The average cost of cooking a post of jollof rice for a Nigerian family of five has increased from N10,882 to N12,373, an increase of 13.7% in the first quarter of the year.
This was disclosed by SBM Intelligence, an Africa-focused geopolitical research and strategic communications consulting firm, in it’s Jellof report for the second quarter of 2023, titled ‘Hungry for Change’.
According to the report, “The price increase in April and early May could be linked to the lingering consequences of last year’s floods which dealt a fatal blow to the late harvest and the naira redesign policy.”
It said the price was also influenced by the seasonal fluctuations of certain food items but that, however, towards the end of May and into June, the average cost was affected to varying degrees by two crucial policy choices including the removal of petrol subsidies and the devaluation of the Naira.
SMB said: “Between March and June, the average cost of making a pot of jollof rice for a family of five has increased from ₦10,882 to ₦12,373 an increase of 13.7%.
“Month on month, prices increased by 4.7% between March and April, 2.79% between April and May, and 5.6% between May and June.
“The rapid price increases in April were caused by the lagging effects of the flooding and the cash redesign policy.
“Also, widespread rumours of the incoming administration’s intention to remove fuel subsidies held prices up.
“However, these rumours were not baseless, as all the major presidential candidates had highlighted in their manifestos their plans to eliminate the fuel subsidy due to its unsustainable nature. Despite some anticipation, Nigerians needed to be adequately prepared for the full extent of the policy’s impact, especially when combined with the compounded effect of the harmonized exchange rate.”
The two most expensive ingredients for making jollof rice; are proteins and fresh tomatoes which has skyrocketed since the removal of subsidy.
Using the Jollof Index, SBM illustrates how making a pot of Jollof rice across the 13 markets in Nigeria’s six geopolitical zones grew.
“One of our interviewees noted that her family had long migrated from turkey to chicken, then to beef, innards, and now mostly pomo (cow skin) and eggs. But these alternatives are also getting costlier.
“In May, despite experiencing a supply glut of up to 20 million unsold eggs, the price of eggs in the country did not come down; it sold for about ₦100 in most parts of the country because of the impact of forex restriction on the purchase of maize – one of the inputs in poultry feed.”
On Tomatoes, the report said: Apart from jollof rice, fresh tomatoes are used for making another widely consumed staple across the country – rice and stew, and it also forms a part of local soups and cuisines in some regions.
“From selling a custard pail of tomatoes for ₦1,500 as of January this year, the cost has increased to ₦6,000 at the time of the survey, especially in urban markets. Farmers complain of the poor yields due to floods late last year.”
