Thread by @sarnchos

Consumption has certainly dropped for a lot of our consumables, both luxury & essential, especially in our biggest cities

But I don't think this is a result of an economic slump, as opposed to an adjustment

Our smaller cities & rural areas are doing just fine

Price pressures

https://twitter.com/ola_lasisi/status/1122397080931246082

are driving prices down to the barest minimum and traders are squealing

Beans and garri have dropped to the basic minimum (lowest price in a while), whereas the consumer in the biggest cities is still insisting on eating imported rice.

So what happens is that the best milled

local rice is mixed with a little imported rice & re-bagged to make it look imported

In my market survey, Olam is the only local rice producer in Lagos to boldly brand its rice as produced in Nigeria. Its price is currently N14.5k per 50kg bag as opposed to others at N16.5k

It is easy to see why others are hiding under the imported label (because it is more profitable).

Is rice still being smuggled?

Yes it is.

But what is being consumed is mostly local rice, without being aware of it.

Therefore my summation is that an economic readjustment is

happening in our biggest cities.

Value is being demanded at the best possible price.

Those able to offer the best value, make the most profit.

In the long run, this is a good thing.

End.