The price of making Jollof rice

The price of making Jollof rice

According to a research, the price of making jollof rice, a favourite dish of Nigerians, increased from N13,106 in October to N16,955 in March 2024.

The geopolitical information platform SB Morgen (SBM) information revealed in its most recent research, “The SBM Jollof Index Q1 2024: Crisis at the table,” a 29.3% increase in the price of preparing the delicacy.

The SBM Jollof Index measures the inflationary trends in the nation by tracking the price of making a pot of jollof rice for a household of five across 13 markets in six geopolitical zones.

Food costs have increased in Nigeria in recent years. The effects of government caused the issue to worsen.
Many residents’ purchasing power has been eroded by the rising costs of these necessities and other goods, making it impossible for many households in the nation to afford daily meals.

In its most recent inflation report, the National Bureau of Statistics (NBS) stated that Nigeria’s annual inflation rate increased from 31.70 percent in February to 33.20 percent in March.

The food inflation rate in March 2024 accelerated to 40.01 percent on an annual basis, 15.56 percentage points higher than the rate in March 2023 (24.45 percent), according to the research.

Nigeria went through one of the biggest food crises between October 2023 and March 2024, according to an SBM Intelligence analysis.

“From N13,106 in October to N16,955 in March 2024, the cost of preparing a pot of jollof rice increased by 29.3% during this period,” the report stated.

The paper states that the Naira depreciation—which increased from a monthly average of N796 to a dollar in October 2023 to a monthly average of more than N1,513 in March 2024—was the main cause of the surge.

It claimed that this had a significant impact on food affordability, especially because the nation still primarily imports food to meet its needs.

For instance, it said that in the first week of March 2024, the cost of a bag of rice climbed from roughly N56,000 in October 2023 to almost N87,000.

“These price hikes were brought on by long-standing, unresolved problems that have been driving up food prices, such as conflicts in areas that produce food, a decline in arable land, climate variability, and rising energy (fuel and electricity) costs.

“A variety of interventions were put into practice during this time.”

According to the paper, moving towards mechanised agriculture and addressing continuing conflicts in Nigeria are crucial steps towards a lasting solution.

During this time, the cost of rice, the most popular staple food in Nigeria, increased at an unprecedented rate, and substitutes like spaghetti became unaffordable for many.

As a result, a lot of people have stopped eating. Missing meals has a big effect on kids; they get cranky, find it hard to concentrate in school, and their brain development is hampered.

Adults who are malnourished also experience increased weariness and a decreased capacity to compete with their better-fed counterparts in industrialised nations. As people become desperate to satisfy basic requirements, these harsh realities increase the probability of criminality, underscoring the significance of long-term initiatives to tackle food insecurity and its far-reaching impacts, the report stated.

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