Current Price Of Bag Of Rice, Beans, Tomatoes, Other Food Commodities

As of February 7, 2025, Nigeria is facing a sharp rise in food prices, which is affecting essential commodities like rice, beans, and tomatoes.

These price hikes are caused by a mix of economic factors, including inflation, currency devaluation, and disruptions in agricultural production due to security issues and unfavorable weather conditions.

The prices of key food items have seen significant increases. A 50kg bag of rice is now priced between ₦75,000 and ₦90,000. A 50kg bag of beans costs between ₦78,000 and ₦85,000, while a basket of tomatoes is being sold for about ₦55,000. Yams are priced between ₦3,000 and ₦4,000 per tuber, depending on their size and quality. Palm oil is also expensive, with a 25-litre container priced at around ₦50,000, and chicken meat costs approximately ₦5,000 per kilogram.

Several factors are contributing to the rise in food prices. The country’s inflation rate has been climbing steadily, reaching 34.8% in December 2024, the highest in nearly 30 years. Food inflation, specifically, hit 39.84% in the same period, driven by higher costs of staple foods.

The devaluation of the Naira has made imported goods and agricultural inputs more expensive, which has further increased food prices. Additionally, insecurity in major farming regions and adverse weather conditions, such as flooding, have led to reduced crop yields and shortages in food supply.

In response to the rising prices, the Nigerian government has introduced measures to address inflation, including plans to increase the value-added tax (VAT) to 12.5% by 2026. However, essential items like food and medicine will be exempted from this tax hike to alleviate the financial burden on households.

The continuous rise in food prices remains a serious challenge for many Nigerian families, particularly those with lower incomes who spend a large portion of their income on food. Ongoing monitoring and policy interventions are necessary to manage the situation and protect food security in the country.

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