply of the food item.
- He stated that there has been a huge amount of harvest during this period, which has caused an increased supply of tomatoes coming from the north, and as a result driving the price of the commodity downwards. He however mentioned that oval-shaped tomatoes are not currently in the market, only round-shaped tomatoes were harvested and supplied to the market.
- The price of foreign rice has continued to witness a significant decrease in the past four weeks, largely due to the reopening of some land borders across the country. Also, the price of locally produced rice trickled down last week due to the new influx of foreign rice.
- According to our correspondent at Daleko market, Mrs. Oladayo, she explained that foreign-made rice is of two types for each of the brands, long and short. A 50kg of the long grain of rice sells for an average of N24,000 in the market, while the bag of short grains sells for an average of N24,000.
- Although, a 50kg bag of Big Bull rice sells for an of N24,000 some Nigerian made rice are now selling for as low as N18,000 and N17,000. She however warned that some of these brands are quite stony. For example, Zainab rice sells for an average of N17,000 at Daleko market.
- In an interactive session with an Onion seller at Mile-12 market, it was revealed that the reason for the significant nosedive in the price of onions was due to bountiful harvest towards the end of December.
- According to Muhammed, he said this is a period for onion harvest and it is only normal for the price to decline, although it seemed like a significant decline due to the irregular hike witnessed in the price of onions last year as a result of some string of events, such as insecurity, lack of harvest, etc.
- He further mentioned that the reduction in the price of onions is a very positive development for the year, considering the hardship experienced by many Nigerians during the past year.
- “We are happy that the price of onions and other food items have dropped in recent times and we hope it continues this way, because the lesser the price, the more customers are likely to buy,” He added.
- In a bid to understand the cause of the increase in the price of potatoes, Mr. Audu explained to Nairalytics that the price of potatoes increased due to the effect of seasonal fluctuations.
|Items||Brand||Unit||MUSHIN (7/1/2021)||DALEKO (7/1/2021)||OYINGBO (7/1/2021)||MILE 12 (7/1/2021)||Average||MUSHIN (17/12/2020)||DALEKO (17/12/2020)||OYINGBO (17/12/2020)||MILE 12 (17/12/2020)||Average|
|Bag of Rice||Mama Gold||10kg||4400||4200||4500||4500||4400||4600||4800||4800||5000||4800|
|Bag of Rice||Royal Stallion||50Kg||25000||24000||25000||24000||24500||26000||25500||26000||27000||26125|
|Bag of Rice||Rice Master||10kg||NA||4300||4300||5000||NA||4500||4750|
|Bag of Rice||Mama Gold||50kg||25000||24000||24500||26000||24875||26000||25500||26000||27000||26125|
|Bag of Rice||Caprice||50kg||25000||22000||24000||25000||24000||26000||25500||26000||27000||26125|
|Bag of Rice||Mama's Pride||50kg||23000||24000||24000||24000||23750||25500||25000||25000||26000||25375|
|Bag of Beans||Oloyin||50kg||20000||21000||20000||20333.333333333||20000||21000||21000||20000||20500|
|Bag of Beans||White||50kg||40000||45000||43000||42666.666666667||40000||43000||45000||43000||42750|
|Bag of Beans||Brown||50kg||32000||30000||30000||28000||30000||43000||38000||42000||43000||41500|
|Tuber of Yam||Abuja||1 Big Size Tuber||1000||900||1100||1000||1000||800||750||700||800||762.5|
|Tuber of Yam||Abuja||1 Medium Size Tuber||550||600||550||650||587.5||550||500||550||500||525|
|Carton of Noodles||Indomie||305g (Belle full)||3200||3250||3300||3300||3262.5||3200||3250||3300||3300||3262.5|
|Carton of Noodles||Indomie||200g (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||80kg||14500||14000||14500||14500||14375||14500||14000||14500||14500||14375|
|Bag of Garri||White||50kg||10500||11000||11000||10500||10750||10500||11000||11000||10500||10750|
|Bag of Garri||Yellow||50kg||11000||11000||11500||11000||11125||11000||11000||11500||11000||11125|
|Basket of Potato||Sweet||Big Basket||6000||6000||5500||5500|
|Basket of Potato||Sweet||Small Basket||700||750||725||700||700||700|
|Basket of Potato||sweet||Smallest Basket||400||300||350||400||250||325|
|Basket of Potato||Irish||Biggest Basket||25000||25000||25000||20000||20000||20000|
|Basket of Potato||Irish||Medium Basket||2600||2600||2500||2500|
|Basket of Potato||Irish||Small Basket||1700||1600||1650||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||4300||4300||4300||4275||4200||4300||4300||4300||4275|
|Packet of Pasta||Power (1 pc)||500g||250||230||250||230||240||250||230||250||230||240|
|Packet of Pasta||Bonita (1 pc)||500g||220||230||230||220||225||220||230||230||220||225|
|Gallon of Palm Oil||Local||5 Litres||2700||2600||2800||2600||2675||2700||2600||2800||2600||2675|
|Gallon of Palm Oil||Local||25 Litres||13000||13000||13000||13000||13000||13000||13000||13000||13000||13000|
|Gallon of Vegetable Oil||Local||5 Litres||3400||3400||3500||3400||3425||3400||3400||3500||3400||3425|
|Gallon of Vegetable Oil||Local||25 Litres||16000||17000||17000||16500||16625||16000||17000||17000||16500||16625|
|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 Plaintain||Plantain||1 Big Bunch||500||600||500||600||550||500||600||500||600||550|
|Bag of Flour||Dangote||50kg||13600||13600||13800||14000||13750||13600||13600||13800||14000||13750|
|Bag of Flour||Honey well||50Kg||14000||13600||14000||14200||13950||14000||13600||14000||14200||13950|
|Bag of Flour||Mama Gold||50kg||13800||13600||14000||14000||13850||13800||13600||14000||14000||13850|
|Milk||Peak Powdered (Tin)||400g||1200||1300||1200||1250||1237.5||1200||1300||1200||1250||1237.5|
|Milk||Peak milk (Refill)||500g||1200||1100||1200||1200||1175||1200||1100||1200||1200||1175|
|Milk||Dano Powdered (Tin)||500g||1200||1200||1100||1200||1175||1200||1200||1100||1200||1175|
|Milk||Loya Powdered (Tin)||400g||1000||1100||1100||1050||1062.5||1000||1100||1100||1050||1062.5|
|Cocoa Beverages||Milo (Tin)||500g||1500||1450||1500||1450||1475||1500||1450||1500||1450||1475|
|Cocoa Beverages||Milo (Tin)||1kg||2500||2450||2400||2500||2462.5||2500||2450||2400||2500||2462.5|
|Cocoa Beverages||Milo Refill||500g||1100||1100||1000||1100||1075||1100||1100||1000||1100||1075|
|Cocoa Beverages||Bournvita Refill||500g||1300||1300||1200||1300||1275||1300||1300||1200||1300||1275|
|Cocoa Beverages||Bournvita (Plastic)||900g||2200||2200||2300||2200||2225||2200||2200||2300||2200||2225|
|Cocoa Beverages||Ovaltine Refill||500g||1000||900||1000||950||962.5||1000||900||1000||950||962.5|
|Tea||Lipton Yellow label||52g||300||290||300||300||297.5||300||290||300||300||297.5|
|Sugar||St' Louis Sugar(Cube)||500g||600||600||600||550||587.5||600||600||600||550||587.5|
|Sugar||Golden Penny Sugar (cube)||500g||400||350||400||400||387.5||400||350||400||400||387.5|
|Bottled Water (Refill)||Cway||Refill||600||650||600||600||612.5||600||650||600||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||6500||6500||15000||15000|
|Tomatoes||Medium Basket||round shaped||3000||3000||8500||8500|
|Tomatoes||Small Basket||round shaped||2500||2500||5500||5500|
|Tomatoes||Big Basket||Oval Shaped||NA||10000||10000|
|Tomatoes||Small Basket||Oval Shaped||NA||6000||6000|
|Fish||Kote (Horse Mackerel)||1 kg||650||600||600||600||612.5||650||600||600||600||612.5|
|Fish||Titus (Mackerel)||1 kg||600||650||650||650||637.5||600||650||650||650||637.5|
|Onions||Big bag||Dry Onions||26000||17000||21500||94000||97000||95500|
|Onions||Big bag||New Onions||20000||13000||16500||65000||65000||65000|
|Bush mango seed||(Ogbono)||1 big bag||105000||105000||115000||115000|
|Frozen food||Full chicken||Carton||14000||14500||14000||14000||14125||14500||14000||14000||14166.666666667|
|Frozen food||Chicken lap||Carton||13500||14000||14000||14000||13875||14000||14000||14000||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.
Poultry owners lament low patronage, as price of chickens jump by 40% during Christmas
The price of Chicken witnessed an average of 40% increase this December when compared to the corresponding period of 2019.
Poultry owners in Nigeria are not having a swell time in this year’s festive period, as sales of live chickens dropped significantly.
According to the special edition of the Christmas Household Survey conducted by Nairalytics Research, the price of Chicken witnessed an average of 40% increase this December when compared to the corresponding period of 2019, as more Nigerians switched to frozen food items.
According to this survey, the high cost of Chickens in this year’s festive period across major markets in Lagos State, was significantly driven by the high cost of poultry feeds. Major poultry farmers and chicken sellers lamented the hike in price of chicken this Christmas period and attributed it to the increase in the cost of poultry feeds.
- Customers now prefer to buy frozen food items instead of regular chicken due to the increase in the price of chickens.
- The price of a carton of frozen Chicken, however, recorded a marginal increase in price from N15,000 recorded last week to N15,500 on Thursday 24th December 2020.
- Price of poultry feeds has gone up by 50% compared to the previous year.
- High demand for the materials used in making the feeds such as maize and soya caused the significant increase in price of poultry feeds.
Current prices of chicken
- Broiler – N7,000
- Layers – N5,000
- Small layers – N2,200
- Cockrel – N5,000
Frozen food (1kg)
- Full Chicken – N2,000
- Orobo Chicken – N1,500
- Turkey – N1,900
Poultry Market Insights
According to Mrs. Olaoluwa, a Chicken trader at Iddo, Lagos explained to Nairalytics that sales have trickled down this year owing to the incessant increase in the prices of chicken in the market.
She further explained that the general increase in the price of poultry items has significantly affected turnover this year as many consumers are opting to buy frozen foods rather than live Chicken.
- “Despite already celebrating Christmas, you can see our large stock and low turn out of people, customers now prefer frozen chicken and turkey.”
A Broiler Chicken, which was sold for at most N5,000 last December now sells for an average of N7,000 this year, representing 40% increase in price.
A big sized layer that was sold for an average of N3,000 last year, now sells for N5,000 in the market, representing an increase of 66.7% in price.
In a conversation with Mr. Adeyemi Adekoya of Uphill Farms Limited, he explained that the various types of animal feed have gone up significantly within the year. For example, Hybrid feed that was sold for an average of N2,800 last year December now sells for an average of N4,200 while animal care now sells for an average of N4,200 as against N2,800 last December.
- “The increase in the cost of growing our birds has necessitated the unavoidable increase in the price of our chickens.”
He opined that although the price of these materials is beginning to reduce in recent times, he does not see the price of feeds easing, because in Nigeria nothing goes up and comes back to normal.
Mr. Sanni Rasheed of TAK Poultry Farm also confirmed that the price of poultry feeds is the major cause of the significant hike in price of Chicken across major poultry farms in Nigeria. He explained that there are about 6 different types of feeds namely; Broiler starter, Chicks, Layer feed, Grower, Super starter, and Finisher.
According to him, the highest cost of feed as at December 2019 was N3,750, which now sells for an average of N5,400, representing a 44% increase in price. He also mentioned that the price of feeds changes constantly, which makes it difficult for poultry farmers to make adequate planning and maintain their business models.
Furthermore, he explained that the huge demand for the raw materials (Maize and Soya) has contributed to the significant increase of the feeds. Some of the industries he mentioned that demand for maize are the Brewery industry and some consumer goods manufacturers.
To sample the feel of sales of frozen food items, Nairalytics visited Oshodi Market. Speaking to Mrs. Iwezu of God’s Anointed Frozen Foods Venture, she told Nairalytics that she believes more people bought live Chicken this Christmas and only used frozen food items as compliments.
She said due to the taste live Chicken brings to food, many Nigerians prefer to buy it instead of frozen food items. She, however, stated that a full Chicken (1kg) is sold for an average of N2,000, 33.3% increase when compared to N1,500 recorded last December.
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