The end of the year usually comes with a spike in demand for foodstuff, household equipment and other basic necessities that can be consumed during the festive period.
The sluggish economy notwithstanding, shopping malls and markets are always filled to the brim with consumers making purchases ahead of the yuletide season.
Checks by BusinessDay shows that local manufacturers are already positioning for bumper sales during this period.
The restriction placed on importers of palm oil and vegetable /edible oils by the Central bank of Nigeria from accessing the Import-Export window for Foreign Exchange coupled with a recent closure on the nation’s border posts have increased patronage for local edible oils.
“Major foods items such as Rice, vegetable oil, are one of the most sought after commodities during the festive season,” Mama Joy, a trader at the popular Ipodo Market in Ikeja said.
According to her, in recent times, there has been an increase in the number of vegetable oil brands available in the market with each jostling for market presence.
In the past, vegetable oil market in Nigeria was dominated by foreign brands like Turkey and Kings Oils. Interestingly, market dynamics have changed.
Currently, the market has more than 10 players which include Power Oil by Dufil Prima Foods Plc, makers of Indomie Instant Noodles, Mamador and Devon King’s brands produced by PZ Wilmar Limited, a subsidiary of PZ Cusson Nigeria Plc, and Sunola Oil brand which is produced by Sunseed Nigeria Limited, member of Kewalram Chanrai Group.
Other brands are Grand Oil, a product of Grand Cereals and Oil Limited, Nosak Group, makers of Famili Pure Vegetable Oil, Sidex Nigeria Limited, makers of Lesieur Pure Vegetable Oil.
Brands have also adopted packaging in smaller sizes and sachets to enjoy patronage from price-sensitive customers and low-income earners. A sachet pack goes for between N30-N50 per sachet. While the prices for the bigger sizes in bottles also vary depending on the sizes of the bottle.
25liters of vegetable oil goes for N16,000-14,000, 10liters stood at N9,000-N8,000, 5liters goes for N3,399-N2,800, 3liters price is between N2,240-N2000
They have also employed endorsements from the Nigerian Heart Foundation (NHF) and Nutrition Society of Nigeria (NSN) to raise the awareness of safe edible oil.
