NIGERIA – The Nigerian National Bureau of Statistics (NBS) has reported a worrying trend in prices of essential food commodities, raising alarms about food security and the escalating cost of living for millions of Nigerians.
Released in Abuja, the report sheds light on the significant price increases for essential food items such as beans, eggs, bread, rice, and yam over the past year.
The report reveals that the price of 1kg of brown beans, a common staple in Nigerian households, increased by a staggering 271.55% from August 2023 to August 2024.
The price jumped from N692.95 (US$0.90) to N2,574.63 (US$3.36) during this period, reflecting the broader trend of inflation affecting a range of food items. The cost of a dozen medium-sized Agric eggs rose by 121.92%, increasing from N1,031.55 (US$1.34) to N2,289.19 (US$2.99).
Similarly, the price of sliced bread rose 113.16%, from N684.85 (USD 0.89) to N1,459.85 (USD 1.91). Rice, a staple food across the country, experienced a 148.41% increase, with prices jumping from N737.11 (US$ 0.96) to N1,831.05 (USD 2.39) per kilogram.
Yams, a core element of many Nigerian diets, witnessed a price surge of 188.31%, rising from N576.39 (US$0.75) in August 2023 to N1,661.80 (US$2.17) a year later. These steep year-on-year increases have not only strained household budgets but also raised concerns about food accessibility for low—and middle-income families.
In addition, the NBS report also highlighted significant regional price variations, with Akwa Ibom recording the highest average price for 1kg of brown beans at N3,276.79 (US$4.27), while the lowest price was noted in Adamawa at N1,710.92 (US$2.23).
Bread prices were highest in Rivers State at N1,850 (US$2.41) and lowest in Yobe at N908.81 (US$1.18). Kogi had the highest average price for 1kg of local rice at N2,680.29 (US$3.49), whereas Benue had the lowest at N1,206.84 (US$1.57).
On a month-to-month basis, the price increases have continued at varying rates. For instance, the cost of brown beans increased by 5.31% between July and August 2024, while local rice prices rose by 3.65%.
However, some commodities, such as yams and tomatoes, experienced slight declines in price during this period. The price of yams fell by 7.82%, while the average price of tomatoes dropped by 11.07% from July to August, indicating some volatility in the market.
In response to the escalating prices, the Nigerian government introduced a 150-day duty-free import window in July 2024, suspending tariffs and taxes on key food items such as maize, cowpeas, wheat, and husked brown rice.
This measure was designed to ease the burden of rising costs and improve food supply by making imports more affordable. However, industry experts argue that these short-term policies are insufficient to address the deeper issues causing food price inflation.
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