The average cost of preparing a pot of jollof rice in Nigeria has risen to N21,579.
This is according to a new report from SBM Intelligence titled The SBM Jollof Index: Crisis on the Menu.
The current cost of preparing a pot of the staple food is about 31 per cent of the country’s minimum wage.
The report attributed the price surge to multiple factors, including insecurity, high energy costs, and natural disasters.
According to the report, the average cost of preparing a pot of jollof rice in Nigeria rose by 5.1 per cent from N20,274 in June.
“The average cost of cooking a pot of jollof rice in Nigeria rose from N20,274 in June to N21,300 in September, reflecting a 5.1% increase. The prices of key ingredients such as tomatoes and peppers, remained high in July, although the Index recorded only a minor reduction of N200.
“Our previous Index highlighted how the prices of ingredients like tomatoes and peppers had surged by over 300% in June, and this only slightly relieved in July. By August, the national average cost of making a pot of jollof rice rose by an additional N390 and increased further by N1,181 in September”
The report further noted that for many Nigerians, food prices consume between 65 per cent to 97 per cent of monthly incomes, far higher than the 11-12 per cent typical in countries like the US and the UK.
It noted that this has led to public unrest, evidenced by a hunger protest where citizens expressed frustration over the soaring cost of living.
In terms of market trends, while Onitsha and Kano markets saw price declines of up to 13.2 per cent and 3.5 per cent, respectively, Abuja’s Nyanya Market recorded a sharp 29.5 per cent increase due to supply chain disruptions and rising transport costs.
SBM Intelligence notes that despite temporary reductions in some ingredient costs, like tomatoes and peppers, the price of staple items remains largely out of reach for many households.
