Business
N30k for bag of rice, crate of eggs now N2k… traders grapple with low sales amid rising food prices
The prices of food items continue to soar across major markets in Lagos, as traders complained of low sales amid declining purchasing power.
This is according to a market survey conducted by The Cable.
Recently, the Food and Agricultural Organisation (FAO) warnedthat global import bills could reach record levels in 2021 — a 14 percent jump from the 2020 record.
The food outlook report said the spike in global food prices would weigh heavier on the side of low-income countries like Nigeria.
Joseph Aleekwe, an elderly trader, who started his business with N7000 in the 1990s at the Alaba Rago market, Lagos, reminisced on “good old days” when he started trading.
“I started my business with N7000. I rented a shop and stocked my shop with food items with that amount of money,” he said.
“But today, N7000 cannot even buy a bag of wheat.”
Aleekwe’s claim was correct as the price of a bag of wheat now sells at N17,000, a 21.43 percent jump from N14,000 previous months.
READ ALSO:
- Thousands dump APC for PDP in Benue, apologize to Gov Ortom
- Buhari has a duty to release Nnamdi Kanu, no need to beg him – Nzuko Ndigbo
- Oyo Muslims threaten to sue over use of Hijab in public schools
PRICES INCREASE EVERY DAY – TRADERS
For traders at the popular Iyana Iba market, most prices of food items have escalated in the last few months, thereby diminishing purchasing power with them witnessing low sales return.
“The prices of items increase every day. If you come to the market tomorrow, you will not get the same price you will get today,” some of the traders said.
“We don’t know what will happen as we are entering a festive season now. For most of us, we are even looking at how to get more money to buy items and sell during the season.”
EGG JUMPED BY 67%, RICE 20%
The price of local rice (50 kilogrammes), which used to be N20,000 in the first half of the year — rising by 15 percent — increased to N23,000.
Foreign-made rice (50kg), on the other hand, surged from N25,000 in the first half of the year to N30,000, signifying a 20 percent increase.
Also, vegetable oil (25 litres) had a market price of N23,000 but increased to N25,000, up by 8.7 percent.
A crate of medium-sized eggs jumped from N1200 to N2000, year-on-year, representing a 67 percent increase.
A big basket of tomatoes was N19,000, with a small basket traded for N4500. A 10kg size of semo went from N4800 to N5300, while a bag of corn that used to be between N8000 and N9000 doubled its price to about N19,000 and N22,000.
A loaf of bread also recorded an increase in price from N350 last year to N500 in 2021. A bag of garri was purchased at N12,500 — increasing by 4% — from N12,000 recorded in the same month, the previous year.
A bag of groundnuts increased from N48,000 in October to N52,000 in November.
A carton of croaker fish is now N30,000, and a medium-sized frozen chicken (full) rose from N1,700 in October and N1,500 in November 2020 to N2,000 in November.
COST OF BEANS DROPPED
A bag of brown beans — was 80,000 in October — decreased to N65,000, representing 18.75 percent drop. Despite the fall, the price represented a 62.50 percent surge compared to November 2020, when the price was N40,000.
The selling price of a bag of white beans also decreased by 0.08 percent from N60,000 in October to N55,000 in November. It was 30.95 percent higher than the purchasing price of N42,000 in the preceding year.
Also, one derica of beans (four tins) fell from N700 to about N550.
Shansu Salisumukhtar, a trader at Alaba Rago market, told TheCable that the decline in the prices — after it soared to N100,000 earlier in the year — could be attributed to the inflow of newly-harvested beans into Nigerian markets.
“New beans is in the market… that is why the price is going down,” he said.
The Cable
![]()
Auto
Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)
Hyundai Unveils Mufasa, Grand Creta SUVs to Strengthen Nigeria Line-up (Updated)
Hyundai Motors Nigeria has expanded its sport utility vehicle (SUV) range with the introduction of the all-new Mufasa and Grand Creta, offering Nigerian motorists more choices in styling, performance, technology and passenger comfort.
The two models, unveiled in Lagos on Wednesday, are targeted at different customer segments, with the Mufasa designed for motorists seeking a stylish, five-seater SUV, while the Grand Creta offers a three-row, seven-seater configuration suited to larger families and customers requiring additional passenger space.
The launch underscores Hyundai’s efforts to strengthen its presence in Nigeria’s competitive automotive market, where demand for versatile vehicles that combine comfort, safety, performance and practicality continues to shape consumer preferences.
Speaking at the launch, Hyundai Motors Nigeria’s General Manager, Sales and Marketing, Mr Gaurav Vashisht, said the new models reflected the company’s commitment to providing vehicles that meet the changing needs of Nigerian customers.
“The SUV segment continues to attract strong interest in Nigeria, as customers increasingly prioritise comfort, safety, technology and versatility,” Vashisht said.
He also gave a rundown of the two new vehicles’ features even as he stated that the Mufasa and Grand Creta were designed to meet different lifestyle requirements while maintaining Hyundai’s global standards of quality and innovation.
Mufasa targets style-conscious motorists
The Hyundai Mufasa combines bold exterior styling with a spacious cabin and features designed for everyday driving. Its distinctive front grille, signature LED lighting and muscular bodywork give it a commanding road presence.
Power comes from a 2.0-litre Smartstream multipoint fuel injection (MPi) petrol engine paired with a six-speed automatic transmission. Depending on the market specification, the engine produces approximately 150–160 horsepower and 193Nm of torque.
The five-seater SUV measures about 4,475mm in length, with a 2,680mm wheelbase, providing room for passengers and luggage while retaining a practical footprint for urban driving and longer journeys.
Its cabin features a modern dashboard, digital displays and storage spaces, while available equipment, depending on the variant, includes touchscreen infotainment, smartphone connectivity, automatic climate control, wireless charging and selectable driving modes.
Safety and driver-support features include anti-lock braking, electronic stability control, airbags and parking assistance, subject to the vehicle specification.
The Mufasa is positioned as an option for professionals, younger motorists and families seeking a combination of contemporary design, technology and everyday usability.
Grand Creta offers seven-seat flexibility
The Grand Creta complements the Mufasa with a larger cabin and seating for up to seven occupants, making it suitable for families and motorists who prioritise passenger capacity and interior flexibility.
The SUV is powered by an available 2.0-litre Smartstream petrol engine producing approximately 159 horsepower and 191Nm of torque. A six-speed automatic transmission is offered on automatic variant.
Its 2,760mm wheelbase supports a spacious three-row layout, while the flexible seating arrangement allows occupants to adjust the cabin to accommodate passengers or luggage.
Depending on the trim, convenience features include an eight-inch touchscreen infotainment system with smartphone connectivity, rear air-conditioning vents, keyless entry, push-button start and a digital instrument cluster.
Higher-specification versions may also feature leather-appointed seats, ventilated front seats, automatic climate control, wireless charging and a panoramic sunroof.
Safety equipment offered across the range includes six airbags, anti-lock braking, electronic stability control, hill-start assist, rear parking sensors, a rear-view camera and ISOFIX child-seat mounting points.
The model is aimed particularly at larger families seeking additional space and comfort without sacrificing the styling and versatility associated with SUVs.
After-sales support in focus
Beyond the new models, Hyundai Motors Nigeria says it is focused on delivering a comprehensive ownership experience through its authorised dealership network, after-sales services and access to genuine spare parts.
Vashisht said the Mufasa would appeal to customers seeking bold styling, modern technology and dynamic performance, while the Grand Creta would cater to those requiring greater passenger capacity, comfort and versatility.
“Our objective is not simply to introduce new vehicles but to deliver a complete ownership experience,” he said, reaffirming the company’s commitment to building long-term customer confidence in the Hyundai brand.
The two additions expand Hyundai’s existing SUV portfolio, which includes the Creta, Tucson, Santa Fe and Palisade.
Their introduction comes as automakers compete to attract Nigerian buyers with vehicles offering a balance of comfort, safety, technology, performance and long-term ownership value.
With the Mufasa and Grand Creta, Hyundai is seeking to broaden its appeal across different customer categories while strengthening its position in Nigeria’s increasingly competitive SUV market.

![]()
Auto
Happening now: Hyundai unveiling of Mufasa and Grand Creta
Happening now: Hyundai unveiling of Mufasa and Grand Creta (photos)

Two latest models of Hyundai auto brands are currently being officially rolled out in Lagos. The new vehicles are Mufasa and Grand Creta.
The unveiling is taking place at the Hyundai showroom on Akin Adesola Street Victoria Island, Lagos.


![]()
Auto
No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
No 5% Petrol Tax Plan, Oyedele Says, Amid Public Concerns
The Federal Government has no plan to introduce a new tax on petrol, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said, dismissing reports that the administration of President Bola Tinubu intends to impose a five per cent levy on petroleum products.
Oyedele clarified the issue in a statement posted on his X account on Tuesday, insisting that a fuel tax was not being considered by the government.
“In my interview with ARISE News, I was clear: a fuel tax is not on the table,” he said.
His statement follows reports linking him to the proposed five per cent tax, which sparked concerns about a possible increase in the cost of petrol amid Nigeria’s persistent cost-of-living crisis.
Petrol prices have remained a major driver of transportation and distribution costs since the removal of the fuel subsidy, contributing to higher prices of food and other essential goods and services.
The prospect of an additional levy had raised fears that households and businesses could face further financial pressure.
However, Oyedele’s clarification indicates that the Federal Government is not currently considering the proposed fuel tax, amid broader efforts to reform Nigeria’s tax system and strengthen public finances.
![]()
-
metro2 days agoArmy Major, Soldiers Killed in ISWAP Ambush in Yobe State
-
metro2 days agoAtiku: US Lobbying Firm Raises Alarm Over Alleged Assassination Plot
-
metro2 days agoFive Arraigned Over Kidnapping of 20 Prospective NYSC Members in Imo
-
metro2 days agoBreaking: Afenifere Leader Pa Fasoranti Dies at 100
-
metro2 days ago‘We Don’t Know What Else to Do’ — Mother Begs for Release of Abducted Children
-
metro2 days ago‘I Never Asked Them to Abandon Loved Ones’ — Obi Clarifies Diaspora Remarks
-
Auto2 days agoBeyond the Showroom: Why After-Sales Service Will Define Auto Industry Winners
-
Auto2 days agoHappening now: Hyundai unveiling of Mufasa and Grand Creta
