Prices of food remain high as inflation rattles Nigerian households

Prices of staple foods continue to rise as Nigeria struggles with its worst economic realities in many decades.

In a market survey by Afri Reporters at the popular Mandate Market in Ilorin, the Kwara State capital, north-central Nigeria, the rising prices reflect what is obtainable in the other parts of the country, although with slight differences.

A basket of tomatoes that was previously sold for 50–60,000 naira is currently selling at the rate of 35,000 for the big basket. While the smaller ones go for 26,000 naira.

A bag of rice, an essential meal that is widely consumed in Nigeria, has jumped to 65,000 naira from 35,000 when it was sold last May.

A 25-liter of palm oil has also increased from its old price of 25,000 to more than 30,000 naira.

While a bag of white garri used to sell for N13,000 last year, it now sells for N30,000. A bag of yellow garri used to retail for N25,000, but that price has increased to N40,000.

At the Ipata Market in the same state, a cow meat seller also lamented the rising prices of animals in the market.

Mrs Aminah Ibrahim said the big-sized cow, which was previously valued at 250,000, has gone to half a million naira in the market.

She said, “We struggle to get cows now due to the rising prices. What we used to get at the rate of 150,000 during the cash crunch crisis is now above 350,000, while those we used to buy for 500,000 naira are now sold for 850,000 to 1 million.”

Nigeria is currently facing its toughest economic troubles in many years.

A report by the UN food agency (FAO) in collaboration with Nigeria’s Federal Ministry of Agriculture and Food Security recently revealed that about 26.5 million people may be affected by acute food insecurity in the West African country in 2024.

The report blamed the cause of the potential food crisis on the eventual removal of subsidy on fuel by the Nigerian government, floods, and conflicts.

President Bola Ahmed Tinubu has commenced a daring reform in Africa’s most populous nation by ending the costly subsidy on petrol and foreign exchange controls.

Despite the gradual reforms, the country’s inflation stood at its record level for more than five months, causing concerns for many Nigerian citizens.