Vendors Lament as Cost of Key Jollof Rice Ingredients Soars 37.4%

Image

By Bliss Okperan, Adedapo Adesanya 

The cost of cooking a pot of jollof rice, one of the most consumed foods daily in Nigeria, has surged by 37.4 per cent, according to research carried out by Business Post.

Using market data and the most recent food price watch by the National Bureau of Statistics (NBS), major food items in making the delicacy, including rice, groundnut oil, tomatoes, and onions, among others have recorded a massive increase within the past year, making it hard for the average Nigerian to survive.

According to NBS, 1 kilogram of Rice cost N757.06 in 2023 as against N471.42 in the same period of 2022, indicating a 60.6 per cent increase, as 1kg of Groundnut oil hit N1,496.17 in 2023 as against N1113.33, indicating a 34.4 per cent increase. The price of 1kg of tomatoes was recorded at N565.69 in 2023 versus N445.12, showing a 27.1 per cent increase in the past year and 1kg of onions now cost N515.59, a 28.9 per cent rise from N397.18 in the preceding year.

Using these four food items, preparing the meal would cost around N2,400 to make a pot of the delicacy last year, but with surging costs as a result of biting food inflation, this has risen to N3,330.

Complementary foods to jollof rice have also seen a rise with a bunch of ripe plantains now selling for an average price of N586.43, in contrast to N345.90, 12 months ago, which indicates a 69.5 per cent increase.

Frozen chicken, which previously retailed at N2,569.63 in 2022 recorded a 23.6 per cent increase as it jumped to N3,126.7 per cent and chicken wings cost N1,630.58 in 2023 as against N1,338.82 in 2022, indicating a 21.8 per cent increase.

For fish lovers, they saw 1 kg of frozen Titus fish surge by 22.4 per cent to N2,045.95 against N1,671.45 while the cost of buying one unit of Agric eggs cost N96.00 against its previous cost of N75.07 which indicates 27.9 increase.

Vendors Lament Cost Effect 

Nigerians have continued to lament the growing prices of food, fuel, and other daily needs with the Dollar rate triggering a ripple effect in the cost of living. For food vendors, it has been challenging for their businesses.

According to Ms Gift Ogidi, the Chief Executive Officer (CEO) of EatAtYinz Restaurant, “Things are so expensive these days.”

She said the cost of tomatoes has almost tripled and has affected the cost of her soup varieties.

“I bought tomatoes for N6,000 in September and when I wanted to buy that same quantity this month, I was told it is now N15,000. After much bargaining, I bought it for N12,000. This is the same with other foodstuffs. This has affected the price of my meals as I have to review my prices. The annoying thing is that my customers would not understand and sometimes, I run at a loss because I am trying to please my customers.”

For her, “It is painful,” because “I cannot compromise the quality of my food but with the way things are going, Food vendors are left with two choices, reduce the quality and quantity of meals per serving or litre (depending on the package you offer) or increase the prices, well I went with the latter and trust me, business has been slow.”

Also, a street food seller in the Egbeda area of Lagos State identified as Bose, who spoke with this newspaper, said she was considering leaving the business because of the high cost of food items.

“Can you believe that a kilo of frozen turkey is now between N5,200 and N5,500, and chicken is between N3,000 and N3,200, depending on where you buy it. Fish is now also expensive. We find it difficult to make a profit these days,” she said.

Share
Related Stories
Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

Image
22-February-2024

Senate Confirms Cardoso, Yuguda, 10 Others as CBN MPC Members

By Adedapo Adesanya The Senate has confirmed the appointment of 12 persons as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) ahead of next week’s eagerly awaited interest rate-setting meeting. This confirmation comes after a report of the Committee on Banking, Insurance and other Financial Institutions was considered during plenary on Thursday. The confirmation of the new MPC members comes days before the first policy meeting of the apex bank under the new CBN governor, Mr Olayemi Cardoso, who by his position will be the chairman of the committee. The meeting has been slated

Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

More Stories
Image
06-September-2016

BOI Pledges More Funds For Mining Sector

By Modupe Gbadeyanka The mining industry in Nigeria will continue to get more funding support of the Bank of Industry (BOI), the Acting Managing Director of the bank, Mr Waheed Olagunju, has assured. Mr Olagunju, in a statement issued in Abuja, disclosed that the move was to boost the emerging mining industry and promote mining activities in the country. He said that the bank had reached out to other financial institutions both at home and abroad to mobilise funding to promote mining activities in the country. Mr Olagunju said that the current efforts by the government, in collaboration with the

Image
23-November-2022

Group Names Marcus Rashford Most Influential England Player

By Adedapo Adesanya A new study has revealed the most influential members of the England squad for the Qatar World Cup, with Marcus Rashford taking the top spot. The research, conducted by online casino comparison experts KingCasinoBonus.uk, and seen by Business Post. analysed marketing tools and the social media profiles of the England team to determine which England player was the most influential. Marcus Rashford took first place, earning up to a whopping £37,950 per sponsored Instagram post, thanks to his follower count of almost 13 million and an engagement rate of 3.28 per cent. The Manchester United forward has been

Image
05-September-2017

Airtel The Voice Nigeria: Coaches Save 4 Contestants

By Modupe Gbadeyanka Four contestants of the on-going Season 2 of Airtel The Voice Nigeria were saved by the four coaches during the second episode of the Live Show on Sunday, September 3, 2017, leaving 12 other talents up for public vote to remain in the competition. The four lucky contestants were Yimika, Wilson, Glowire and Jahtell and were saved by Patoraking, Waje, Yemi Alade and Timi Dakolo. #TeamPatoranking’s Ebube steered the first performance of the night with the rendition of Nico & Vinz’s ‘Am I wrong?’ with Annie C following with the rendition of Sade Adu’s ‘No Ordinary Love’.

Image
12-October-2018

NSE Suspends Union Dicon Salt, 5 Others

By Modupe Gbadeyanka Six companies trading their shares on the floor of the Nigerian Stock Exchange (NSE) have been suspended. This followed their failure to file in their financial statements as required by the listing rules. The six companies affected by the suspension include DN Tyre & Rubber, FTN Cocoa Processors, International Energy Insurance, Thomas Wyatt Nigeria, Union Dicon Salt and Unic Diversified Holdings. A statement issued by the NSE and signed by its Head of Listings Regulation Department, Mr Godstime Iwenekhai, explained that the action was in line with Rule 3.1, Rules for Filing of Accounts and Treatment of

Image
17-February-2017

Naira Remains Stable at N516/$ Friday

By Modupe Gbadeyanka The Nigerian currency, the Naira, remained relatively stable at the parallel market on Friday all through the day. The local legal tender opened for at N516 to the Dollar on Friday morning and remained so in the afternoon and evening when it closed for the day’s trading. The Naira reached an all-time low of N516 per Dollar on Thursday amid the continuous shortage of Dollar in the foreign exchange market in the country. However, the Euro, which opened for the day at N538, closed for the day at N540. But for the Pound Sterling, it remained the

Image
14-November-2020

Profit Takers Weaken Nigerian Stocks by 0.86% Day After Unusual Trading

By Dipo Olowookere Investors booked profit on the floor of the Nigerian Stock Exchange (NSE) on Friday a day after the market rose by over 6 per cent. During the trading session on Thursday, the exchange triggered its circuit breaker for the first time as a result of the over 5 per cent growth it witnessed before the close of trading. However, the next day, the market slipped by 0.86 per cent as market participants quickly sold off to take profit and this left 38 stocks bleeding, while 26 equities closed with green colour. MTN Nigeria, which was the heaviest

Image
08-July-2019

Inflation to Drop to 11.32% in June on Base Effect—FSDH

Modupe Gbadeyanka For the past two straight months, inflation rate in Nigeria has been trending upward, but if what analysts at FSDH Research foresee is something to take seriously, then a downward movement of the rate should be expected when the National Bureau of Statistics (NBS) releases the figures for the month of June 2019 on Sunday, July 14, 2019. In May 2019, inflation jumped to 11.40 percent, but FSDH Research said it expects this to drop to 11.32 percent in June 2019, attributing this on base effect. The investment firm said even though prices of the consumer items increased

Image
01-November-2019

NSE Vows to Raise Data Protection Compliance Standard

By Adedapo Adesanya   The Nigerian Stock Exchange (NSE) has reaffirmed its commitment to ensure it sets a high standard as regards compliance with data protection regulations in line with the Nigeria Data Protection Regulation (NDPR) in the Nigerian Capital Market. This was discussed at the 7th edition of the Nigerian Capital Market Information Security Forum 2019 themed The Nigerian Data Protection Regulation: Achieving Compliance held on Thursday, October 31, 2019 in Lagos. The exchange noted that through the forum, it was dedicated to educating the investing public on the prevailing data protection regulation that ensures that that their data

Ad
Ad
Recent Stories
Image
22-February-2024

WINBAFRICA Plans Big for 10th Anniversary

By Modupe Gbadeyanka All is now set for the 10th anniversary of WINBAFRICA themed Bridging the Gap: Celebrating a Decade of Nation-building. The organisation is gathering stakeholders together on Monday, February 26, 2024, for the event at the Alliance Francaise in Ikoyi, Lagos. The group was formed in 2014 and has since then promoted girl-child education and empowered women and young girls in critical thinking and leadership skills in secondary schools across Africa. As part of activities lined up for this year’s celebration, WINBAFRICA organised an annual school debate competition and scholarship programme for 20 young girls across the continent.

Image
22-February-2024

Nigeria Posts 2.74% GDP Growth in 2023

By Adedapo Adesanya Nigeria’s economy grew by 2.74 per cent in 2023, lower than the 3.1 per cent posted in 2022. This was disclosed by the National Bureau of Statistics (NBS) in its latest Nigeria Gross Domestic Product Q4 2023 Report released on Thursday. While the country’s economic growth was lower than the preceding year, it grew by 3.46 per cent (year-on-year) in real terms in the fourth quarter of 2023. This growth rate is lower than the 3.52 per cent recorded in the fourth quarter of 2022 and higher than the third quarter of 2023 growth of 2.54 per

Image
22-February-2024

Nashaira Belisa Takes Project OMI to Lagos Orphanage, School

By Adedapo Adesanya  Miss World Curacao 2024, and Curaçao’s delegate to Miss World 2024 in India, Miss Nashaira Belisa, an influential humanitarian and businesswoman, has launched PROJECT OMI. OMI, meaning water in the Yoruba Language, is a transformative initiative focused on addressing the critical need for clean water in orphanages and communities across Nigeria and Ghana. She is using this initiative to change the world, one drop of water at a time. The project, aptly named OMI, is a testament to Belisa’s commitment to making a lasting impact beyond the realm of beauty pageantry. Belisa’s dedication to clean water accessibility

Image
22-February-2024

Senate Confirms Cardoso, Yuguda, 10 Others as CBN MPC Members

By Adedapo Adesanya The Senate has confirmed the appointment of 12 persons as members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) ahead of next week’s eagerly awaited interest rate-setting meeting. This confirmation comes after a report of the Committee on Banking, Insurance and other Financial Institutions was considered during plenary on Thursday. The confirmation of the new MPC members comes days before the first policy meeting of the apex bank under the new CBN governor, Mr Olayemi Cardoso, who by his position will be the chairman of the committee. The meeting has been slated

Image
22-February-2024

Purple Real Estate Welcomes Umar, Oladimeji to Board

By Adedapo Adesanya Nigerian real estate platform, Purple Real Estate Income Plc, has made significant changes to its board, marking a pivotal moment in the company’s growth strategy amid current macro headwinds. The reshuffle brings on Mr Aminu Umar and Mr Olasunkanmi Oladimeji to join the board as Non-Executive Director and Executive Director. The duo of Mr Umar and Mr Oladimeji will take over from Mrs Osareme Archibong and Mrs Fiona Ahimie, both outgoing Independent Non-Executive Directors, according to notice on NASD OTC Securities Exchange, where the company trades its securities. Commenting on the changes, the Chairman of the board,

Image
22-February-2024

AFCON 2023: Nigerian Content Creators See 200% Rise in Revenue, Views

By Adedapo Adesanya Content creators in Nigeria saw a 200 per cent increase in views and revenue between December 2023 and February 2024, a new study shared with Business Post showed. According to new data released by StarNews Mobile, an African video streaming platform, content creators across Africa experienced a 300 per cent surge in revenues during the 2023 Africa Cup of Nations (AFCON) held between January 13 and February 11, 2024, reaffirming the massive surge in consumption of hyper-localized content from the continent. Based on metrics from StarNews Mobile’s platform, creators in Nigeria were only outshone by their peers

Image
22-February-2024

Two Die, 15 Rescued in Ikoyi-Lekki Link Bridge Boat Mishap

By Modupe Gbadeyanka Two persons have been confirmed dead in a boat accident that occurred on Wednesday night at the Ikoyi-Lekki Link bridge in Lagos. The Lagos State Emergency Management Agency (LASEMA), which confirmed the incident, stated that 15 persons were rescued in the mishap. The agency stated that the boat, which was conveying 17 passengers, was heading to the Ikorodu area of the metropolis from its take-off point, Sandfil, when it capsized at the Powerline area of the popular bridge. It said the body of a female passenger, who drowned, was recovered, while the corpse of the male passenger

Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

Image
22-February-2024

Salesforce Introduces Clean Energy Programme Management

By Modupe Gbadeyanka A new solution to help electric, gas, and water utilities increase customer participation in clean energy programmes has been introduced by Salesforce. The initiative known as Clean Energy Programme Management for Energy & Utilities Cloud streamlines the launch, management, and oversight of energy efficiency, conservation, electrification, and EV charging programs. It helps utilities manage clean energy initiatives with connected data — like energy usage and billing information — and personalised engagement to promote relevant programmes. This platform also digitises and simplifies the application process for customers, participating contractors, and utility program staff to help increase clean energy

Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and