In the dynamic landscape of the Nigerian market, understanding the prices of basic commodities is crucial for both casual buyers and serious investors. From staple foods to everyday items, these prices can significantly impact the overall market and influence investment decisions. In this blog post, we’ll delve into the current prices of essential food commodities across various Nigerian markets.
Beans:
Beans, a dietary staple, exhibits varying prices across different regions. In Lagos, a 50kg bag of drum beans ranges from N30,000 to N38,000, while in Borno, the price hovers between N27,000 and N35,000. White beans, another popular variety, is priced at N22,000 to N30,000 for a 50kg bag in Maiduguri.
Groundnut:
A significant agricultural product, groundnut prices also fluctuate. In Bodija Market, a 100kg bag costs N32,000, while in Gboko Main Market, Benue, the price is N27,000. These variations highlight the importance of keeping tabs on regional differences.
Maize:
Maize, a dietary staple, sees diverse pricing across Nigerian markets. In Dawanau Market, Kano State, a 100kg bag is priced at N9,400, whereas in Nkwo Nnewi Market, Enugu, the same quantity costs N16,500.
Palm Oil:
Palm oil, a vital cooking ingredient, exhibits price disparities across regions. A 25L container ranges from N20,000 to N35,000 in Lagos, emphasizing the importance of considering geographical influences.
Rice:
Rice, a dietary staple, showcases diverse pricing based on location. In Abuja, a 50kg bag ranges from N35,000 to N45,000, while in Sokoto, the same quantity costs N15,000 to N20,000.
Tomatoes:
Tomatoes, a key ingredient in Nigerian cuisine, exhibit varied prices. In Anchau Market, Kaduna, a 40kg basket is priced at N20,000, while in Mile 12 Market, Lagos, the same quantity costs N30,000.
Soya Beans:
Soya beans, an essential protein source, have diverse prices across markets. In Lagos, a 100kg bag costs N25,000, while in Dawanau Market, Kano, the price is N13,000.
Onions:
Onions, a ubiquitous ingredient, showcase varying prices. In Ibadan, a 100kg bag costs N60,000, while in Gboko Market, Benue, the price is N65,000.
Sorghum:
Sorghum, a traditional grain, displays regional pricing differences. In Maitagari Market, Jigawa, a 100kg bag is priced at N30,000, while in Ughelli Main Market, Delta, the cost rises to N35,000.
Cassava Products:
Cassava products like yam flour and garri exhibit varying prices. A bag of yam flour ranges from N75,000 to N160,000, while a paint bucket of garri costs between N500 and N900.
Potato:
Potatoes, both sweet and Irish, showcase diverse pricing. A quarter bag of sweet potatoes ranges from N8,700 to N10,000, while a big basket of Irish potatoes costs N43,200 to N45,000.
Spaghetti:
Spaghetti, a pantry staple, exhibits diverse prices across brands. Golden Penny 500g ranges from N350 to N450, emphasizing the importance of brand considerations.
Noodles:
Noodles, a convenient meal option, showcase diverse pricing. Indomie Chicken (70g x 40ps) is priced between N3,650 and N4,000, while Chiki Noodles (100g x 40ps) range from N4,950 to N5,200.
Beverages:
Powdered milk and cocoa beverages exhibit regional price variations. For example, Powdered Peak Milk (Tin 400g) ranges from N2,300 to N3,000, while Cocoa Beverages Milo (Tin) 500g costs between N2,000 and N2,800.
Conclusion:
Understanding the prices of basic commodities in Nigeria is essential for both consumers and investors. Regional variations, market trends, and brand considerations all play a role in determining these prices. Whether you’re a savvy investor or a conscious buyer, staying informed about these market dynamics is key to making informed decisions.