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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 a 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 a 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 a 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.

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