, 5 tweets, 2 min read Read on Twitter
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
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.
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Awe Onisokuso
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!