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Survey: Nigerians express anxiety over daily surge in food prices
Anxiety seems to reign among most Nigerians, who have raised deep concerns over the rising cost of food prices as the economic hardship within nine months of President Bola Tinubu’s administration. Based on data from the National Bureau of Statistics (NBS), the inflation rate rose from 22.41% in May 2023 to 29.9% in January 2024. In May 2023, the food inflation rate stood at 24.2%, it is currently 35.41%.
The economic crisis and rising cost of food are taking a toll on the finances of Nigerians, thereby pushing more people into poverty. A recent report by PricewaterhouseCoopers (PwC) on Nigeria’s Economic Outlook projected that the poverty level in the country will rise to 38.8% in 2024. Presently, most Nigerian families barely feed properly as prices of food items have skyrocketed, as indicated in the table below.
The major factor contributing to the economic hardship in the country is the depreciation of Naira, which has consequently reduced the purchasing power of Nigerians, as the cost of production has increased exponentially.
The respondents, who spoke with our correspondent expressed their grievances concerning the rising cost of food and commodities, revealing that their monthly income wasn’t sufficient to meet their needs any longer.
Chidera Nkem, a foodstuff vendor at Ikosi Ketu area of Lagos state, complained about the rising prices of food, adding that businesses are closing down due to huge losses.
“The prices of food are increasing every day. I bought 20 packs of spaghetti for ₦ 18,000 last week, it is ₦19,000 today. A lot of people are closing down their shops because they keep running at a loss. People we used to buy food from at the market are no longer there,” she said.
Olawale Banjo, a 49-year-old businessman, lamented over the hardship and hunger in the country. He stated that his monthly income wasn’t sufficient to meet his needs for the month.
“The hunger in the country is too much. My income is no longer enough to sustain my family and me for the month. People are living in anguish. A loaf of bread I used to buy for ₦1000 is now ₦1600. A crate of eggs we bought for ₦2700 as of December 2023 is now ₦3800. How? Prices of food keep increasing every day. We are tired,” he stated.
Mosunmola Bello, a foodstuff vendor in the Shangisha area of Lagos state, raised her concern over the increasing prices of food in the market.
“I sold a kilo of Titus fish for ₦4500 as of Monday, the current price is now ₦4800 per kilo. A carton of Indomie noodles as of Tuesday was ₦9000, the price was increased to ₦11200 this morning. Running a foodstuff business in this current economy is tiring. Prices of food keep increasing daily, the prices aren’t stable at all. Our business is no longer profitable, instead, we are running at a loss,” she deplored.
Yakubu Hussain spoke with our correspondent concerning the current price of tomatoes and scotch bonnet pepper, which has increased by over 100% within nine months.
“As of May last year, a basket of tomatoes was ₦24,000 but we buy it for ₦50,000 now. A bag of pepper was ₦12,000, we buy the biggest bag for ₦100,000 now. The prices of goods keep increasing every day We don’t sell ₦100 pepper anymore, the least is ₦200,” he said.
Racheal Fabummi, a teacher and mother of three, decried the daily surge in food prices. She pleaded to the Nigerian government to treat the current surge in food prices as a matter of urgency, adding that it was becoming unbearable.
“The hardship is becoming unbearable. Why would I buy a derica of rice for ₦1200 on Monday and on Wednesday it increased to ₦1300? I bought one pack of spaghetti for ₦800, and after three days it was increased to ₦950. Currently, you can’t cook a good meal with ₦5000. I am spending my entire salary on food and transport. Nigerian government should please do something about the high cost of food because we can’t cope anymore,” she said.
In response to the hardship in the country, the Lagos state governor, Mr. Babajide Sanwo Olu, on Thursday, announced major relief package for workers and residents to cohesion the effect. He made a 50% cut in the transport fares of BRT buses, and cut working days to three days for workers below grade level 14.
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Food items
May 2023, February 2024
Bread 600/1400
Long grain rice (50 kg)
₦25,000 /₦90,000
Short grain rice (50 kg)
₦23,000 /₦78,000
White Garri (5 kg)
₦800/₦2700
Yellow Garri (5 kg)
₦700/₦2500
Palm Oil (5 litres)
₦3500/₦5000
Vegetable Oil (5 litres)
₦4200/₦8000
Beans (Per derica)
₦500/₦1200
Frozen Chicken (Per Kilo)
₦2200/₦4000
Frozen Turkey (Per kilo)
₦3000/₦5800
Titus Fish (Per Kilo)
₦1800/₦4800
Mackerel Fish (Per kilo)
₦1200/₦3300
Egg (A crate)
₦1100/₦3800
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As indicated in the table above, the price of Long grain rice (50kg) surged by 72.2% within nine months (May 2023 to February 2024). The price of Short grain rice (50kg) increased by 70.5%. The cost of 5kg of White Garri and Yellow Garri grew by 70.4% and 72% respectively. Within the period under review, 5 litres of Palm Oil and Vegetable Oil increased by 30% and 47.5% respectively. The price of beans increased by 58.3% within 9 months. The prices of Frozen chicken and Turkey rose by 45% and 48.3% respectively. A kilo of Titus fish and Mackerel fish soared by 62.5% and 63.6% respectively. Within the 9 months under review, a crate of eggs increased by 71.05%
