The Novus Agro commodity index is an average weekly price of nine commodities in nine different markets across the six geo-political zones in Nigeria. These commodities are drum beans (olotu), maize (white), sorghum (red), palm oil, onion (violet), rice (imported), soybeans, groundnut (edible) and garri (white).
However, for this purpose, we will only feature five of our markets, which are liable to change with time. The period under review is September 14 – 21, 2017.
Iddo Market, which is located around the Oyingbo area in Lagos, is a well known market for sale of grains. The average selling price of imported rice (50kg) at N13,200 last week with a slight difference of N100, selling at N13,300 for this week although some rice are available with low grade and have relatively cheaper prices.
The price of garri (white) relatively remained the same selling for N7,500 (55kg), groundnut (edible), N33,500 (100kg); maize (white), N15,500 (100kg); sorghum (red), N18,000 (100kg); soybeans, N16,500; and drum beans (olotu), N33,000 (100kg), all selling at the same price as last week.
Dawanau Market is one of the biggest markets in Kano State; drum beans (olotu) (100kg) sold at N27,000 last week. Garri (white) recorded no difference to last week, still selling at N10,800 (60kg) for this week. Groundnut (edible) (100kg) decreased from N29,000 last week to N27,000 this week. Maize (white) (100kg) is still selling at N14,867, while soybeans (100kg) is selling for N14,867. Palm oil (25ltr), N13,000; imported rice (50kg) had a little change in price from N15,333 to N15,200 and sorghum (red) (100kg) sold for N14,400 for the week.
Gombe Main Market in the heart of Gombe State, recorded no change in price of drum beans (olotu) (100kg) N36,000; garri (white) had a slight decrease from N20,000 to N18,000 (100kg); imported rice (50kg), N17,000; palm oil (25ltr), N10,700; sorghum (red) (95kg), N18,500; soybeans (100kg) selling at N15,300 with a difference of N700 from last week. However, maize (white) (95kg), which was sold for N15,300 sold for N14,900 this week; onion (violet) had a slight difference of N167 from last price of N10,167 to N10,667.
Link: Novus Agro Nigeria Commodity Index