Business Ondo State – Bimonthly Market Survey

By Kris Obiaje

As Nigerians draw close to the Christmas and New Year festive period, the concern of the prices of Rice, the staple food in and out of that season remained in the minds of citizens. This time in 2016 was when Nigerians were still battling with the high increase of food items consequent upon the high rate of foreign exchange and harsh economic recession.

Though respite have come the way of many indigent families, in view of the slash in prices of some household food items, since the Nigeria economic recession abated in the third quarters of the year; there hasn’t been significant reduction in prices of several tabletop items used on daily basis by the average Nigerian family.

A market survey conducted by Business Ondo state correspondents in the state capital, Akure and several ‘bush’ markets across the state and in comparison to what is obtained in some states across the nation, indicates that the average Nigerian household still has a long rope to pull in terms of providing for their family.

In Ondo state, the price of 50kg of rice sells between 16,000 and 15,800, while a ‘Congo’ measurement goes for 550. It must be noted that rice brands available for sales in most markets in Ondo state are foreign imported par-boiled.

In Jalingo, Taraba state for instance, news had it the previous week that price of local rice has significantly dropped in some major markets.

NAN had reports that a measure of local rice which sold for between N650 and N750, two to three weeks ago, was now sold between N480 and N550. Similarly, a bag of local rice sold between N28, 000 and N30, 000 two to three weeks ago was being sold at between N23, 000 and N24, 000.

This clearly shows that in that part of the country, rice the beloved family staple food price is still relatively high. If imported rice sells for 16,000 and local brand goes for 23,000; then the government much hyped gain in the agricultural sector isn’t bearing expected results, as far as rice industry is concerned.

This was even as the cited report stated that the price of foreign rice has slightly increased in the markets. According to the report; a measure of foreign rice which costs N950 two weeks ago was now selling at N1, 000, while a 50kg bag of foreign rice had gone up from N18, 500 to N19, 000.

Following on the heels of this report was the news about local rice farmers, millers and processors, the previous week announcing that price of a 50kg bag of rice will fall to as low as N6,000 in the next few months.

The operators said the current market price of rice, which is about N15,000 per 50kg bag, will drop to between N6,000 and N7,000 in a couple of months, going by the bumper wet season harvest by rice farmers. It remains to be seen how this would fall through.

In Jigawa state for instance, a bag of local rice goes for 14,000. This is the same Jigawa state where Lagos State Lake RICE is being produce and the state sells to citizens at 12,000 per 50kg bag, mostly during festivities. This is Governor Ambode’s policy towards food sufficiency and to alleviate the people’s suffering since he came on board.

GARRI

Garri is another staple food that average Nigerian families cannot do without. A few months ago, garri prices shut through the roof, so much so that this foodstuff considered a poor man’s food went almost out of the reach of the commoners.

But the tide has gradually changed as price of garri has dropped as low as 50%. In the height of the garri price increase, a measure of the stuff in ‘Congo’ sold for as high as 450 and 500.

But in the survey conducted by Business Ondo state in various local markets and the state capital Akure, prices have gone down considerably. For example, in the ‘bush’ markets such as Ogbese and Ala; a Congo fluctuates between 150 and 200. While in the state capital, the stuff goes for 200 and 250. A large basin measure which sold as much as 5,500 and 6,500 earlier in the year now goes for between 3,300 and 3,500.

Commenting on the crash of garri price, a market woman in Ala market, Mrs. Ifedayo Emmanuel posited that, “many people who cultivated cassava a few months ago during scarcity and price increase have now started harvesting. Moreover, we now have yams and maize has been available since May this year”.

Another market woman, Mrs. Adekunle Morenike in Ogbese, forecast that garri price shall further drop, especially as we enter November. In her words; “many people who produce garri are the non indigene women who will want to go to their home towns during Christmas period. So they will make more garri for sales so as to gather fund for their journey, this would further read price.”

Also report states that in other parts of the country, garri price has dropped by more than 60%, specifically in Enugu state within the previous months.

It states that the price of a paint bucket measure has gone down from as high as 1, 250 to between 450 and 500.The paint bucket of four litre is usually the standard measure for cereals in South East. This is about two and a half standard measure of Congo which sells for 200-250 in Akure.

Please find the full market survey conducted by our research team on the table below:

HOUSEHOLD FOOD ITEMS

Items Brands Unit Price (25/10/17) Location
Rice Mama gold

Royal princess

Falcon

Cap

50kg

50kg

50kg

50kg

Congo

16,000

15,800

15,800

15,800

550

Erekesan market

Erekesan market

Erekesan market

Erekesan market

Erekesan market

Beans White

Sokoto

100kg

100kg

Congo

27,000

26,000

430

Oja-Oba market

Oja-Oba market

Oja-Oba market

Beans Oloyin 50kg

Congo

23,400

700

Oja-Oba market

Oja-Oba market

Garri Igbeleri

Congo

Igbeleri

Congo

Congo

3,300 – 3,500

150 – 180

3,500

200

250

Ogbese market

Ogbese market

Ala market

Ala market

Akure

 

Yam Ten tubers

Ten tubers

Ten tubers

Big Size

Medium

medium

6,000

2,500 – 3,000

2,500 – 3,500

Isinkan market

Ogbese market

Ala market

Semolina Dangote

Dangote

5kg

10kg

1,700

3,100

Nepa Market

Oja-Oba market

Palm oil 5liters

10liters

30litres

5litres

10litres

30litres

30litres

2,200

4,300

12,500

2,000

3,800

11,000

10,500

Oja-Oba market

Oja-Oba market

Oja-Oba market

Ala market

Ala market

Ala market

Ogbese market

beverage Milo 500g 1,200 Oja-Oba market
Bonrvita 500g 1,100 Oja-Oba market
Ovaltine 500g Oja-Oba market
milk Peak 400g 1,100 Oja-Oba market
Tin Tomato Gino

Gino

De Rica

De Rica

20kg

10kg

20kg

10kg

1,500

800

1,500

800

Isinkan market

Isinkan market

Isinkan market

Isinkan market

Tin tomato Rosa 10kg 650 Erekesan
Noodle Honeywell

Golden penny

Mama gold

Carton

Carton

Carton

1,400

1,500

1,300

Oja-Oba market

Nepa market

Nepa market

Egg Egg crate 850 Isinkan market
plantain unripe 5 bunches 1,500 – 3,000 Ala market

 

 

BUILDING MATERIALS

Item Brand  Unit Price ( 25/10/17) Location
Nigeria tiles  high grade 60 by 60 N 3,600 Arakale market
Low grade 60 by 60 N 2,500 Arakale market
Goodwill tiles 40 by 40 N 2,000 Arakale
Toilet wall tiles 25 by 25 N 1,450 Arakale
Outside wall tiles Spanish 25 by 50 N 4,300 Arakale
Nigeria 25 by 50 N 1.900 Arakale

 

Paint Emulsion 5 liters N 5,000 Oba market
Emulsion 4 liters N 1,200 Oba market
Tescod 5 liters N 8,500 Oba market
Wall screening paint 5 liters N 3,500 Arakale market
Roofing Pure aluminum Bundle N 30,000 Sammy store
Cameroon aluminum Bundle N 32,000 Sammy store
Ordinary roof Bundle N 15,200 Sammy store
Sumo colour Bundle N 24,000 Sammy store
Aarti colour Bundle N 24,000 Sammy store
Others colours Bundle N 19,000 Sammy store

 

Nails 3 inches Bag N 1,800 Oba market
4 inches Bag N 1,800 Oba market
5 inches Bag N 1,800 Oba market

 

 Cement Elephant Bag N 2,500 Arakale market

 

P.O.P. cement Moulding Bag N 3,500 Continental market
ABS Bag N 3,800 Continental market

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here