A pot of jollof rice now costs N25,486 in Nigeria, up by19% in 6 Months

This is contained in the SBM Jollof Index Q4 2024 – Q1 2025, which tracks food inflation using the price of jollof rice, a widely consumed dish, as a proxy for the cost of living in Nigeria.

The index covers 13 markets across Nigeria and provides a relatable benchmark for assessing household food inflation.

It revealed that in September 2024, the national average stood at N21,300 but climbed by 19% to N25,486 by March 2025.

“In September 2024, the average cost was N21,300, which increased to N25,486 by March 2025, representing a 19% rise.  

However, this increase was not consistent throughout the period, as the national average initially rose from October 2024, slightly decreased in January and February, and then resumed its upward trend in March 2025,” the report noted.

A combination of factors is driving the spike in food costs, particularly for jollof rice.

“Protein, in particular, remains a major contributor to the overall cost, with turkey now costing between N8,000 and N10,500 per kilo, a substantial increase from the N1,500 to N1,700 it cost in 2016,” the report noted. 

The rising costs are also being compounded by macroeconomic pressures such as high petrol prices and recent hikes in electricity tariffs for Band A users, both of which feed directly into logistics and storage expenses in the food supply chain.

Farmers have come under increasing attacks across the country, notably in Benue, Borno, and Plateau states.

“Insecurity continues to be a pressing concern, with incidents such as the killing of farmers in Benue, Borno and Plateau States disrupting agricultural activities and limiting the local food supply.” 

Where prices surged the most

Several markets in Nigeria have witnessed sharp spikes in the cost of preparing a pot of jollof rice, with Port Harcourt, Kano, and Bauchi recording the steepest hikes over a six-month period.

The report reveals notable price hikes in several Nigerian markets, including a 21.2% rise at Lagos’ Trade Fair Market and increases of 12.0%, 9.2%, and 11.4% in Calabar Municipal, Balogun Market, and Awka, respectively

“The Trade Fair Market in Lagos also saw a 21.2% rise (N18,550 to N22,491), signalling persistent inflation in urban centres. In Calabar Municipal, prices climbed by 12.0%, while Balogun Market increased by 9.2%, and Awka rose by 11.4%, all pointing to region-specific supply disruptions and transportation challenges.  

“Moderate Price Movements Abuja’s markets experienced moderate yet concerning increases. The price in Wuse II climbed by 7.8%, from N28,300 to N30,500, while in Nyanya it rose by 7.6%, from N25,920 to N27,900. 

“Moderate Price Movements Abuja’s markets experienced moderate yet concerning increases. The price in Wuse II climbed by 7.8%, from N28,300 to N30,500, while in Nyanya it rose by 7.6%, from N25,920 to N27,900. 

 “Although these increases are not as steep, they underline the ongoing decline in food affordability in Nigeria’s capital,” the report stated. 

In contrast, a few markets experienced slight price declines, offering some relief to consumers. Bodija Market in Ibadan saw a modest decrease of 1.1%, with the cost dropping from N21,170 in September 2024 to N20,930 in March 2025.

Despite the federal government’s efforts, including subsidised rice schemes and duty waivers on food imports, their impact has been limited.

“Traders and analysts argue that streamlined import logistics, not government policy, are responsible for brief reprieves,” SBM reported. 

Meanwhile, accusations of price gouging by market leaders and supply chain cartels remain largely unaddressed.