The cost of preparing a pot of jollof rice has surged by 19.6% from March to June 2024, according to the latest SB Morgan Jollof Rice Index.
The average expense has risen from N16,955 to N20,274, driven by significant price increases in essential ingredients such as tomatoes, peppers, rice, turkey, and beef.
In Onitsha, the cost of preparing a pot of jollof rice has seen the sharpest increase, rising by an astonishing 50%. Prices in this region have surged from N14,900 to N22,350. This dramatic rise highlights the severe impact of inflation and supply chain disruptions on local food costs.
Similarly, Awka has experienced a 33.5% increase, with prices escalating from N15,600 to N20,825. Bauchi, too, has faced a significant hike of 33.0%, with the cost of jollof rice climbing from N16,970 to N22,570.
These figures reflect the broader economic strain experienced in these regions, where the cost of essential ingredients has sharply risen.
Dugbe Market in Ibadan has also felt the pressure, with a notable 30.2% increase in jollof rice prices, which have jumped from N15,620 to N20,330.
In Bodija Market, the increase has been slightly less severe but still significant at 27.4%, with prices rising from N15,430 to N19,660. Abuja’s Nyanya Market has experienced a 24.9% increase, with prices moving from N17,500 to N21,850. These areas reflect the varying degrees of impact from the economic challenges facing Nigeria, with some regions bearing more substantial increases than others.
In contrast, some regions have witnessed more modest increases in the cost of jollof rice. Balogun Market in Lagos reported the smallest increase at 2.3%, with prices rising from N17,300 to N17,700. Kano saw a slight rise of 3.2%, with costs moving from N19,100 to N19,710.
Bayside Mbakpa Market recorded an 8.2% increase, with prices climbing from N16,550 to N17,900. Calabar Municipal Market experienced a 9.1% rise, with costs growing from N17,050 to N18,600. These more modest increases suggest that while the cost pressures are present across the country, some areas are experiencing these effects less acutely than others.
The report attributes the surge in jollof rice costs to several factors, including rising energy prices, increased transportation expenses, fluctuations in the foreign exchange market, and a decrease in food production.
It notes, “Ongoing foreign exchange challenges have driven up the cost of essential inputs like pesticides and energy. Higher fuel prices have also contributed to increased transportation costs, while the importation of tomato seeds and other essentials remains heavily dollar-dependent.”
The report also expresses concern over the rising prices of other staple foods like garri and beans, which have more than doubled in cost during the same period.
Nigeria’s food crisis is deepening, with food inflation reaching 40.87% in June and headline inflation at 34.19%. Prices of staple foods, including tomatoes, garri, potatoes, and beans, rose by over 30% in May, reflecting a broader trend of escalating food prices despite government efforts to curb inflation.
The depreciation of the naira, now trading at over N1,500 to the dollar, has further intensified inflationary pressures, underscoring the ongoing economic challenges facing the country.
