Cost of preparing Jollof rice soars 166% to N10,882

The cost of preparing a pot of jollof rice for a Nigerian family of five has increased to N10,882, signifying the rate of inflation in the country.

This is the highest level it has been under the administration of President Muhammadu Buhari when compared to N4,087 for the same amount of rice in July 2016.

SBM Intelligence disclosed this in its report titled ‘Remaining within a vicious cycle,’ for March 2023.

The report revealed that the surge reflects the country’s rising food and fuel prices.

READ ALSO:Cost of making jollof rice jumps 81% in five years

Ikemesit Effiong, head of research at SBM Intelligence, stated, “Over the last seven years, the Jollof Index has astronomically ascended under President Muhammed Buhari’s administration.”

“A family of five earning the monthly minimum wage of N30,000 would have to spend 36.3% of their pay to cook a pot of jollof rice.”

The report also highlighted that Wuse II in Abuja is the most expensive place to make jollof rice, at N13,150, while it is the cheapest in Lagos (Trade Fair), at N8,850.

In coming up with the numbers, SBM revealed that it tracks the costs of ingredients such as rice, groundnut oil, chicken or turkey, beef, seasoning, pepper, tomatoes, salt, and onions, gathered monthly from 13 markets spread across Nigeria’s six geopolitical zones.

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