By Milcah Tanimu

Between March and June 2023, the cost of preparing Nigeria’s popular dish, jollof rice, increased by 13.7 percent, according to a report by SB Morgen (SBM). The surge was attributed to the removal of fuel subsidy and the unification of foreign exchange market policies, which significantly affected food prices in Nigeria. The subsidy removal had far-reaching effects on neighboring West African countries that relied on subsidized petrol from Nigeria. Both policies impacted the prices of various food items, including rice, tomatoes, pepper, protein sources like turkey/chicken and beef, and vegetable oil.

The report also highlighted the average cost of making a pot of jollof rice in Nigeria’s six geopolitical zones, with prices increasing month-on-month. In Ghana, the cost of jollof rice also experienced an increase during the second quarter of the year, with urban and suburban disparities in food prices observed between cities such as Accra and Kumasi.

Overall, the subsidy removal and currency fluctuations had a notable impact on food prices, particularly affecting the cost of making jollof rice in Nigeria during the mentioned period.