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The SBM Intelligence's 'Crisis at the Table' report unveils alarming statistics regarding the escalating costs of preparing Jollof rice in Nigeria, shedding light on the economic challenges faced by households.

Over almost eight years, the average cost of a pot of Jollof rice for a family of five has surged by more than four-fold, soaring to a staggering N16,955 in March 2024 from N4,087 in July 2016. The primary driver behind this exponential increase is attributed to the depreciation of the naira, with the exchange rate fluctuating drastically from a monthly average of N796 to over N1,513 within the past year.

This surge severely impacts food affordability, especially as Nigeria heavily relies on food imports to meet its demands. Additionally, unresolved issues such as conflicts in food-producing regions, reduced arable land, climate variability, and increased energy costs contribute to the rising food prices.

The report highlights disparities across different markets, with significant percentage increases observed in various regions, including Onitsha, Port Harcourt, Balogun, Lagos, and Ibadan. Moreover, the rising cost of living, compounded by reforms such as the removal of petrol subsidies and naira devaluation, further exacerbates the situation, pushing more Nigerians into poverty.

Despite government interventions and efforts to address food insecurity, challenges persist, necessitating strategic planning and sustainable solutions to combat food insecurity and ensure access to affordable food for all Nigerians.