Average prices of food across Nigeria have increased from N2,862.14 in November 2024 to N2,920.13 in December 2024.
This is according to the latest report released by the National Bureau of Statistics (NBS) titled ‘Selected Food Price Watch December 2024’ on January 24, 2025.
This marks a year-on-year surge of 91.6%, as the average food price in December 2023 was N1,524.63.
According to the NBS report, the breakdown of average food prices across Nigeria’s six geo-political zones showed significant variations.
Nairametrics reports that food price inflation was not evenly distributed across the country, with the South-East region bearing the brunt of the price surge.
The average food price in the region increased from N3,366.41 in November to N3,484.48 in December 2024, making it the highest in the nation. Meanwhile, the North-West region recorded the lowest average food price at N2,526.72 increasing slightly from N2,511.86 in November, showcasing significant regional disparities.
- North Central: N2,732.00
- North East: N2,799.19
- North West: N2,526.72
- South East: N3,484.48
- South South: N3,159.44
- South West: N3,009.91
The report further detailed the price changes of specific food items:
Price of Beans (Brown, Sold Loose)
The average price of 1kg of beans (brown) was N2,501.32 in December 2024. This represents a 187.29% year-on-year increase compared to N870.67 in December 2023. However, the price recorded an 8.07% month-on-month decrease from N2,720.96 in November 2024.
Price of Onion Bulb (1kg)
The price of 1kg of onion bulbs rose sharply by 111.74% year-on-year, moving from N971.86 in December 2023 to N2,057.81 in December 2024. On a month-on-month basis, the price increased by 9.57%, up from N1,878.00 in November 2024.
Price of Palm Oil (1 litre)
The price of 1 litre of palm oil experienced an 81.18% year-on-year increase, climbing from N1,425.32 in December 2023 to N2,582.35 in December 2024. Month-on-month, the price rose by 4.68%, up from N2,466.79 in November 2024.
The NBS surveyed the prices of about 40 food items including beans, beef, bread, catfish (obokun), dried fish, frozen chicken, garri, groundnut oil, Irish potato, rice, and others.
Implications and more insights
These rising food prices reflect the broader inflationary pressures affecting households across the country.
The South East recorded the highest average food price at N3,484.48, while the North West had the lowest at N2,526.72, showcasing regional disparities in food costs.
- Analysts attribute the surge to factors including insecurity in food-producing regions, supply chain disruptions, and rising production costs.
- PricewaterhouseCoopers International Limited (PwC), in its recent report titled “2025 Nigerian Budget and Economic Outlook” projected that about 33.1 million Nigerians may fall into food insecurity by 2025, driven by rising inflation, persistent economic hardship, and violence in food-producing regions.
- The British firm also warned that the number of people living below the national poverty line is projected to increase by about 13 million by 2025.