The cost of food in Nigeria has nearly doubled in one year, with prices rising by an alarming 97% from November 2023 to November 2024. The average price of food surged from ₦1,449.57 to ₦2,862.14, according to the National Bureau of Statistics (NBS). This sharp increase has placed significant pressure on households, particularly low-income families.
The NBS report, released on January 17, 2025, also noted that food prices rose by 3.75% between October and November 2024, highlighting the persistent inflationary pressures and economic instability affecting the country.
The South-East region recorded the highest average food prices at ₦3,366.41, far above the national average.
In contrast, the North-West region reported the lowest food costs at ₦2,511.86. The report also revealed regional disparities, with average food prices in the North-Central standing at ₦2,706.24, North-East at ₦2,638.28, South-South at ₦3,121.16, and South-West at ₦2,997.31.
Several factors have contributed to the rapid rise in food prices. Insecurity in agricultural zones has disrupted farming activities, especially in the North, which serves as a key food-producing region. Climate change and severe flooding have further devastated crop yields, reducing food availability.
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Rising transportation costs, driven by high fuel prices and poor infrastructure, have increased logistics expenses.
Additionally, Nigeria’s reliance on imported food has left the country vulnerable to currency depreciation and global inflation, further escalating prices.
The prices of staple foods have experienced some of the most dramatic increases. The cost of a kilogram of beans surged by 224.37%, rising from ₦838.85 in November 2023 to ₦2,720.96 in November 2024.
A dozen medium-sized eggs rose by 135.74%, increasing from ₦1,202.18 to ₦2,833.97 year-on-year. Onions followed a similar trend, with prices climbing 174.65% from ₦683.78 to ₦1,878.00 during the same period.
The skyrocketing prices have exacerbated food insecurity across the country, with many families struggling to afford even the most basic meals. For many households, wages have failed to keep pace with inflation, leaving them unable to meet their nutritional needs.
Without decisive action to address the root causes of food inflation, Nigeria may face even higher levels of hunger and malnutrition in the coming year.
