Pepper, Onions, oil, prices spike across Lagos markets

Market prices of onions, pepper, tomatoes, groundnut oil, and many other food items witnessed a significant surge across markets in Lagos State as traders lament the incessant increase in the price of food items in the country.

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

The price of a big bag of pepper, which sold for an average of N15,000 two weeks ago as a result of a 17.6% increase has now jumped further by 66.7% to sell for an average of N25,000. The medium-sized bag also increased by 30.8%, as it currently sells for an average of N17,000.

Also, a big bag of onions that sold for an average of N18,250 two weeks ago, has now increased by 50.7% to sell for an average of N27,500. The price of onions is, however, still expected to trend higher as the association of onion sellers is set to stop bringing onions into the southern part of the country, starting Monday, 14th June 2021.

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

Items that witnessed price increase

• A big bag of bush mango seed, popularly known as ogbono seed, now sells for an average of N150,000. This represents a 25% increase compared to N120,000 recorded last month.
• A basket of tomatoes witnessed a further spike in price, as the biggest basket of round-shaped tomatoes currently sells for an average of N24,000, representing a 45.5% increase in price.
• A medium-sized basket of round-shaped tomatoes also surged by 50% to sell for an average of N12,000 as against an initial average of N8,000 recorded two weeks ago.
• Also, a big bag of pepper recorded a 66.7% in price to sell for an average of N25,000 compared to an initial average of N15,000 while the medium bag sells for an average of N17,000.
• A big bag size of garri (popularly known as garri Ijebu) is currently sold for an average of N25,000, representing a 62.6% increase compared to an initial average of N15,375.
• A big basket of sweet potatoes that was sold for an average of N6,500 two weeks ago, has increased by 15.4% to sell for an average of N7,500.
• A 25 litres gallon of palm oil spiked by 14.8% to sell for an average of N15,500. It was initially sold for an average of N13,500, while the price of a 5 litres gallon increased by 3.6% to sell for an average of N2,850.
• The price of a crate of egg recorded a marginal increase of 1.6% to sell for an average of N1,550.
• The price of a big bag size of melon increased by 8% from N43,500 recorded two weeks ago to sell for an average of N47,000.

Items that witnessed price decrease

During the two weeks period, only crayfish recorded a slight reduction in price, currently selling for an average of N11,500 compared to an initial average of N11,750 recorded two weeks ago.

Items that maintained initial prices

• A big bag of yellow maize still sells for an average of N25,000 while white maize sells for an average of N24,625.
• A 12.5kg refill of household cooking gas continues to sell for an average of N4,700 while 5kg stands at N1,900.
• A 50kg bag of Honeywell flour continues to sell for an average of N15,125, Dangote flour at N15,375, while Mama Gold sells for an average of N14,825.
• Also, a big basket of Irish potatoes sells for an average of N15,000, the same as recorded two weeks ago.
• The prices of juice drinks, noodles, beverages, bread, tea, have remained unchanged within the two weeks period.
• A carton of full chicken currently sells for an average of N14,750, Chicken lap (N14,750), while a carton of turkey continues to sell for an average of N18,833.
• A 50kg bag of white garri still sells for an average of N17,750, while yellow garri is also sold for the same price.
• A big tuber of Abuja yam sells for an average of N875, medium-sized yam sells for an average of N588.

Special markets/items

Onions

A massive influx of onions in the Mile-12 market was sighted and there was no space to even display them, hence the trucks parked in the market with onions still in them.

However, despite the increased inventory in the market the price of onions still surged as traders tried to stock items in preparation for the impending halt in the movement of onions to the south from next week.

Mr Lastborn, as he prefers to be called, said the new onions being brought into the market is sold for at least N30,000, whereas they were selling for an average of N28,000.

He attributed this recent increase to the Association of onion farmers, who have planned to stop bringing onions to the southern part of Nigeria, due to the killings, banditry and inter-tribal killings in the north and south.

Mr Lastborn, also suggested that the price of onions is likely to increase further when the strike action eventually commences next week but hopes it does not get as bad as it was in November 2020, when a bag of onions sold for as high as N100,000.

Palm/groundnut oil

Local palm oil and groundnut oil have witnessed a significant increase in price recently, as a 30 litres gallon of palm oil currently sells for an average of N16,000, while a 25 litres gallon of groundnut oil is selling for an average of N21,000.

According to Mr Jonathan, a major oil dealer at Mile-12 market, there are different types of groundnut oil in the market. Devon Kings is sold for an average of N21,500 while Super delicious oil is sold for N20,000.

In a conversation with Mrs Olaoluwa at Daleko Market, she explained that the incessant increase in the price of oil is becoming unbearable for the consumers because most Nigerians use oil, irrespective of the kind, that is palm, groundnut or vegetable in cooking most local dishes.

Tomatoes

According to Nairametrics, the new variant of tomatoes at the market, that is, the oval-shaped tomatoes, which sold for an average of N8,000 (big basket). The oval-shaped tomato is regarded as the Yoruba harvested tomatoes.

It is less red compared to the northern harvested tomatoes (round-shaped), which sold for an average of N24,000. According to Mr Yahaya, who sells tomatoes at Mushin market, most of the red round shaped tomatoes are brought in from Zaria and Kano.

He further explained that the oval-shaped tomatoes are grown in the west and are only harvested during the rainy season.

Market insights

The price of melon increased by 8% to sell for an average of N47,000 across markets in Lagos State. While interviewing Mr Kelechi at Mile-12 market, he explained that the rainy season has contributed to the shock in price as melon requires intense sun to dry them.

Due to the increased rain at the expense of the sun, farmers tend to increase the price of melon.

Meanwhile, foreign rice still sells for an average of N24,500, while locally produced rice sells between the range of N21,000 and N23,000 depending on the brand. Less quality rice, with pebbles in it, is sold for an average of N19,000.