The cost of preparing a pot of jollof rice, a beloved Nigerian delicacy, has surged by 34.2% in the span of one year, according to a recently released Jollof Index report.

The report, titled 'Hungry for Change' and conducted by SBM Intelligence, an Africa-focused geopolitical research and strategic communications consulting firm, revealed that the average cost of cooking a pot of jollof rice escalated to N12,373 in June 2023 from N9,220 in the same period the previous year.

For families living on the monthly minimum wage of N30,000, this sharp increase means allocating a substantial 41.2% of their pay just to prepare a single pot of jollof rice.

A further examination of the data shows that the cost has seen a whopping 202.8% increase since the Jollof Index's inception in July 2016 when it stood at N4,087. Within the four months from March to June, the cost surged by an additional 13.7%.

The report attributes the price hikes in April and early May to the lingering effects of last year's floods, which adversely impacted harvests. Additionally, the redesign policy of the national currency, the naira, also played a role in the rising costs.

The devaluation of the local currency and the removal of petrol subsidies contributed to increased fuel prices and elevated food and transportation costs across West Africa during the last two months.

Economists like Israel Odubola point out that the surge in food prices reflects the inflationary pressures currently affecting the country. The rising financial burden on low and middle-income households could result in reduced savings and investments as more resources are allocated to meeting basic needs.

The Jollof Index gathers monthly data from 13 markets across Nigeria's six geopolitical zones, calculating the costs based on the ingredients needed to prepare jollof rice. The ingredients include rice, groundnut oil, chicken or turkey, beef, seasoning, pepper, tomatoes, salt, and onions. However, the index excludes December data due to seasonal variations in prices.

The report highlights that protein sources have been significantly affected, leading some families to shift from more expensive options like turkey and chicken to alternatives like beef, innards, ponmo (cow skin), and eggs. Unfortunately, even these alternatives are also becoming more expensive.

Apart from jollof rice, the cost of fresh tomatoes, a crucial ingredient in another widely consumed staple—rice and stew, has also witnessed a notable increase. The poor tomato yields attributed to last year's floods have contributed to this surge.

The SBM report reveals that Wuse II in Abuja is the most expensive place to prepare jollof rice at N16,230, while Onitsha, Anambra offers the cheapest option at N10,050.

The country's floods in the fourth quarter of the previous year severely impacted farmlands and rice production, leading to increased pressure on rice prices. Experts urge the government to invest in irrigation farming and explore cost-effective options like solar-generated power until the refineries are rebuilt and can offer cheaper rates.