Nigerian Jollof rice preparation costs went from N4,087 in July 2016 to N13,106 in September 2023, a 220.7% rise.
This was just revealed in a new Jollof Rice Index research from SBM Intelligence.
The article claims that there is a correlation between the rising cost of making Jollof rice and Nigeria’s skyrocketing food inflation rate, which reached 31.52 percent in October.
According to the inference, making a single meal of Jollof Rice would cost an ordinary Nigerian household earning the minimum income of N30,000 43 percent of the time.
The most costly spot to produce jollof rice is Wuse II in Abuja, at N15,900, while the cheapest markets are in Onitsha, Anambra, at N10,280, according to the research, which conducted surveys in 13 marketplaces throughout the six geopolitical zones in Nigeria.
“This marks a new peak. The circumstances illustrate the depressing tale of Nigeria’s inflation rate. According to Ikemisit Effiong, Partner of SBM Intelligence, in an interview with Channels Television on Wednesday, “all of the constituent ingredients of the Jollof Rice Index are at multi-year high as families continue to cut cost or manage the pressure by either reducing the quantity of rice or food generally or deploying substitutes.”
According to reports, there would be a 32% increase in rice prices.
