Business
Current Food Prices In Nigeria As Of January 31, 2025
By Benjamin Abioye
As of January 31, 2025, Nigeria continues to experience sharp increases in the prices of essential food items.
This trend has been ongoing for the past year and has significantly impacted the cost of living in the country.
Currently, the price of a 50kg bag of rice ranges from ₦78,000 to ₦96,000, depending on the brand and quality. Brown beans from Maiduguri are priced around ₦90,000 for a 50kg bag, while sweet pure butter beans are more expensive, costing about ₦160,000 for the same quantity. Tomatoes are also seeing a rise in prices, with a large basket of derica tomatoes going for approximately ₦160,000 and a medium-sized basket priced at around ₦95,000.
Additionally, a 50kg bag of garri is selling for about ₦55,000, and a 5-liter gallon of palm oil is priced at ₦10,500. Spaghetti, specifically a carton of Golden Penny Spaghetti (500g × 20), is available for about ₦28,000.
Several factors are driving these price hikes. Flooding in 29 of Nigeria’s 36 states has destroyed over 1.5 million hectares of farmland, severely disrupting food production and supply chains. The depreciation of the naira has also played a role by increasing the cost of imported goods and agricultural inputs. Furthermore, inflation has contributed to higher living costs, making it harder for Nigerians to afford essential foods.
As a result of these rising prices, food insecurity has worsened. Around 25 million Nigerians are currently facing acute food and nutrition insecurity, and this number is expected to rise to 33 million by mid-2025.
For many households, especially those with low or fixed incomes, the escalating costs of food are creating significant challenges in meeting basic nutritional needs.
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