Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the stock market.
Over the past few years, there has been a notable surge in the prices of vital essential foods in Nigeria.
This phenomenon took on added complexity following President Bola Tinubu’s declaration of ending fuel subsidy payments during his inauguration on May 29, 2023.
The continuous rise in the costs of these staple foods, alongside other commodities, has reduced the buying capacity of numerous citizens.
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Consequently, many households across the nation find it challenging to meet their daily dietary needs.
According to the National Bureau of Statistics (NBS), the food inflation rate in January 2024 jumped to 35.41% from 33.93% in December 2023
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Basic foods, known as staple foods, constitute a substantial portion of an individual’s diet.
According to a market survey undertaken by Legit.ng, food product prices have doubled in recent months.
Here are several staples that have experienced price increases over time.
Bread
Once regarded as one of the most affordable staples accessible to individuals across all socioeconomic classes, bread—a dietary mainstay crafted from a blend of wheat flour and water, then baked—has now become beyond the means of the average wage earner in the nation.
Bakers throughout Nigeria have voiced their grievances, citing a surge in the costs of baking essentials over the past year, leading to the closure of many establishments and instability for those that remain operational.
Moreover, the foreign exchange crisis has exacerbated the situation, causing steep hikes in the prices of materials like flour and sugar.
Previously, a bag of flour priced at N37,000 a month ago now commands N42,000, while sugar, previously sold for N62,000, has skyrocketed to N72,000.
Consequently, a loaf of bread previously priced at N200 now demands N500, and a family-sized sliced loaf, once available for N800, now commands N1,200.
Garri
Garri, a staple food deeply ingrained in Nigerian culture and widely consumed, is gradually becoming unaffordable for the masses due to its escalating prices.
What was once a readily accessible food, even for low-income earners, has now become a luxury item.
In markets across major cities, the price of a mudu of white garri, previously priced at N600, now ranges between N1,000 and N1,200, while a mudu of yellow garri, previously sold for N500, now commands prices between N900 and N1,000.
Beans
Beans rank among Africa’s most widely consumed and essential foods, particularly in Nigeria, standing as the fourth most-consumed item after cassava, yam, and rice.
Its consumption is strongly advocated due to its myriad health benefits and nutritional value, serving as a primary source of protein compared to other protein-rich foods in Nigeria.
However, the prices of beans have surged in recent times. Presently, in numerous markets throughout Nigeria, a half-paint of beans, previously priced at N1,250, now commands N2,000.
Rice
Rice holds a prominent status as one of Nigeria’s most widely consumed staples and essential cereals, boasting a per capita consumption rate of 32kg.
In recent years, rice prices have experienced a notable increase. According to the National Bureau of Statistics’ report titled “Selected Food Prices Watch for December 2023,” released in January, the average price of 1kg of locally sold loose rice stood at N917.93.
A 50kg bag of Nigerian rice now commands prices ranging between N60,000, a significant rise from the N45,000 it fetched in December 2023.
Similarly, foreign rice is now sold for prices ranging between N50,000 and N70,000, compared to the previous price of N65,000.
Eggs
The consistent rise in prices has transformed what was once one of the nation’s most economical sources of protein into a luxury commodity.
As of late, egg prices have persistently surged, placing them beyond the means of an average Nigerian household.
Poultry farmers, livestock feed processors, and marketers have attributed the spike in poultry product prices, particularly eggs, to the escalating costs of key ingredients for poultry feeds.
Previously, a crate of eggs sold for N3000, but now it fetches prices ranging between N3,800 and N4,000, varying according to size.
Source: Legit.ng