In a startling revelation, the latest ‘Mountain Climbing’ report by SBM Intelligence unveils the struggles of Nigerian households as the cost of preparing the beloved dish, Jollof rice, has skyrocketed by a staggering 220.7% over the past seven years.
According to the report, families are grappling with the significant impact of soaring food prices, making essential meals less accessible and affordable.
In September 2023, the cost of preparing a pot of jollof rice for a family of five surged to N13,106 from N4,087 in July 2016, forcing families to allocate 43.7% of the monthly minimum wage for this staple dish.
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Attributed to factors such as the devaluation of the naira, removal of petrol subsidies, and broader inflationary trends, the recent spike in food prices extends beyond jollof rice, affecting staple foods across the board.
“This spike has strained Nigerian households, particularly those earning minimum wage,” emphasizes the report. The impact is evident as families find themselves navigating through the complexities of an economic landscape that strains their budgets and limits access to basic meals.
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The SBM Intelligence report meticulously tracks the costs of various ingredients, including rice, groundnut oil, chicken or turkey, beef, seasoning, pepper, tomatoes, salt, and onions.
However, it excludes December due to seasonal variations causing price hikes, highlighting the intricate nature of the challenges faced by Nigerian families in securing their daily sustenance amidst economic fluctuations.
