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Exclusives

EXCLUSIVE: Best performing banks in Nigeria judging by the numbers

Nairametrics analysed the best banks in Nigeria based on their performance in 2020.

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Nigerian banks, Banks with the Highest Social Media Followers

The year 2020 was a remarkable year for the Nigerian banking industry as different policies such as the GSI policy, loan restructuring, etc., were issued in the industry’s favour. The industry became more competitive in the year, with each of the banks striving to increase its market size and revenue.

Tracking the public information of listed banks on the NSE, we analysed them based on popular metrics to determine the leading players in the industry. For the analysis, the full year 2020 results of the following banks were tracked: Access, FBN, FCMB, Fidelity, GTB, Jaiz, Stanbic IBTC, Sterling, Union, UBA, Wema, and Zenith Bank. Ecobank was not considered in the analysis as the bank operates efficiently in other markets besides Nigeria.

The key metrics considered in these analyses are Total Assets, Net Assets, Total Deposits, Profit After Tax, Return on Equity, and Return on Total Assets.

READ: Banks spend N12.2 billion on travel expenses in 2020

Leading Banks by Total Assets

An analysis of the combined assets of the 12 listed banks that have released their full-year (2020) results (Ecobank excluded) showed that the total assets increased by 27.9% from N38.7 trillion to N49.4 trillion. The increase indicates the stronger financial position of the banks.

Among the 12 banks listed in Nairametrics tracker, the following are the leading banks.

First position – Access Bank: N8.7 trillion
Second position – Zenith Bank: N8.5 trillion
Third position – UBA: N7.7 trillion
Fourth position – FBN Holdings: N7.7 trillion
Fifth Position – GTB: N4.9 trillion

Upshots – Access Bank and Zenith Bank maintained their positions as the banks with the highest total asset in 2020. UBA however, overlooked FBN to stand in the third position, while FBN declined to fourth on the list. Among the leading banks (FUGAZ), UBA had the highest year-on-year growth of 36.95% in 2020, while in the industry generally, Jaiz bank had the highest growth in total assets of 39.3%.

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Net Assets

The net asset represents the remainder when all liabilities have been subtracted from the bank’s total asset. It indicates the shareholders’ funds in the banks. Due to the depository nature of commercial banks and the ability of banks to greatly increase their liabilities, the metric is adopted by the CBN in assessing the banking sector’s ability to withstand credit losses.

The combined net asset of our 12 analysed banks increased by 17.9% in 2020 with the largest growth of 25.3% coming from Stanbic IBTC.
The leading banks based on net assets are:

First Position – Zenith Bank: N1.1 trillion
Second Position – Guaranty Trust Bank: N814.4 billion
Third Position – FBN Holdings: N765.2 billion
Fourth Position – Access Bank: N751.0 billion
Fifth Position – UBA: N724.1 billion

Upshots: It is observed that all the banks had significant increases in their net asset in 2020 while the top ones also maintained their positions. However, Union Bank and Wema Bank recorded the least growth in net assets with a 4.75% and 5.9% increase respectively. Zenith Bank’s net asset grew by 18.6%, Guaranty Trust Bank by 18.5%, FBNH by 15.7%, Access bank by 23.8%, and UBA by 21.1%.


Customer Deposits

Customer deposits remain one of the most competitive items in the banking sector since it is from deposits that loans are issued out and other investments are made.

Stanbic 728 x 90

The total customer deposits of the tracked banks increased by 32.1% in 2020. The bank with the highest growth in customer deposits during the period was UBA growing by 48.1%, from N3.8 trillion at the end of 2019 to N5.7 trillion as of April 31st, 2021.

The leading banks based on Customer Deposits are:

First Position – UBA: N5.7 trillion
Second Position – Access Bank: N5.6 trillion
Third Position – Zenith Bank: N5.3 trillion
Fourth Position – FBN Holdings: N4.9 trillion
Fifth Position – GTB: N3.5 trillion

Upshots: UBA grew significantly in 2020, moving from fourth place in 2019 to the bank with the highest customer deposits at the end of 2020. Generally, all the banks recorded customer deposits growth higher than 20% in 2020 with the exemption of Jaiz bank and sterling bank which grew by 7.2% and 6.5% respectively.


Profits After Tax

Due to the increased capacity seen in the growth of total assets of the banks, the banks under our radar delivered improved PAT except for Fidelity, and Wema Bank.

Banks that declared the most profits are;

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First Position – Zenith Bank: N230.6 billion
Second Position – Guaranty Trust Bank: N201.4 billion
Third Position – UBA: N113.7 billion
Fourth Position – Access bank: N106 billion
Fifth Position – Stanbic IBTC: N83.2 billion

Upshots: Zenith Bank and GTB outperformed their peers as done in previous years. Also, UBA again outgrew its 4th position in 2019 moving up the ladder to the third position at the end of 2020. However, in terms of growth in PAT, UBA also grew highest by 27.7% in the period under review.


Return on Equity

The return on equity is an important metric that shows the percentage of profit made on every N1 of the shareholders’ fund. It is used to measure the performance and efficiency of the banks.

This metric will show how well banks have maximised the increase in shareholders’ wealth they enjoyed in 2020.

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The leading banks based on ROE are

First Position – Guaranty Trust Bank: 26.8%
Second Position – Stanbic IBTC Holdings: 24.4%
Third Position – Zenith Bank: N22.4%
Fourth Position – Jaiz Bank: N17.4%
Fifth Position – UBA: 17.21%

Upshots- Sequel to the increase in total assets and PAT of GTB, the bank was able to achieve the greatest efficiency in the industry delivering a return rate of 26.8% to its shareholders.


Return on Assets

This metric measures the ability of a bank to sweat its assets and deliver the highest possible profits. In the earlier section of the report, we stated that banks recorded significant increase in their assets, however, the ROA was lower. The ROA is a better measure of efficiency since it takes into cognition the bank’s usage of customer’s deposits.

Best banks based on ROA are:

First Position – Guaranty Trust Bank: 4.6%
Second Position – Stanbic IBTC Holdings: 3.8%
Third Position – Zenith Bank: 3.1%
Fourth Position – UBA: 1.7%
Fifth Position – Jaiz Bank: 1.5%

Upshots: A similar result is seen in ROA just as seen in ROE. The average industry ROA was 2.05% and Access (1.3%), FBN (1.1%), FCMB (1.1%), Fidelity Bank (1.2%), Sterling bank (0.9%), Union bank (1.2%) and Wema bank (0.6%) all performed below the industry average.

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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Blurb

Is something fishy going on at Custodian Plc?

Custodian stock hit a year high just as it announced a Convertible Loan Instrument set to be approved at its AGM.

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Custodian Investment Plc. announces board meeting and closed period, Custodian Investment Plc. announces board meeting and closed period

Custodian Plc, one of the largest insurance companies in Nigeria is currently trading at a new year high of N7.10 and is up 21% year to date. Nairametrics Blurb team has in recent days noticed an upsurge in its share price especially since the company announced its AGM.

As we pen this article, about 2.9 million units have exchanged hand at a share price of N7.

The stock is included in the Pension Index and by some measure quite illiquid. It is also one of the stocks recommended in our Premium Service Stock Select Newsletter thus the need for further introspection.

READ: Buy what? GTBank vs Zenith Bank

Custodian Investment AGM

Typically, when companies announce AGMs we are keenly curious as this is where decisions that can ultimately affect shareholders (especially smaller retail investors) are approved.

In its recent filings, the company stated as follows in item 10.

That the Board of Directors of the Company be and is hereby authorised to:

(a) raise the Naira equivalent of up to $15,000,000.00 (Fifteen Million US Dollars), as additional capital through a convertible loan instrument;

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(b) convert the loan in the Naira equivalent of up to $15,000,000.00 (Fifteen Million US Dollars) into shares in the Company (the “Conversion Shares”) at a conversion price, being the higher of N6 per share or the 12-month historical average daily share price of the Company derived from the Daily Official List of The Nigerian Stock Exchange (for the period ending on March 23, 2021), subject to adjustment upon the occurrence of certain adjustment events;

(c) allot the Converted Shares to the Lender upon the exercise by the Lender of its right to convert the Loan into shares in the Company, subject to applicable law; and

(d) take steps necessary or reasonably desirable to give effect to the foregoing resolutions and for effecting any transactions pursuant thereto, including the appointment of professional advisers, and the obtention of relevant regulatory approvals.

READ: Notore Chemicals is swimming in debts – company to access equity market in Q2 2021

What this means?

In simple English, the directors of Custodian are seeking the approval of its shareholders to borrow $15 million (N6.1 billion) in convertible loan instrument.

Stanbic 728 x 90

A convertible loan instrument is simply a loan that you can convert into shares if the lender so wishes. The share price for conversion are predetermined and in this case, they stated N6 per share or the 12-month historical average daily share price of the company’s stock.

If the lender does decide to convert the loans to shares at the current share price of N6 per share, it means about 1 billion shares will be offered to the lender, an equivalent of 17.4% of the total outstanding shares of the company. This loan is in effect, a potential dilution of existing shareholders of the company if it is approved at the AGM.

So why is the company seeking a convertible loan or even diluting its shareholders?

READ: Gains on quoted investment stocks rescued Custodian Investment Plc from loss in Q3 2020

Fishing around for why

Typically when a company decides to raise money via a convertible loan instrument, they are looking for lower interest rates, debt that avoids the burden of periodic repayment, and/or looking to delay when the actual equity is issued. There are also tax considerations at play but not as significant as the ones mentioned above.

Except, Custodian is looking to purchase another asset, after it bought UPDC, we do not understand why it will be looking to raise capital huge enough to dilute existing shareholders. It also did not explain why it is seeking to raise the said capital in its AGM Notice, a slight departure from the norm in cases like this.

  • Custodian is also highly capitalized with a Net Asset of about N46 billion and a balance sheet size of N176.1 billion (after the acquisition of UPDC) as of 2020.
  • Suffice to add that the company recently paid shareholders about N2.6 billion in dividends, making us wonder why it is seeking to dilute shareholders when it could have just ploughed that amount to its capital raising needs.
  • In fact, the dividends paid in 2020 was just 21% of profits, meaning it had retained about N10 billion in profits made during the year. Again, why does it need N6.1 billion in loans?
  • Custodian also has a thriving insurance business which fetched it about N58 billion in gross premium income out of which N32 billion was from non-life. Again, why does it need N6.1 billion on convertible loans?
  • The company currently carries a debt of about N5.5 billion which was inherited from its acquisition of UPDC. The debt is mostly a bond issued at an interest rate of 16% per annum and due for full liquidation in 2023.
  • There is no rush to pay down this debt.

READ: NPF Microfinance vs C&I Leasing: A tale of two rights offer

What then?

We are lost as to why the company is looking to raise this capital and can only now think of two reasons. Firstly, could it be the existing shareholders looking to tighten their stake in the company? Custodian’s majority shareholders are Gratitude Capital Limited and Mikeade Investments Limited with 22.48% and 15.72% respectively.

  • The company CEO Oluwole Oshin represents Gratitude Capital while Business Mogul Micheal Ade (Elizade) owns Mikeade Investments Limited. Could it be either of these two investors looking to up their stakes?
  • There could also be a reason for this back door approach. About 74.5% of the company is owned by just 20 shareholders so it is clear that increasing majority stake will be difficult to achieve.
  • The other reason is perhaps an institutional investor looking to acquire a significant stake in the company through the backdoor. Is this plausible?

READ: Investors react to Fidelity’s bond listing, as it gains N1.74 billion

Well, these are speculations that only Cusdotian can confirm. We hope they do so as soon as possible.

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Continue Reading

Exclusives

Price of beans, pepper, tomatoes, surges in Lagos markets as local and foreign rice eases off

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

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Quality of local rice improves as food prices drop across major markets Prices of major household items on the high as weather condition limits harvest, Onions, Pepper, Yam, others increase across various Lagos markets as dealers lament low sales, Traders bag imported rice in local bags, as prices of onions, Ppepper, others drop

The prices of major food items, such as bags of beans, pepper, tomatoes, eggs amongst others have witnessed a significant surge in Lagos State markets, while the price of local and foreign rice record a slight decrease.

This is according to the latest market survey, carried out by Nairalytics Research – the research arm of Nairametrics. 

According to the report, a big bag of brown beans that was initially sold for an average of N33,500, rose by 3.7% to sell for an average of N34,750. Also, the price of a big bag of honey beans increased by 7.02% to sell for an average of N24,750.

READ: Exclusive: No more N100 a plate meal in Nigeria

Similarly, the price of a crate of egg, spiked by 12.7% to sell for an average of N1,438 compared to an initial average of N1,275, while a big basket of round shaped tomatoes now sells for an average of N8,000.

Meanwhile, the price of local and foreign rice has eased off, compared to the price recorded two weeks ago as Royal Stallion rice (foreign) now sells for an average of N24,500 as against an initial average of N25,375 while Mama’s Pride rice sells for an average of N22,625.

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

READ: CBN says monetary policy not to blame for rising food cost

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Items that witnessed price increase 

  • A 50kg bag of honey beans (Oloyin) that was sold for an average of N23,125 two weeks ago has recorded a 7.02% increase in price to sell for an average of N24,750. 
  • Also, a 50kg bag of white beans now sells for an average of N50,000. This represents a 1.4% increase when compared to an average of N49,333 recorded two weeks ago.
  • A bag of brown beans (50kg) that was initially sold for an average of N33,500 now sells for an average of N34,750 indicating an increase of 3.7%. 
  • A 50kg bag of white garri now sells for an average of N11,625 from an initial average of N10,750. This represents an increase of N8.14% in price. Also, a bag of yellow garri of the same size increased by 2.25% to sell for an average of N11,375.
  • Crate of egg that was initially sold for an average of N1,275, now sells for an average of N1,438 indicating a 12.7% increase in price.6% 
  • Refiling of household cooking gas also increased as a 12.5kg cylinder is now filled for an average of N4,700 as against an initial average of N3,975. This represents an increase of 18.2%.
  • Also, a 5kg cylinder that was initially filled for an average of N1,750, increased by 8.6% to an average of N1,900 in February 2021. 
  • A big basket of round shaped tomatoes now sells for an average of N8,000. A 33.3% increase, when compared to an average of N6,000, recorded two weeks ago.
  • The price of a medium-sized basket of round shaped tomatoes also surged by 50% to sell for an average of N4,500 while a small basket sells for an average of N2,500. 
  • A big bag of pepper now sells for an average of N117,000 compared to an initial average of N7,250 recorded in the last survey. The price of a medium-sized bag of pepper also increased by 114%% to sell for an average of N7,500. 
  • A nylon of Crayfish that was initially sold for an average of N14,750 has now increased by 13.6% in Lagos markets to sell for an average of N16,750.
  • The price of a 25 litres gallon of groundnut oil increased by 8.3% to sell for an average of N19,625 compared to an initial average of N18,125 while a 5 lires gallon sells for an average of N3,675.
  • A carton of Indomie noodles (Belle full) increased by 7.66% to sell for an average of N3.513 while a carton of Hungry man-size Indomie noodles currently sells for an average of N3,338.

READ: Nigeria’s inflation hits 16.47% as food prices soar to record high

Items that witnessed price decrease 

  • The price of a 50kg bag of Royal Stallion rice decreased by 3.4% to sell for an average of N24,500 compared to an initial average of N25,375.
  • A 50kg bag of Caprice also declined by 2.5% in price to sell for an average of N24,500 as against an initial average of N25,125. The price of Mama’s Pride rice dipped by 4.2% to sell for an average of N22,625.
  • A big sized tuber of yam that was initially sold for an average of N1,000 now sells for an average of N900 indicating a decline in price by 10%. 
  • Also, the price of a medium-sized tuber of yam also reduced by 4.3% to sell for an average of N563. 
  • The price of an 80kg bag of garri (Ijebu) decreased marginally by 1.7% to sell for an average of N14,125 as against an initial average of N14,375. 
  • A big basket of Irish potatoes now sells for an average of N15,500 compared to an initial average of N17,000 recorded two weeks ago. This represents an 8.8% decrease in price. 
  • The price of a big bag of yellow maize reduced by 7.6% to sell for an average of N22,750 while white maize of the same size sells for an average of N23,375. 
  • A big bag of melon now sells for an average of N43,000 representing a marginal decline from an initial average of N43,500 recorded in the previous report.
  • The price of a big bag of dry onions reduced by 24.2% to sell for an average of N12,500 compared to an initial average of N16,500, while a bag of new onion currently sells for an average of N10,500.

READ: Nigeria’s food Inflation rises by 110.5% in five years

Items that maintained initial prices

  • A big bag of bush mango seed (Ogbono) continues to sell for an average of N120,000, the same as recorded two weeks ago.
  • A big basket of sweet potatoes sells for an average of N6,500, the same as recorded in the previous report.
  • Also, the small basket and the smallest size basket of sweet potatoes still sell for an average of N725 and N350 respectively. 
  • A 50kg bag of Dangote flour sells for an average of N13,370, Honey well (N13,950), while Mama Gold sells for an average of N13,850.
  • A carton of full chicken sells for an average of N14,125, Chicken lap also sells for an average of N13,875 while a carton of turkey is sold for an average of N18,500. 
  • Amongst the list of food items that maintained their initial prices include: noodles, beverages, cocoa drinks, sugar, water, and juice. 

READ: Why onion has become the “new gold” in Nigeria

Special markets/items

  • The price of egg has been on the increase since December 2020 and has been attributed to the increasing price of Chicken and their feeds. In a conversation with an egg supplier at Daleko market, she explained to Nairalytics that the increase in the price of items used in the making of chicken feeds such as maize, soya beans has caused the unavoidable increase in the price of chicken, consequently affecting the cost of eggs.
  • Meanwhile, a visit to Daleko market in Lagos State revealed that members of the Nigerian Customs service raided the market and seized bags of foreign rice found in the market. This was disclosed by our correspondent in the market who preferred to remain anonymous. She explained that the Custom members came into the market in the middle of the night and carted with bags of foreign rice found in the market.
  • The recent action by the Nigerian Customs Service to curb illegal smuggling of foreign-made rice into the country caused a momentary increase in the price of foreign rice in Lagos markets and as such affected locally made rice, she explained.
  • The price of local and foreign-made rice have however reduced last week and a bag of locally produced rice currently sells for an average of N22,625 while a bag of foreign-made sells for an average of N24,500.

Market insights

  • The increase in the price of tomatoes was attributed to seasonal fluctuations. According to Mrs Salako a trader at Mile-12 market, she explained that “normally the price of tomatoes always spikes during raining season, and it is not a surprise to see the price go up as it has began to rain in most parts of Nigeria.”
  • The increase in the price of tomatoes and pepper came on the back similar increases recorded in the month of February when scarcity of the food item hit various markets in Lagos State as a result of the Northern traders embarking on strike action.
  • According to Mr. Lanre a tomatoes seller at the Mile 12 market in Lagos, he explained that the fresh food items were not transported into the market during this period. “we were not able to receive fresh tomatoes in February, because the union insisted that they will not bring in new products to the south, due to report of killings associated to Yoruba and Fulani herdsman”, He explained.
  • He also explained that a truck transporting goods from the north was destroyed and burnt down Sometime in the month of February, which further instigated the union to embark on strike action and deprive the South of food items. It is worth noting that the issue has been resolved and business has resumed to normal.
  • The increase in the price of crayfish was attributed to fluctuations due to seasonality. According to KC, a trader at Mile-12 market, he explained to Nairalytics that crayfish is currently scarce in the market as a result of the dry weather but hopes the price will normalize in the coming weeks as we enter into raining season.

READ: Household Survey: Palm Oil prices jack up as tomatoes and melon ease off

 

Stanbic 728 x 90
ItemsBrandUnitMUSHIN (11/3/2021)DALEKO (11/3/2021)OYINGBO (11/3/2021)MILE 12 (11/3/2021)Average MUSHIN (25/2/2021)DALEKO (25/2/2021)OYINGBO (25/2/2021)MILE 12 (25/2/2021)Average
Bag of RiceMama Gold10kg4400420042004100422544004200420041004225
Bag of RiceRoyal Stallion50Kg24000245002500024500245002550025000260002500025375
Bag of RiceRice Master10kg NA41004100 NA41004100
Bag of RiceMama Gold50kg22500220002250023000225002400024000245002450024250
Bag of RiceCaprice50kg24000245002500024500245002550025000250002500025125
Bag of RiceMama's Pride50kg22500230002250022500226252450024000230002300023625
Bag of BeansOloyin50kg24500240002650024000247502200024000250002150023125
Bag of BeansWhite50kg500005000050000500005000050000500004800049333.333333333
Bag of BeansBrown50kg35000350003500034000347503200035000350003200033500
Tuber of YamAbuja1 Big Size Tuber10009009008009001000900110010001000
Tuber of YamAbuja1 Medium Size Tuber550600550550562.5550600550650587.5
Carton of NoodlesIndomie305g (Belle full)35003450350036003512.532003250330033003262.5
Carton of NoodlesIndomie200g (Hungry man)33003400330033503337.532003200320032003200
Carton of NoodlesChikki100g2200220021002300220022002200210023002200
Carton of NoodlesMinimie70g19001750170018001787.519001750170018001787.5
Carton of NoodlesGolden Penny70g1700150016001600160017001500160016001600
Bag of GarriIjebu80kg14500135001450014000141251450014000145001450014375
Bag of GarriWhite50kg12000115001150011500116251050011000110001050010750
Bag of GarriYellow50kg11000115001150011500113751100011000115001100011125
Basket of PotatoSweetBig Basket6500650065006500
Basket of PotatoSweetSmall Basket700750725700750725
Basket of PotatosweetSmallest Basket400300350400300350
Basket of PotatoIrishBiggest Basket160001500015500180001600017000
Basket of PotatoIrishMedium Basket2000200022002200
Basket of PotatoIrishSmall Basket150014001450150014001450
Packet of PastaGolden Penny500g4400440043004200432544004400430042004325
Packet of PastaDangote500g4200430043004300427542004300430043004275
Packet of PastaPower (1 pc)500g250230250230240250230250230240
Packet of PastaBonita (1 pc)500g220230230220225220230230220225
Gallon of Palm OilLocal5 Litres2700260028002600267527002600280026002675
Gallon of Palm OilLocal25 Litres13000130001300013000130001300013000130001300013000
Gallon of Vegetable OilLocal5 Litres3700360038003600367536003600350035003550
Gallon of Vegetable OilLocal25 Litres19000200001950020000196251800018000180001850018125
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 PlaintainPlantain1 Big Bunch500600500600550500600500600550
Bag of FlourDangote50kg13600136001380014000137501360013600138001400013750
Bag of FlourHoney well50Kg14000136001400014200139501400013600140001420013950
Bag of FlourMama Gold50kg13800136001400014000138501380013600140001400013850
MilkPeak Powdered (Tin)400g12001300120012501237.512001300120012501237.5
Milkpeak Powdered(Tin)900g2800275027002750275028002750270027502750
MilkPeak milk (Refill)500g1200110012001200117512001100120012001175
MilkDano Powdered (Tin)500g1200120011001200117512001200110012001175
MilkDano Powdered(Tin)900g2600250024002500250026002500240025002500
MilkDano (Refill)500g100095010001000987.5100095010001000987.5
MilkThreeCrown (Refill)380g800750800750775800750800750775
MilkLoya Powdered (Tin)400g10001100110010501062.510001100110010501062.5
MilkLoya (Refill)400g900800850800837.5900800850800837.5
MilkCoast (Refill)500g750750750750750750750750750750
Cocoa BeveragesMilo (Tin)500g1500145015001450147515001450150014501475
Cocoa BeveragesMilo (Tin)1kg25002450240025002462.525002450240025002462.5
Cocoa BeveragesMilo Refill500g1100110010001100107511001100100011001075
Cocoa BeveragesBournvita Refill500g1300130012001300127513001300120013001275
Cocoa BeveragesBournvita (Plastic)900g2200220023002200222522002200230022002225
Cocoa BeveragesOvaltine Refill500g10009001000950962.510009001000950962.5
Cocoa BeveragesOvaltine(Plastic)500g15001500145014001462.515001500145014001462.5
CoffeeNescafe Classic50g600600600600600600600600600600
TeaLipton Yellow label52g300290300300297.5300290300300297.5
TeaTop tea52g300300300300300300300300300300
SugarSt' Louis Sugar(Cube)500g600600600550587.5600600600550587.5
SugarGolden Penny Sugar (cube)500g400350400400387.5400350400400387.5
BreadVal-U1 loaf450450450450450450450450450450
BreadButterfield1 loaf450450400450437.5450450400450437.5
EggN/ACrate14501400140015001437.513001200130013001275
Bottled Water (Refill)CwayRefill600650600600612.5600650600600612.5
Juice5 Alive1 litre550550550600562.5550550550600562.5
JuiceChivita1 litre550550600550562.5550550600550562.5
GasRefilling12.5kg4800480046004600470040004000390040003975
GasRefilling5kg2000190018001900190017001800180017001750
TomatoesBig Basketround shaped8000800060006000
TomatoesMedium Basketround shaped4500450030003000
TomatoesSmall Basketround shaped2500250015001500
TomatoesBig BasketOval ShapedNANA
TomatoesSmall BasketOval ShapedNANA
FishKote (Horse Mackerel)1 kg650600550600600650600600600612.5
FishTitus (Mackerel)1 kg600650550600600600650650650637.5
PepperBig bag170001700017000750070007250
PepperMedium bag700080007500350035003500
MaizeYellow23000230002200023000227502500025000235002500024625
MaizeWhite23000235002350023500233752500025000235002450024500
MelonBig bag440004200043000440004300043500
OnionsBig bagDry Onions130001200012500180001500016500
OnionsBig bagNew Onions100001100010500130001200012500
Bush mango seed(Ogbono)1 big bag120000120000120000120000
Frozen foodFull chickenCarton14000145001400014000141251400014500140001400014125
Frozen foodChicken lapCarton13500140001400014000138751350014000140001400013875
Frozen foodTurkeyCarton1800018500190001850018000185001900018500
CrayfishNylon165001700016750145001500014750

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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