In 2024, the cost of making Nigeria's beloved dish, jollof rice, has skyrocketed, more than doubling compared to previous years.

This dramatic price hike is largely driven by the soaring cost of rice, which has become a key indicator of Nigeria's economic challenges.

In Lagos, the price of a 50-kilogram bag of rice has surged to over N75,000, while in Abuja, it now reaches N99,000.

This sharp rise in rice prices underscores the financial strain many Nigerians are facing, deepening the country's ongoing food inflation crisis.

According to the National Bureau of Statistics (NBS), two out of three Nigerian households face hunger daily, a situation worsened by the rising costs of essential food items. The ingredients for jollof rice—such as vegetable oil, onions, and chicken—have also become significantly more expensive, making it even harder for families to prepare this cherished meal.

A report from SBM Intelligence, which tracks the cost of popular dishes through its Jollof Index, confirms that prices for these key ingredients have also spiked.

Nigeria's food inflation crisis is at a breaking point in 2024, with the country's inflation rate hitting its highest in nearly 30 years.

In November, the NBS reported an inflation rate of 34.6%, with food inflation surging to 39.9%. This sharp increase in prices is severely impacting household budgets, as purchasing power continues to shrink. Despite the Central Bank of Nigeria (CBN) raising interest rates to 27.5% in an effort to control inflation, the cost of living remains high, putting immense pressure on Nigerian families.