Business

Price Of Foreign Rice, Beans, Onions Drop Across Major Markets As Borders Gradually Reopen

The price of foreign-made rice has trickled down significantly in major markets in Lagos State, partly attributable to the recent directive by the federal government of Nigeria to reopen the country’s land borders.

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

Nigerians may enjoy some respites going into the Christmas festivities as the price of a 50kg bag of Royal Stallion rice now sells for an average of N26,125 from an initial average of N30,333, representing a 13.9% decrease in price.

The survey further showed that a 50kg bag of Caprice reduced by 10.43% to sell for an average of N26,125 as against an initial average of N29,167 recorded in November 2020. Meanwhile, the price of local rice has remained sticky as a 50kg bag of Mama’s Pride sells for an average of N23,375.

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

Items that witnessed price increase
The price of a big basket of oval-shaped tomatoes increased by 11.1% to sell for an average of N10,000, as against an initial average of N9,000 recorded weeks ago.
A small basket of the oval-shaped tomatoes increased by 9.1% to sell for an average of N6,000 compared to an initial average of N5,500.
A big bag of pepper now sells for an average of N20,000 from an initial average of N17,000. This represents 17.65% price increase in three weeks.
Also, a medium-sized bag of pepper sells for an average of N10,000 from an initial average of N8,000, indicating a 25% increase in price.
A big basket of round shaped tomatoes currently sells for an average of N15,000, compared to N13,000 recorded three weeks ago, it increased by 15.38% in price.
A medium-sized basket of tomatoes increased by 6.25% to sell for an average of N8,500 from an initial N8,000, while a small basket size spiked by 10% to sell for an average of N5,500.
5kg cylinder of cooking gas is currently filled for an average of N3,975, representing 15.22% increase in price compared to an initial average of N3,450.
Also, a 5kg cylinder that was initially filled for an average of N1,625 now sells for an average of N1,750 indicating a 7.69% increase in price.
Items that witnessed price decrease
A 50kg bag of Royal Stallion rice sells for an average of N26,125. This represents 13.9% decrease in price compared to an average of N30,333 recorded three weeks ago.
Also, a 50kg bag of Caprice recorded a 10.43% decrease in price from an initial average of N29,167 to sell for an average of N26,125.
A 50kg bag of brown beans that was initially sold for an average of N43,250 now sells for an average of N41,500 representing 4.1% decrease in price.
The price of a 50kg bag of Mama’s Pride rice (Local) decreased marginally by 0.49% to sell for an average of N25,375.
The price of a big bag of Bush mango seed (Ogbono) reduced by 4.17% to sell for an average of N115,000 as against an initial average of N120,000.
The price of a big bag of dry onions dipped by 2.05% to sell for an average of N95,500 compared to an initial average of N97,500.
A big bag size of new onions also recorded a decline in price, as it currently sells for an average of N65,000 moving by 7.14% compared to an initial average of N70,000.
Items that maintained initial prices
A big basket of Sweet potatoes sells for an average of N5,500, a small basket sells for an average of N700 while the smallest basket is sold for an average of N325.
Also, a big basket of Irish potatoes sells for an average of N20,000, same as recorded three weeks ago.
A 50kg bag of Honey well and Mama Gold flour sells for N13,950 and N13,850 respectively after witnessing a significant spike in price last month.
A carton of full chicken is sold for an average of N14,167, turkey (N19,000) while Chicken lap is sold for an average of N14,000.
A big bag of yellow maize continues to sell for an average of N23,333 while white maize sells for an average of N23,167.
A big tuber of yam is sold for an average of N763 while a medium size is sold for an average of N525.
A 50kg bag of garri (Ijebu) still sells for an average of N14,375 while white and yellow garri sells for an average of N10,750 and N11,125 respectively.
Special markets/items
The price of onions is yet to normalize after a recent surge in prices. Meanwhile, despite the sustained increase in the price of the commodity, large quantity of onions could be sighted at the onion section of the Mile-12 market as consumers buy in large quantities.

According to an onion seller at the market, he stated that the reason for the large quantity of onion in the market is because of the festivity as the item is always in high demand during the period.

The closure of Nigerian land borders in 2019 resulted in influx of various brands of local rice in the Nigerian market. Meanwhile, the latest survey showed that the prices of local rice remained high. Below are some of the brands of locally produced rice sighted at the various markets and their respective prices.

Ultimate Gold (N23,000), Umza (N24,500), Big bull (N25,500), Mamaan (N22,000), Mama’s Pride (N25,000), and Mama’s Choice (N25,000).

Market insights
The reduction in the price of foreign rice may be partly attributable to the directive by the federal government to reopen closed land borders in Nigeria. In a discussion with a major rice dealer at Daleko Market, Mrs. Dayo, she explained to Nairalytics that the price of foreign-made rice has reduced significantly to N25,000 in the market. She explained further that, although traders are not allowed to bring in rice from these borders, the price has still recorded a significant decline in the past week.

In an interview session with Mr. Chukwuma, a rice dealer at Daleko Market, he told Nairalytics Research that it is indeed good that the price of foreign rice has declined, but quite bad that locally produced rice that is expected to cost far lesser is still sold for a high price.

According to him, locally produced rice of superior quality is sold within the range of N25,000 and N27,000 while imported rice sells within the same range or even lesser for some unbranded foreign rice.

While discussing with another rice dealer at Mile-12 market by the name, Mrs. Chizoba. She told Nairalytics that although sales have not picked up, transactions are expected to increase later in the week due to the festive period.

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.

Source: Mcebiscoo.com

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Mc Ebisco

Welcome to Mc Ebisco, I am a blogger and a comedian in Nigeria, My aims and objectives are to share knowledge and varieties of news and information across the globe.

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