The cost of making Nigeria’s favourite dish, jollof rice, doubled this year as rice prices soared.
The new price shows the government’s struggle to control the cost of living in Nigeria.
The price of rice soars in 2024
In Nigeria, the rice price has become the government’s measuring rod.
According to reports, prices in Lagos for a 50kg bag of rice jumped eight per cent in December to N75,000 from the previous month’s rate.
A survey by SBM Intelligence, which publishes the Jollof index, shows that other ingredients, including vegetable oil, onions and chicken, also increased.
In Abuja, the price of rice sold for N99,000 for a N50 kg bag.
The National Bureau of Statistics says rising food prices mean two out of every three Nigerian households go hungry.
Nigeria’s food inflation accelerates
Bloomberg reports that rising hunger and the cost of living have led to stampedes in Ibadan, Anambra, and Abuja as Nigerians grapple with a few kilogrammes of rice.
Reports say the government’s attempt to declare a state of emergency to improve food security faltered, and suspending import duties also failed.
A recent NBS report puts Nigeria’s inflation rate at 34.6% in November, a 28-year high, with food inflation rising to 39.9%.
Food prices have continued to accelerate, putting pressure on household income despite the Central Bank of Nigeria (CBN) increasing the interest to 27.5% in November.
FG rules out price control measures
The Nigerian government devalued the currency, removing the pegs to the US dollar after ending petrol subsidies in 2023.
Analysts believe the policies have pushed up prices despite being lauded by investors.
President Bola Tinubu disclosed during a presidential media chat on December 23, 2024, that there are no plans to impose price controls, saying that the government has ordered 2,000 tractors and plans over incentives to boost food production.
Traders give prices of popular rice brands
Legit.ng earlier reported that there are a few weeks until the end of the year, and once again, Nigerian families are set to gather and make merry with sumptuous meals.
However, this year could be different from previous years due to the high cost of rice, which is a key part of an average Nigerian household’s festive menu.
According to market surveys, the price of a 50kg bag of rice now ranges from N80,000 to N120,000, depending on the brand and location.