January 20, 2021

Prices of Rice ,Beans ,Pepper ,Others Jump As Ghana Tomatoes Flood Lagos markets

11 min read

ANALYSIS

Prices of rice, beans, pepper, others jump, as “Ghana tomatoes” flood Lagos markets
New tomatoes, described as oval-shaped “Ghana tomatoes,” have flooded Lagos markets.

Published 19 hours ago on September 1, 2020 By Research Team Alert: Tomato prices are up by over 80% in these Lagos markets

Prices of household items maintained an upward trajectory in the month of August across Lagos markets, as Nigerians continue to grapple with the impact of the COVID-19 pandemic and seasonal fluctuations of major food items.

According to the latest Household Market Survey carried out by Nairametrics Research, food items which include rice, beans pepper, palm oil, frozen turkey and garri (cassava flakes) all recorded significant price upsurges in the month of August 2020.

In the latest report, a big bag of pepper jumped by 73.3% to sell for an average of N13,000, from N7,500 two weeks ago. Similarly, a 50kg bag of locally made rice that was initially sold for an average of N23,125 now sells for an average of N24,000, indicating an increase of 3.78%. A big bag of dry onions that was initially sold for an average of N30,000 now costs an average of N35,500, while a carton of turkey increased by 15.1% to sell for an average of N16,350.

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

Meanwhile, new tomatoes, described as oval-shaped “Ghana tomatoes,” have flooded Lagos markets, thereby driving prices down. According to the latest survey, the average price of tomatoes eased off as a big basket of oval-shaped tomatoes recorded a 24.1% decline in price to sell for an average of N11,000.

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Details of items that recorded increases in their prices, items that recorded price declines, items that maintained the same prices, and key insights were included in the report.

Items that witnessed price increase
Some of the items that recorded significant price increase in the past two weeks include:
• A 50kg bag of locally made rice (Mama’s Pride) that was initially sold for an average of N23,125 now sells for an average of N24,000 indicating an increase of 3.78%.
• A big bag of pepper increased by 73.33% to sell for an average of N13,000 as against N7,500 recorded two weeks ago, while a medium-sized bag now sells for an average of N6,500 compared to an initial N4,500.
• A big bag of brown beans now sells for an average of N30,375 compared to an initial average of N29,625.
• A big bag of bush mango seeds (Ogbono), which was initially sold for an average of N95,000 now sells for N100,000, representing a 5.26% increase in two weeks.
• A carton of frozen turkey increased by 15.14% to sell for an average of N16,350 from an initial average of N14,200 recorded two weeks ago.
• A 50kg bag of Royal Stallion rice increased by 1.15% from an average of N29,000 to sell for an average of N29,333.
• A big bag of dry onions, which sold for N30,000 two weeks ago now sells for an average of N35,000. This indicates an increase of 18.33% in two weeks.
• A 50kg bag of Ijebu garri has increased by 5.61% to sell for an average of N14,125 compared to N13,375 recorded earlier in August.

READ: Local rice floods major markets in Nigeria, as frozen food sellers lament low patronage

Items that recorded decrease in price
• The price of a medium basket of round shaped tomatoes reduced by 17.65% to sell for an average of N7,000 compared to an initial average of N8,500.
• A big basket of round shaped tomatoes now sells for an average of N11,000 as against N14,500 previously recorded.
• Oval shaped tomatoes (big basket) sell for an average of N7,000 from an initial value of N12,000 indicating 41.67% reduction in price.
• A big bag of melon seeds now sells for an average of N37,500, a reduction of 19.35% compared to an average of N46,500 recorded two weeks ago.
• A 50kg bag of white beans reduced marginally by 1.17% to sell for an average of N31,625 as against N32,000 earlier recorded.
• The price of a 25-litre gallon of palm oil reduced by 6.73% to sell for an average of N12,125 compared to an initial average of N13,000.
• Also, a 5-litre gallon of palm oil currently sells for an average of N2,425, a 3.96% reduction in price compared to an initial average of N2,525.

READ: Quality of local rice improves as food prices drop across major markets

Items that maintained initial prices
Household items that maintained their initial prices include yam, milk, cocoa beverages, and flour.
• A big sized tuber of yam still continues to sell for an average of N900, while a medium-sized tuber sells for an average of N675.
• A 50kg bag of brown beans (Oloyin) still sells for an average of N20,375.
• A 400g tin of Peak Powdered milk continues to sell for an average of N1,200, while 900g still sells for an average of N2,363.
• A bag (50kg) of Dangote flour sells for an average of N11,067, while Honeywell sells for N11,525.
• 500g and 900g tins of Milo still sell for an average of N1,038 and N2,125 respectively.
• A bag of yellow maize sells for an average of N19,667 while white maize also maintains an average of N19,000.
• The prices of Kote and Titus fish continue to sell for N563 and 575 respectively.
• The various sizes of noodles maintained their initial prices; 305g Indomie (N3,150), 210g Indomie (N3,200), 100g Chikki (N2,150).

READ: FAAC disagrees over revenue allocation for FG, States, LGs

Special market/Items
• New tomatoes, described as oval-shaped tomatoes imported from Ghana, were sighted also at Mile-12 and Mushin markets, selling for between N5,500 and N6,000.
• A visit to Mushin market showed that customers prefer to buy the oval-shaped tomatoes from Mushin market compared to Mile-12 market. According to a trader at Mushin market, “A small basket of oval-shaped tomatoes sells within the range of N800 and N1,000 from which four of it, is equivalent to the basket sold at Mile-12 market for an average of N5,000, indicating a difference of at least N1,000.
• Pepper sellers at Mile-12 market told Nairametrics’ research team that the price of pepper changes frequently depending on the time of the day. A big bag was sold for an average of N13,000 in the morning while later in the day it reduced to sell for as low as N9,000 depending on the negotiating power of the buyer.

READ: Manufacturing sector in Nigeria and the reality of a “new normal”

economic outlook
Market Insights
• Despite the gradual easing of lockdown measures in the country, prices of major food items continue to be on a steady rise across most markets in Lagos State. For instance, a 50kg bag of Ijebu garri, which was sold for an average of N6,700 in March now sells for an average of N14,125. Also, A bag of white garri was sold for an average of N7,500 in March and now sells for an average of N12,375, while yellow garri now sells for an average of N12,000 as against N7,750 recorded in March.
• New onions were sighted at Mile 12 market after months of scarcity in the various markets of Lagos State. The new influx, however, surfaced with an increase in price as a big bag now sells for an average of N26,000 compared to N20,000 recorded the last time.
• Dry onions likewise increased by 18.33% from an initial average of N30,000 to sell for N35,500 as traders hinted that prices could go higher in the coming weeks. While speaking to a major onion trader at Mile-12 market, Mr. Musa, Nairametrics research learnt that although there is a high supply of the items in the market, the price increase is actually from the North where they are being transported from due to the season.

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Items Brand Unit MUSHIN (27/08/2020) DALEKO (27/08/2020) OYINGBO (27/08/2020) MILE 12 (27/08/2020) Average MUSHIN (13/08/2020) DALEKO (13/08/2020) OYINGBO (13/08/2020) MILE 12 (13/08/2020) Average
Bag of Rice Basmati 5kg NA NA NA NA NA NA NA NA
Bag of Rice Mama Gold 10kg NA 4000 4500 4700 4400 NA 4000 4500 4700 4400
Bag of Rice Royal Stallion 50Kg 30000 NA 29000 29000 29333.333333333 30000 NA 29000 28000 29000
Bag of Rice Rice Master 10kg 4000 NA 4000 4000 4000 NA 4000 4000
Bag of Rice Mama Gold 50kg 25000 23500 25000 24000 24375 25000 22500 25000 24000 24125
Bag of Rice Caprice 50kg 30000 NA 29000 29000 29333.333333333 30000 NA 29000 29000 29333.333333333
Bag of Rice Mama’s Pride 50kg 25000 24000 23000 24000 24000 25000 21000 22500 24000 23125
Bag of Rice Falcon 25kg NA NA NA NA NA NA
Bag of Beans Oloyin 50kg 20000 19500 20000 22000 20375 20000 19500 20000 22000 20375
Bag of Beans White 50kg 30000 29500 35000 32000 31625 NA 29000 35000 32000 32000
Showing 1 to 10 of 92 entriesPreviousNext
About Nairametrics Food Price Survey
Nairametrics Food Price Watch is a bi-weekly household market survey that covers the prices of major food items, with emphasis on five major markets in Lagos – Mushin market, Daleko market, Oyingbo market, Idi-Oro market, and Mile 12 market.

Related
Tomatoes, pepper prices crash across major markets, as local rice continues to ease-off
January 14, 2020
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Eid-El-Kabir: Food prices surge, as ram traders decry low patronage
July 28, 2020
In “Research Analysis”
Household Survey: Nigerians dump imported rice, others, as prices jump high
September 30, 2019
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RELATED TOPICS:BUSINESS NEWSFEATUREDGHANA TOMATOESMARKET SURVEY
Research Team 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.CLICK TO COMMENT
RESEARCH ANALYSISInvestors flee Nigerian Stocks as FDI and FPI dips
The analysis revealed that Institutional Foreign Outflow outperformed Foreign Inflow by N7.19 billion.

Published 17 hours ago on September 1, 2020 By Research Team Investors flee Nigerian Stocks as FDI and FPI dips

Total domestic and foreign portfolio investment (FPI) transactions as at 31 July 2020, decreased by 19.92% from N128.88 billion (about $333.25million) in June 2020 to N103.21 billion (about $265.55million) in July 2020.

This is according to the Nigerian Stock Exchange polls on trading figures from market operators on their Domestic and Foreign Portfolio Investment (FPI) flows.

Compared with the corresponding month in the previous year, July 2019 (N113.47 billion), the performance of the current month indicated that total transactions decreased by 9.04%. In July 2020, the total value of transactions completed by Domestic Investors surpassed that of the total value of transactions completed by Foreign Investors by 32.98% as depicted in Figure 1 below.

READ: Banks’ loans to private sector increase by N3.50 trillion in one year – CBN

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Figure 1: Domestic and Foreign Portfolio Investment
Analysis
In this instance, total transactions completed between the current, July and previous, June, month, 2020 indicated that total domestic transactions declined by only 5.40% from N72.54billion in June to N68.62 billion in July. However, total foreign transactions declined significantly by 38.60% from N56.34 billion (about $90.89million) to N34.59 billion (about $89.00million) between June and July 2020. Compared with the corresponding month in the previous period, total transactions completed indicated that total domestic transactions increased by 23.22% from N55.69 billion in July 2019 to N68.62 billion in July 2020. However, total transactions completed indicated that total foreign transactions decreased by 40.13% from N50.92 billion in July 2019 to N33.51 billion in July 2020.

READ: Nigeria to post bigger contraction in Q3, as PMI deeps further

For domestic transactions, the analysis revealed that Institutional Investors outperformed Retail Investors by N3.54 billion. A comparison of domestic transactions in the current and prior month (June 2020) revealed that retail transactions increased moderately by 0.62% from N32.34 billion in June 2020 to N32.54 billion in July 2020; while the institutional composition of the domestic market decreased by 10.25% from N40.20 billion in June 2020 to N36.08 billion in July 2020.

READ: Foreign portfolio transactions drop by N280 billion

For foreign transactions, the analysis revealed that Institutional Foreign Outflow outperformed Foreign Inflow by N7.19 billion. A comparison of foreign transactions in the current and prior month (June 2020) revealed that both Foreign Inflow and Outflow decreased sharply by 45.79% (from N25.27 to N13.7 billion) and 32.76% (from N31.07 to 20.89 billion) respectively. Transactions increased moderately by 0.62% from N32.34 billion in June 2020 to N32.54 billion in July 2020; while the institutional composition of the domestic market decreased by 10.25% from N40.20 billion in June, 2020 to N36.08 billion in July, 2020.

READ: Corruption probe: NDDC claims to have spent N81.5 billion in 7 months

Over a six (6) year period, based on the data available, analysis indicated that domestic transactions decreased by 69.09% from N167.77 billion in July, 2014 to N68.62 billion in July, 2020; while foreign transactions decreased by 38.70% from N56.42 billion in July, 2014 to N34.59 billion in July, 2020. Total domestic transactions accounted for 66.49% of the total transactions carried out in July, 2020, while foreign transactions accounted for 33.51% of the total transactions in the same period.

Get relevant financial data from Nairalytics

economic outlook
Key highlights
Total domestic transactions completed year to date (YTD) is about N55 billion.
Total foreign transactions completed YTD is about N22 billion.
Foreign Inflow has decreased by 71.30% since the last rise in September, 2019.
Foreign Outflow has decreased by 76.18% since the last rise in March, 2020.
Domestic Retail has decreased by 45.97% since the last rise in March, 2020.
Domestic Institutional has decreased by 50.21% since the last rise in March, 2020.
Total domestic and foreign transactions have decreased by 57.51% since the last rise in March, 2020.

CONTINUE READING RESEARCH ANALYSISNigerian Macro-Economic Indices in one Page
A compilation of leading economic indicators from Nigeria.

Published 2 days ago on August 31, 2020 By Research Team Bank run: Customers besiege banks on first day of partial lifting of lock down

The datasheet contains a summary sheet of the key economic indicators in Nigeria. It is updated weekly by the Nairalytics team, a research unit of Nairametrics.

Leading Economic Indicators 25
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Data Set Latest Previous Source Period Frequency
General
Inflation Rate 12.82% 12.56% NBS July’ 2020 Monthly
GDP Growth Rate -6.10% 1.87% NBS Apr – June 2020 Quarterly
Unemployment Rate 27.10% 23.10% NBS Apr – June 2020 Quarterly
MPR 12.5% 12.5% CBN June’ 2020 Monthly
Balance of Trade (N ‘billions) -138.99 -579.06 NBS Jan – Mar 2020 Quarterly
GDP
GDP Growth Rate -6.10% 1.87% NBS Apr – June 2020 Quarterly
GDP Annual Growth Rate 2.27% 1.94% NBS 2019 Annually
Labour Stats Frequency
Unemployment Rate 27.10% 23.10% NBS Apr – June 2020 Quarterly
Underemployment Rate 28.60% 20.10% NBS Apr – June 2020 Quarterly
Labour force – in thousands 80,292 90,471 NBS Apr – June 2020 Quarterly
Fully Employed Persons – in thousands 35,585 51,327 NBS Apr – June 2020 Quarterly
Underemployed Persons – in thousands 22,942 18,216 NBS Apr – June 2020 Quarterly
Unemployed Persons – in thousands 21,765 20,928 NBS Apr – June 2020 Quarterly
Youth Unemployment Rate 34.9% 29.7% NBS Apr – June 2020 Quarterly
Prices Frequency
Inflation Rate 12.82% 12.56% NBS July’ 2020 Monthly
Core Inflation Rate 10.10% 10.13% NBS July’ 2020 Monthly
Food Inflation 15.48% 15.18% NBS July’ 2020 Monthly
Inflation Rate MoM 1.25% 1.21% NBS July’ 2020 Monthly
Monetary Stats Frequency
MPR 13% 13% CBN July’ 2020 Monthly
Cash Reserve Ratio 27.50% 27.50% CBN July’ 2020 Monthly

Data Set

Latest

Previous

Source

Period

Frequency
Showing 1 to 25 of 79 entriesFirstPrevious1234NextLast

CONTINUE READING RESEARCH ANALYSISNigeria Coronanomics Dashboard – Week 35
A dashboard of key market and macroeconomic numbers defined by the Coronavirus.

Published 2 days ago on August 31, 2020 By Research Team Nigeria blows past 40,000 COVID-19 cases

The Nigerian Economy last week – Dashboard
Total Coronavirus count – Cases 53,727, Death 1,011 (1.88%), Recovered 41,314 (76.9%).
Macro data – The Nigerian economy contracted by 6.1% in real terms (Q2 2020)
External Reserves – Nigeria External reserve grew by 0.16% from $35.61 billion recorded on the 21st of August 2020 to $35.66 billion on 27th August 2020.
Exchange Rate – Naira to USD in the parallel market was pegged at N477/$1 during the week. NAFEX Rate N385.7
Nigerian Stocks – NSE All-share index grew by +0.35% from 25,221.87 to 25,309.37 basis points.
Highest gainers – University Press +31.45%, FTN Cocoa +20%, Champion Brew +19.23%, NEM Insurance +14.97%.
Highest Losers – Beta Glass -9.99%, Arbico -9.52%, C&I Leasing -9.09%, Consolidated Hallmark -8.11%.
Marked down – Custodian Investment and Northern Nig. Flour Mills (means it closed register for payment of dividends).
Next Markdown – Lasaco Assurance, Tripple Gee,
Paying Dividend this week – Custodian Investments, Smart Products.
Data Expected this week – Foreign trade Q2 2020
The world last week – Dashboard
Total Coronavirus count worldwide; Cases 25,142,321, Death 845,578 (3.36%), Recovered 17,479,673 (69.5%).
Unemployment around the world – Chile’s unemployment rate hits a new record of 13.1%.
Going Bankrupt – Trump International Hotel
Fighting for its life – J.Jill, Destination XL, Christopher & Banks
US Stocks Weekly change – Dow Jones 2.59%, S&P +3.26%, Nasdaq +3.81%.
Global Stocks – German Xetra Dax +2.1%, London FTSE 100 -0.64%, Japan Nikkei 255 -0.16%, China Shanghai +0.68%, South Africa JSE +0.04%.
Crude Oil Prices – WTI +1.49%, Brent +1.58% Natural Gas +8.37%
Commodities- Gold Prices +1.09%, Wheat +2.13%, Soybeans +5.77%, Palm Oil +2.47%, Sugar -1.79%
Notable Actions – Jeff Bezos crosses the $200 billion

🙂

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