The cost of preparing a pot of jollof rice has risen to N25,486 in March 2025, from N21,300 in September 2024.
This is according to a report by SBM Intelligence in its Jollof Index Q4 2024 – Q1 2025.
The jollof index tracks food inflation using the price of jollof rice, a widely consumed dish, as a proxy for the cost of living in Nigeria.
The index covers 13 markets across Nigeria and provides a relatable benchmark for assessing household food inflation.
Details of the report showed that in September 2024, the national average stood at N21,300 but rose by 19 per cent to N25,486 by March 2025.
“In September 2024, the average cost was N21,300, which increased to N25,486 by March 2025, representing a 19% rise. However, this increase was not consistent throughout the period, as the national average initially rose from October 2024, slightly decreased in January and February, and then resumed its upward trend in March 2025,” the report read in part.
It attributed the rise to a combination of factors include price hike in key ingredients like rice, tomatoes, onions, pepper, turkey, and beef.
According to the report, while the prices of some items was persistently high, protein emerged as the most volatile category.
“Protein, in particular, remains a major contributor to the overall cost, with turkey now costing between N8,000 and N10,500 per kilo, a substantial increase from the N1,500 to N1,700 it cost in 2016,” the report noted.
It further pointed out that the rising costs are also being compounded by macroeconomic pressures such as high petrol prices and recent hikes in electricity tariffs for Band A users, both of which feed directly into logistics and storage expenses in the food supply chain.
The report also highlighted worsening insecurity in key agricultural states as a major disruptor of food supply, noting that farmers have come under increasing attacks across the country, notably in Benue, Borno, and Plateau states.
“Insecurity continues to be a pressing concern, with incidents such as the killing of farmers in Benue, Borno and Plateau States disrupting agricultural activities and limiting the local food supply,” the report noted.
It said the persistent insecurity has not only affected rural productivity, but has also disrupted supply chains that bring food into urban markets, forcing prices higher in cities where demand remains strong.
It said several markets in Nigeria have witnessed sharp spikes in the cost of preparing a pot of jollof rice, with Port Harcourt, Kano, and Bauchi recording the steepest hikes over a six-month period.
In Port Harcourt, the price soared by 55.1 per cent, from N20,400 in September 2024 to N31,650 in March 2025. The report points to the region’s political state of emergency, deepening supply challenges and inflation shocks in the South-South as key drivers behind the surge.
Kano followed closely with a 53.8 per cent increase, rising from N19,020 to N29,250. The sharp rise is reportedly driven by worsening insecurity and escalating transport costs that continue to squeeze food distribution channels across the North.
In Bauchi, prices rose by 34.9 per cent, from N23,470 to N31,650. According to the report, the increase in Bauchi reflects continued pressure on northern supply chains.
The report reveals notable price hikes in several Nigerian markets, including a 21.2% rise at Lagos’ Trade Fair Market and increases of 12.0%, 9.2%, and 11.4% in Calabar Municipal, Balogun Market, and Awka, respectively
“The Trade Fair Market in Lagos also saw a 21.2% rise (N18,550 to N22,491), signalling persistent inflation in urban centres. In Calabar Municipal, prices climbed by 12.0%, while Balogun Market increased by 9.2%, and Awka rose by 11.4%, all pointing to region-specific supply disruptions and transportation challenges.
“Moderate Price Movements Abuja’s markets experienced moderate yet concerning increases. The price in Wuse II climbed by 7.8%, from N28,300 to N30,500, while in Nyanya it rose by 7.6%, from N25,920 to N27,900.
“Although these increases are not as steep, they underline the ongoing decline in food affordability in Nigeria’s capital,” the report stated.
In contrast, a few markets experienced slight price declines, offering some relief to consumers. Bodija Market in Ibadan saw a modest decrease of 1.1%, with the cost dropping from N21,170 in September 2024 to N20,930 in March 2025.
Dugbe Market also recorded a small reduction of 0.5%, from N21,670 to N21,560. These minor drops in prices are largely attributed to improved local harvests in certain regions, which have helped to ease some of the pressure on food costs.
While Ibadan markets, such as Bodija and Dugbe, benefited from slight cost adjustments due to improved local harvests, urban markets in Lagos are increasingly under strain.
Mid-level traders in Lagos are absorbing higher logistics and wholesale expenses, which are further driving up prices for consumers.
The report shows widening disparities in food affordability across the Southwest, with Lagos particularly feeling the pressure. These challenges highlight the urgent need for interventions to stabilise food prices and improve supply chains.
Despite the federal government’s efforts, including subsidised rice schemes and duty waivers on food imports, their impact has been limited.
“Traders and analysts argue that streamlined import logistics, not government policy, are responsible for brief reprieves,” SBM reported.
