Food Prices Surge in Nigeria: Beans, Eggs, and Rice Hit Record Highs

Despite a general decline in the prices of major food items, the average prices of beans, eggs, and rice saw a staggering increase of 169 percent in August 2024, marking the highest rise on record, according to the National Bureau of Statistics (NBS).

Beans experienced the most dramatic increase, with prices soaring by 271.55 percent from N693 in August 2023 to N2,574. Month-on-month, the price rose by 5.31 percent. Experts attribute this surge to the worsening insecurity in northern Nigeria, where beans are predominantly cultivated.

Egg prices also rose significantly, with the average cost for a dozen agricultural eggs reaching N2,289, a 122 percent increase from N1,032 in the same period last year. This represents a month-on-month rise of 5.48 percent from July’s price of N2,170. High logistics costs and increasing prices of key ingredients for poultry feed, such as maize and soybean, are further compounding the issue for poultry farmers.

The Poultry Association of Nigeria has raised concerns about the impact of these rising feed costs, which are leading to higher production expenses and making eggs less affordable for many families. As one teacher and mother of four lamented, “I can’t afford to give my children an egg per day anymore despite knowing the importance of their development because it has become so expensive.”

For rice, Nigeria’s most consumed staple, the average price increased by 148 percent year-on-year, climbing to N1,831 per kilogram from N737 in August 2023, with a month-on-month increase of 3.65 percent. Farmers are facing challenges from flooding and rising input costs, while foreign exchange shortages are pushing up prices for imported rice.

State-level analyses revealed significant price disparities: Akwa Ibom recorded the highest average price for beans at N3,277, while Adamawa had the lowest at N1,711. For eggs, Niger had the highest average price at N2,997, compared to Jigawa’s lowest at N1,786.

Additionally, prices for other staples have surged, with a loaf of bread rising 113.16 percent year-on-year from N685 to N1,460, and the price of a tuber of yam increasing 188 percent to N1,662. However, the price of yam saw a month-on-month decrease of 7.82 percent from N1,803 in July.

These escalating food costs are putting a significant strain on Nigerian households, contributing to rising malnutrition levels and jeopardizing initiatives like the school feeding program, which aims to provide nutritious meals to children.

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