COMMODITY PRICES-MAIZE (25/07/2017)
Comparative Analysis of Tomatoes from Mile 12 Market Lagos State in Nigeria starting from January 1st, 2016 to December 1st, 2016.
In early January, the price of tomatoes in Nigeria market was slightly high at NGN10, 000 due to pressure from the festive period. By February, the prices were seen plunging to NGN3000, followed by an increase to NGN4000 before a final stabilization to NGN5000 by the end of Q1.
In Q2 2016, there was a significant increase in the price of tomatoes, with a starting price of NGN7, 000 and a further increase to 15,000 and then to NGN25, 000 with a recorded peak price of NGN40, 000 in the same quarter.
This continued in the first phase of the Q3, this was caused by disease infestation (Tuta Absoluta) which affected tomatoes in almost all the northern parts of the country thereby leading to the shortage of harvest and limited supply.
Another contributing factor to a high price of tomatoes was the increment and scarcity of petrol prices, which led to an increase in transportation costs from the rural farming communities to Lagos.
In the middle of the Q3, the price dropped to NGN15, 000 and then fluctuated between NGN10, 000 and NGN9, 000 until a final drop to its minimal price of NGN5, 000.
And after the invasion of Tuta Absoluta, more farmers went into tomatoes farming which led to a surplus of tomatoes in Q4.
Tomato is grown worldwide for its edibility and fleshy nature, with thousands of cultivators.
Tomato is an excellent source of vitamin C, Beta-carotene, and anti-oxidants.
And NPK fertilizer with ratio 5-10-10 is often sold as tomato fertilizer or vegetable fertilizer, although manure and compost are also used.
About NGN100billion has spent on tomatoes consumption in Nigeria annually.
For more information on Agro commodities analysis in 2016 and before, contact us via firstname.lastname@example.org, or call 08128958572.
Chiamaka Onyebuchi, Social Media Professional, Novus Agro Nigeria.