The average cost of cooking a pot of jollof rice for a family of five has risen to N30,435 according to the latest SBM Jollof Index report for March 2026.
The latest figure represents a 19.4 per cent increase from N25,486 recorded in October 2025, reinforcing how quickly food prices have accelerated within a six-month period.
The figure represents 43.48 per cent of the national minimum wage, consuming a significant share of income.
The rise in jollof costs mirrors broader inflationary trends. Headline inflation stood at 15.38% in March 2026, while month-on-month inflation more than doubled to 4.18%, signalling a renewed uptick in price pressures.
Food inflation, though slightly lower on a year-on-year basis, remained elevated on a monthly basis, underlining persistent cost pressures in the food basket.
At the core of the surge is a sharp increase in energy costs, triggered by global oil market disruptions.
The report traced the escalation to geopolitical tensions in the Middle East, which pushed crude oil prices above $110 per barrel and led to a near doubling of petrol prices across Nigeria.
With petrol rising to over N1,300 per litre in major cities and diesel exceeding N1,500, transport fares surged, significantly increasing the cost of moving food items from farms to markets.
This has created a ripple effect across the entire food supply chain, pushing up the prices of key ingredients such as rice, vegetable oil, tomatoes, and protein.
Protein consumption has been particularly affected. Turkey, which now costs between N8,000 and N10,500 per kilogram, has become a luxury item for many households. As a result, families are increasingly replacing meat with cheaper alternatives such as smoked fish, crayfish, or eggs.
Households are also abandoning bulk purchases in favour of “atomised buying”, where food is purchased in small quantities for immediate consumption, reflecting declining purchasing power and growing income uncertainty.
