Current Commodity Prices in Nigeria 2024

Nigeria is the most populous country in Africa with an estimated population of 200 million people according to the United Nations survey in 2017.

The country is regarded as the giant of Africa in respect to its massive population.

Furthermore, it’s been recorded that Nigeria has the largest economy in Africa with a Gross Domestic Product (GDP) of 375.77 billion US Dollars as of 2017.

According to the National Bureau of Statistics of Nigeria, GDP is the market value of all commodities (goods & services) produced within a country at a given period.

This article focuses on the retail prices of commodities in Nigeria. The items are grouped according to every day purchased goods on the market. Read on to find out their prices.

 

Commodity Prices on Nigerian Market

Commodities available in the Nigerian market are endless. There are various sectors of the economy where these commodities are traded. Some of them include the agricultural industry, the fashion industry, and the consumer products industry.

 

Food Commodity Prices in Nigeria

Food Stuff Prices

• 50kg of Rice (A bag of rice): ₦18,000-₦23,000
• Half Bag Rice: ₦7,500-₦10,000
• Apples (1kg): ₦1,000-₦1,200
• Banana (1kg): ₦400-₦600
• Oranges (1kg): ₦200-₦700
• Tomato (1kg): ₦200-₦500
• Potato (1kg): ₦300-₦800
• Onion (1kg): ₦250-₦500
• Lettuce (1 head): ₦200-₦400
• Yam (A tuber of yam): ₦700-₦1000
• Garri (A paint rubber): ₦500-₦700
• Beans (A derica): ₦300-₦370

 

Beverages Prices in Nigeria

• 400g Powdered Tin Peak Milk: ₦1,150- ₦1,300
• 900g Powdered Tin Peak Milk: ₦1,850-₦2,200
• 500g Refill Powdered Peak Milk: ₦950- ₦1,200
• 380g Refill Powdered Three Crowns Milk: ₦800- ₦1,000
• 400g Powdered Tin Loya Milk: ₦800 – ₦1,000
• 400g Refill Powdered Loya Milk: ₦750- ₦900
• 500g Refill Milk Coast: ₦700 – ₦800
• 500g Powdered Tin Dano Milk: ₦900 – ₦1,000
• 900g Powdered Dano Milk: ₦1,650- ₦1,700
• 500g Refill Powdered Dano Milk: ₦800 – ₦1,000
• 500g Tin Milo: ₦1,000- ₦1,200
• 900g Tin Milo: ₦1,900 – ₦2,000
• 500g Cocoa Beverages Milo Refill 500g – ₦950 – ₦1, 000
• 500g Refill Bournvita: ₦850 – ₦950
• 500g Plastic Bournvita: ₦950 – ₦1,000
• 900g Plastic Bournvita: ₦1,600-₦1,800
• 500g Refill Ovaltine: ₦850- ₦950
• 500g Plastic Ovaltine: ₦900- ₦1000
• Coffee Nescafe Gold Blend: ₦1,600 – ₦1,800
• 50g Coffee Nescafe Classic: ₦550 – ₦600

 

Domestic Commodity Prices in Nigeria

Home & Kitchen Appliances Prices in Nigeria

• Toasting Machine: ₦3,500-₦4,500
• Electric Blenders: ₦5,000-₦10,000
• Manual Blenders (Small Size): ₦700
• Manual Blenders (Large size): ₦3,000-₦5,000
• Electric Cookers (1 Burner): ₦3,000-₦4,000
• Electric Cooker (2 Burner): ₦3,500-₦7,000
• Electric Bulbs (White Bulb): ₦250-₦500
• Electric Light Bulb (Yellow Bulb): ₦100-₦150
• Spoons & Forks: ₦1,700-₦2,000
• A set of Stainless steel Pots: ₦9,000-₦21,000
• Aluminium Pots + Kettle: ₦6,500-₦9,000
• Electric Kettle: ₦2,500-₦3,500
• Juicers: ₦6,000-₦10,000
• Mixers: ₦16,000-₦23,000
• Gas Cylinder 12kg (Brand New): ₦8,000-₦10,000
• Gas Cylinder 3kg (Brand New): ₦5,000
• Yam Pounder: ₦30,000-₦47,000
• Gas Cooker 4 Burners: ₦15,000-₦20,000
• Gas cooker 4 Burners + Oven: ₦44,000-₦99,000
• Gas cooker 2 Burners: ₦6,000- ₦10,000
• Grilling machine: ₦9000-₦23,000
• Microwave Ovens (11L): ₦9,000
• Microwave Ovens (37L): ₦22,000-₦24,000
• Umbrellas (Fancy with Casing): ₦3,500-₦5,000
• Umbrellas (Regular): ₦700-₦2,000
• Raincoat: ₦3,500- ₦5,000
• Rain Boots: ₦3,500-₦5,000
• Liquid Soaps for Washing: ₦400-₦800

 

Home Electronics

• Home Theaters Sound System: ₦27,000-  ₦70,000
• 5 HP Air conditioners: ₦80,000-  ₦90,000
• 1 HP Air conditioners: ₦70,000-  ₦80,000
• Water Dispensers: ₦35,000- ₦45,000
• Washing Machines (7.8kg Single tub): ₦30,000
• Washing Machines (6kg Front Loader): ₦90,000
• Washing Machines (4.3kg Single tub): ₦20,000
• Washing Machine Front Loader + Dryer: ₦180,000-  ₦240,000
• 42″ LED Television: ₦127,000- ₦170,000 (Goes up to ₦300,000- ₦700,000)
• 42″ Smart Television: ₦180,000-₦250,000
• 32″ Smart Television: ₦105,000- ₦120,000
• 32″ LED Television: ₦50,000-  ₦99,000
• Table Top refrigerators: ₦28,000
• Refrigerators (1 Door): ₦70,000- ₦90,000
• Refrigerator (Double Doors): ₦70,000- ₦767,000
• Deep Freezers: ₦60,000- ₦250,000
• Ceiling Fan(High Quality): ₦14,000- ₦30,000
• Ceiling Fan (Normal Quality): ₦3500-  ₦8,000
• Standing Fans: ₦7,000-  ₦8,000
• Rechargeable Standing Fans: ₦17,000- ₦23,000
• Pressing Irons: ₦4,000-  ₦6,000

 

Consumer Products (Electronics)

• Wired Head Phone: ₦2,500-  ₦3,000
• Wireless Head Phone: ₦3,500- ₦6,000
• Wired Ear Piece: ₦300
• Wireless Earpiece: ₦2,500- ₦6,000 (For Apple it can go up to ₦52,000)
• Clippers: ₦2,800-  ₦7,000
• Hair dryers: ₦2,850- ₦3,500
• Electric Hair Straightening Brush: ₦3,500- ₦6,000
• Hair Stretcher: ₦2,800
• Electric Tooth Brush: ₦2,500
• Wrist Watches: Depending on Taste; Goes From ₦2,000- ₦500,000
• Smart Watches: ₦5,000- ₦15,000
• Hair Removal Device: ₦2,500- ₦3,000

 

Computer and Accessories

• 16-inch Laptop: This can go from ₦70,000-350,000
• Macbook Laptop: ₦350,000- ₦1.5M
• Desk Jet Printer: ₦11,000-  ₦13,000
• Laser Jet Printer: ₦60,000-  ₦108,000
• Photocopy Machines: ₦190,000- ₦250,000
• External Mouse: ₦200- ₦500
• External Keyboards: ₦1500- ₦3,500
• USB Cables: ₦150- ₦300
• HDMI Cable: ₦1,500- ₦3,000
• Laptop Chargers: ₦4,000- ₦5,000
• Laptop Batteries: ₦4,000- ₦12,000
• 32GB Flash Drives: ₦4,000- ₦6,000
• 64GB Flash Drives: ₦5,000- ₦8,000
• 8GB Flash Drives: ₦2,000- ₦4,000
• SD Card: ₦2,000- ₦3,500
• Lap top Bags: ₦7,000- ₦23,000

 

Daily Commodity Prices in Nigeria

Beauty & Personal Care

• Close Up Toothpaste: ₦250-₦300
• Colgate Toothpaste: ₦300-₦400
• Oral B Toothpaste: ₦350-₦500
• Nivea Body Lotion: ₦1,500-₦2,500
• Pears Baby Lotion: ₦350
• Male Hair Cream: ₦100- ₦200
• Female Hair Cream: ₦400- ₦1,000
• Natural Organic Cream (Hand Made): ₦5,000- ₦8,000
• Body Cream: ₦1,500-₦5,000
• Dettol Large (Anti Germ Liquid): ₦2,500
• Dettol Medium (Anti Germ Liquid): ₦1,500
• Dettol Small (Anti Germ Liquid): ₦2,500
• Average Bathing Bar Soap: ₦100-₦500
• Average Liquid Soap: ₦1,000-₦2,000
• Nail Polish: ₦150- ₦200
• Make-up Brushes (A set): ₦7,000- ₦10,000
• Cosmetic Products (This is Dependent on Taste & Brand): ₦3,500- ₦10,000

 

This is just a list of some of the everyday commodities that we buy or use as we go on our daily lives.

The prices here are the ranges at which they are available in several cities in Nigeria like Abuja, Lagos, Port Harcourt, Benin, Kano, Kaduna, Jos, Calabar, Ibadan, and so on. The prices vary depending on the market value which could be due to scarcity or forces of demand and supply.

 

Related

• Foodstuff Prices in Nigeria Today (Complete List)
• Current Price of Bag of Rice in Nigeria
• Basmati Rice Price in Nigeria 2019
• Current Price of Palm Oil in Nigeria Today
• Current Price of Bag of Beans in Nigeria
• Current Prices of Coconut Oil in Nigeria

 

Useful Details on Commodity Prices in Nigeria

The country’s economy has been heavily influenced by the oil sector over the years but the recent shrank in the oil prices made the country’s oil sector drop by 2.9 percent while the non-oil sector rose by 2.3 percent after expanding 1.5 percent in the second quarter of last year.

Although Nigeria is seen as an oil-producing state, it is also an agrarian country with a total land area of about 910,768 kilometers square.

About 33.02% of this area is arable land and 3.14% is suitable for agriculture. The various agricultural commodities in the country include peanut, cocoa, palm oil, corn, cassava, sorghum, millet, yam, potato, rubber, and rice.

The Central Bank of Nigeria (CBN) is responsible for the surveillance of domestic and international commodity production and prices with a view of providing policy advice to the federal government.

Every commodity produced or service rendered can be framed on prices and quantity relation. Almost all economic transaction has a price tag. This reflects on how the prices of a particular producer can be a cost of another. Therefore, the price of a commodity is a reflection of other prices.

One will agree as a single commodity or service usually has more than one price at a point in time.

In addition, through CBN’s commodity surveillance, prices are usually studied in the following three forms: producer prices, wholesale prices, and retail prices.

 

Wrap Up

In conclusion, these commodity prices and other factors are what the National Bureau of Statistics, Central Bank of Nigeria, and other international bodies consider when calculating the GDP of any country.

Nigeria, is a middle income, mixed economy, and an emerging economy. It is gradually expanding in the manufacturing, agricultural, financial, service, communication and technology, and entertainment sectors.

The country is currently ranked as 27th in the world for nominal GDP and the 22nd in the world in terms of purchasing power parity.

Currently, the GDP of the country has been heavily boosted by agriculture, which generates about 21.6%, while the industry sector generates about 18.3%, and services about 60.1%. This is to conclude that the services rendered in Nigeria are a major commodity which is a result of the high population of the country.

 

Compare Foodstuff Prices

• Foodstuff Prices in Nigeria Today (Complete List)
• Current Price of Bag of Rice in Nigeria
• Basmati Rice Price in Nigeria 2019
• Current Price of Palm Oil in Nigeria Today
• Current Price of Bag of Beans in Nigeria
• Current Prices of Coconut Oil in Nigeria
• Price of Bag of Maize in Nigeria
• Cost of Bag of Flour in Nigeria
• Price of Agricultural Commodities in Nigeria
• Current Price of Bag of Salt in Nigeria
• Current Price of Soybeans Per Ton in Nigeria
• Price of Cow in Nigeria