See 3 worst states as cost of making a pot of jollof rice rises by over N20,000

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The cost of making a pot of jollof rice for a family of five has risen] once again, and it is over N20,000 now
This was disclosed in the latest Jollof index report published by SBM Intelligence for 3rd quarter of 2024
Nigerians have been battling a rise in food prices, which has caused significant pressure on household finances

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The cost of preparing a pot of jollof rice for a family of five, Nigeria's beloved staple, surged by 5.1% between June and September, reaching an average of N21,300 for a family of five.

This is according to the latest "Jollof Index" report from SBM Intelligence.

This increase means a single pot of jollof rice now consumes approximately 30.4% of Nigeria's new minimum wage of N70,000.

The report, titled "Crises on the Menu," attributes the changes to rising prices for key ingredients such as tomatoes and peppers, alongside persistent high rice, turkey, beef, and vegetable oil costs

Part of the report reads:

The average cost of cooking a pot of jollof rice in Nigeria rose from N20,274 in June to N21,300 in September, reflecting a 5.1% increase. The prices of key ingredients such as tomatoes and peppers, remained high in July, although the Index recorded only a minor reduction of N200. “Our previous Index highlighted how the prices of ingredients like tomatoes and peppers had surged by over 300% in June, and this only slightly relieved in July. By August, the national average cost of making a pot of jollof rice rose by an additional N390 and increased further by N1,181 in September”

SBM also noted that the government’s recent plan to distribute 600,000 bags of rice at a subsidized rate of N40,000 per 50kg has yet to alleviate market pressures significantly, highlighting a disconnect between policy and reality.