Price Of Bag Of Rice, Beans, Tomatoes, Other Food Commodities This Week

As of January 31, 2025, Nigeria continues to experience significant increases in the prices of staple food items, a trend that has been escalating over the past year.

Below is an overview of the current prices for key commodities:

Rice: A 50-kg bag of rice is currently selling between ₦78,000 and ₦96,000, depending on the brand and quality.

Beans: A 50kg bag of brown beans from Maiduguri is priced at approximately ₦90,000. Sweet pure butter beans (50 kg) are available for around ₦160,000.

Tomatoes: A big basket of fresh derica tomatoes is selling for about ₦160,000. A medium-sized basket of fresh tomatoes is priced at approximately ₦95,000.

Garri: A 50kg bag of garri is available for around ₦55,000. Palm Oil: A 5-litre gallon of palm oil is selling for approximately ₦10,500.

Spaghetti: A carton of Golden Penny Spaghetti (500g × 20) is priced at about ₦28,000.

Factors Influencing price increases: Several factors have contributed to the surge in food prices:

The ongoing food price crisis in Nigeria is deeply concerning and has far-reaching implications for households, food security, and overall economic stability. Here’s a summary of the critical points:

Key Factors Behind Rising Food Prices:

1. Flooding:
   1. Torrential rains and floods have affected 29 of Nigeria’s 36 states.
   1. Over 1.5 million hectares of cropland have been destroyed, disrupting food production and supply chains.
2. Currency Depreciation:
   1. The weakening of the naira has significantly increased the cost of imported goods and agricultural inputs, impacting local food production and prices.
3. Inflation:
   1. Nigeria’s high inflation rates have compounded the issue, reducing the purchasing power of consumers and making staple foods unaffordable.

Impact on Nigerian households:

• Food Insecurity:
  • Approximately 25 million Nigerians are currently facing acute food and nutrition insecurity, with projections indicating a rise to 33 million by mid-2025.
• Strained Budgets:
  • Households with fixed or low incomes are struggling to afford basic food items as prices continue to rise.
• Health and Nutrition Concerns:
  • Rising food insecurity poses severe health risks, particularly for children and vulnerable populations, leading to potential malnutrition crises.

Possible Solutions:

1. Enhanced Agricultural Support:
   1. Providing subsidised farming inputs, flood-resistant seeds, and post-flood recovery initiatives to help farmers recover.
2. Improved Flood Management:
   1. Investing in better infrastructure for flood control, drainage systems, and early warning mechanisms.
3. Currency Stabilisation:
   1. Implementing fiscal and monetary policies to stabilise the naira and ease import costs.
4. Social Welfare Programs:
   1. Expanding food relief programs and providing cash transfers to support low-income households.
5. Price Regulation:
   1. Engaging regulatory bodies to monitor and control food price inflation through market interventions.

The current situation calls for immediate and collaborative efforts between the government, private sector, and international partners to ensure that Nigerians can access affordable and nutritious food amidst these growing challenges.