Price Of Bag Of Rice, Beans, Other Food Items This Week

Price Of Bag Of Rice, Beans, Tomatoes, Other Food Items This Week.
Flooding, currency depreciation, and inflation drive the price surge.
25 million Nigerians face food insecurity, projected to hit 33 million.

As of Feburary 1, 2025, the prices of staple food items in Nigeria have continued to soar, worsening the economic strain on households nationwide.

Contents

Current Prices of Key Commodities
Factors Driving the Soaring Prices
Impact on Households

FURTHER READING

EDITOR’S PICKS

EKO HOT BLOG reports that the persistent increase, which has been ongoing for over a year, has significantly impacted affordability and access to basic food supplies.

Current Prices of Key Commodities

Rice: A 50kg bag now costs 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, while sweet pure butter beans sell for around ₦160,000 per 50kg.
Tomatoes: A big basket of fresh derica tomatoes is going for about ₦160,000, while a medium-sized basket costs approximately ₦95,000.
Garri: A 50kg bag is priced at around ₦55,000.
Palm Oil: A 5-litre gallon now sells for approximately ₦10,500.
Spaghetti: A carton of Golden Penny Spaghetti (500g × 20) is priced at about ₦28,000.

Factors Driving the Soaring Prices

Several economic and environmental factors have fueled the drastic rise in food prices across Nigeria:

Flooding: Severe floods have devastated agricultural lands, with over 1.5 million hectares of cropland submerged in 29 states. This has disrupted food production and supply chains, affecting over nine million people.
Currency Depreciation: The weakening naira has driven up the cost of imported goods and agricultural inputs, making food items more expensive.
Inflation: Rising inflation rates continue to erode purchasing power, making staple foods increasingly unaffordable for millions of Nigerians.

Impact on Households

The ongoing food crisis has exacerbated food insecurity across Nigeria. Currently, around 25 million people are facing acute food shortages, with projections indicating that this number could rise to 33 million by mid-2025.

The continuous surge in prices has placed immense pressure on families, especially those with fixed or low incomes, making it increasingly difficult to afford basic meals. If urgent measures are not taken, the crisis could push more Nigerians into extreme poverty and malnutrition.