Business
Current Prices Of Essential Food Items In Nigeria
By Benjamin Abioye
Current essential food prices in Nigeria have surged, making staples like rice, beans, and tomatoes costly due to inflation and supply challenges.
Food prices in Nigeria have been rising sharply, making it harder for families to afford basic necessities.
Staples like rice, beans, and tomatoes have become significantly more expensive, adding financial pressure on households.
Rising Rice Costs
The price of rice has increased dramatically. By late 2024, a 50-kilogram bag of rice was selling for about ₦75,000 in Lagos and ₦99,000 in Abuja. Several factors have contributed to this surge, including currency devaluation, the removal of fuel subsidies, and issues like flooding and insecurity, which have affected local production.
Higher Prices for Beans and Other Legumes
Beans, a key source of protein for many families, have also seen price hikes. Although prices differ from one region to another, transportation costs and supply chain disruptions have made beans more expensive. Inflation and currency depreciation have only worsened the situation, making it harder for people to afford basic food items.
Increasing Cost of Tomatoes and Perishable Goods
Tomatoes, like other perishable goods, have also experienced price volatility. Seasonal changes, transportation difficulties, and post-harvest losses have led to inconsistent supply. As a result, tomato prices have risen, particularly in cities where demand is high.
Key Factors Behind Price Increases
Several reasons have contributed to the rising cost of food:
Inflation: Nigeria’s inflation rate reached 32.70% in September 2024 due to higher costs of food and energy following subsidy removals and currency devaluation.
Currency Devaluation: The weakening of the naira has made imported goods more expensive, affecting food items that rely on imports.
Insecurity and Climate Issues: Conflicts in major farming areas and climate problems like flooding have reduced crop production, leading to shortages.
Impact on Families
The sharp rise in food prices has caused hunger to spread, with many families struggling to buy enough food. Reports suggest that two out of three households cannot afford proper meals. Some people have had to cut down on portion sizes, change their diets, or even skip meals altogether. The situation is especially tough for low-income families, where food takes up a large portion of their monthly budget.
Current Prices of Essential Food Items
Rice: A 50kg bag costs between ₦75,000 and ₦90,000.
Beans: A 50kg bag is priced between ₦78,000 and ₦85,000.
Tomatoes: A basket sells for around ₦55,000.
Yam: Each tuber costs between ₦3,000 and ₦4,000, depending on size and quality.
Palm Oil: A 25-litre container is available for about ₦50,000.
The rising cost of food continues to be a major challenge, affecting the daily lives of millions of people.
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