Business - Economy
Updated: February 07, 2022

Food Prices In Nigeria Market: A Case Study Of Ikorodu Markets

By Okojie Kelvin Echiejile
February 07, 2022
0

Food is the most essential commodity people need to survive anywhere in the world. Without food, the cardiovascular system, respiratory system, digestive system, and endocrine system will cease to function.

According to scientists, the human body cannot survive without food for more than 7 days, even though some refute this claim. Some even say we can go without food for more than 40 days. Well, whichever it is, the fact is that we all need food to stay healthy, strong, and sharp.

Not long ago, the Nigerian Bureau of Statistics (NBS), which is the body that collates information about the prices of foodstuffs that consumers are negotiated to pay, said that food inflation rose to 17.37 percent for the month of December 2021.

The body concluded that there was disparity or differences in food prices because some food items were closer to the source of production (farms or seaports) or influenced by other factors such as insecurity brought about by bandits, insurgents, poor road network, and many other reasons.

However, most Nigerians still complain that the figure of 17.37 percent is too low considering the real situation most people face.

Some even say that the inflation rate is as high as 25.45% or 27%. Whichever you prefer, the truth is that food prices are rising at an alarming rate.

In light of the above assertion, let’s take a look at the prices of some basic food items in the Ikorodu axis of Lagos State, Nigeria.

No	Item	Price (N)	Note
1	A crate of Big eggs i.e 24 eggs at once	2,000-2,200	The price used to be around N1,800 as of two weeks ago. For that big egg, one of them is N100.
2	A crate of small eggs i.e 24 eggs at once	1,800-1,900	The price used to be around N1,700 – N1,750 two weeks ago. Some traders even said that poultry farmers have agreed to adjust the price upwards to account for the increase in chicken feeds and other items used in the business of poultry.
3	1 litre of unbranded vegetable oil	800-900	Just early last month, the price used to be between N600 and N850 depending on the market and negotiating skill.
4	1 litre of mamador cooking oil. 2.5 kg of mamador cooking oil	1,000-1,200, 5,000-6,000.	The price varies for this brand because of two things. One is the location and secondly the time at which the item has stayed unsold. But whichever, the price is not less than N1,000 for a litre.
5	A litre of Devon Kings vegetable cooking oil	1,500-2,000	Since December 2021 the price sprung up. The reason associated with the upward shift is the FX scarcity.
6	Sachet Power oil (75ml), and Devon Kings oil(50ml)	Power oil (120), Devon Kings (100)	The price has been the same since November last year.
7	A basket of fresh rounded tomatoes	6,000-10,000	it all depends on the market in Ikorodu and your negotiating prowess. Despite that, the price went up because of a bit of scarcity of the product. Off-season.
8	An average size layer chicken	3,500-4,000	For most markets, the price is actually N4,000 but if you have a seller that you have a cordial relationship with then you could be lucky to get it at N3,500.
9	A white boiler chicken	5,000-7,000	Again the reason given in item 8 applies to this.
10	A coloured boiler chicken	7,000-8,000	Again the reason given in item 8 applies to this.

These items in the schedule are just a snapshot of some of the everyday items bought by Nigerians.

Certain things will always affect the prices of foodstuffs in Nigeria. The major ones are the exchange rate of the Naira to the US dollar, the cost of transportation, which might go up depending on the federal government's plan to remove the full subsidy, the continued harassment of farmers by bandits and insurgents in the North, the continued clash between farmers and herders, and the general insecurity of the road.