A report by SBM Intelligence, an Africa-focused geopolitical research and strategic communications consulting firm, has revealed that the average cost of making a pot of jollof rice for a Nigerian family of five is now N16,955 as of March 2024.
The report, titled ‘Crisis at the Table’, showed that the cost rose more than four-fold in almost eight years largely as a result of the depreciation of the naira.
Details as contained in the report showed that the cost of preparing a pot of the popular rice dish rose by 314.9 per cent to N16,955 in March 2024 from N4,087 in July 2016.
Further analysis shows that the cost increased by 29.4 percent within six months (October-March).
It noted that the naira depreciation severely affected food affordability, particularly as the country still largely depends on food imports to meet its food demands.
Additionally, it pointed out that the price of a bag of rice increased from about N56,000 in October to approximately N87,000 in the first week of March.
