This year, Nigeria has experienced an unbearable hike in commodity prices, and it shows no sign of slowing. The economic situation of the country is forcing citizens to empty their pockets to meet basic needs. In its quarterly SBM Jollof index report for Q3 2021 titled Jollof Index: Prices be Swingin, SBM Intel, a geopolitical research firm, revealed the cost of making a pot of jollof rice for a family of five in Nigeria has risen by 4.98 percent. The index’s data is collected monthly from 13 markets across six geopolitical zones in Nigeria, except in December due to seasonal spikes caused by year-end celebrations. The Jollof Index covers major food items used in preparing a pot of jollof rice such as rice, curry, thyme, seasoning cube, groundnut or vegetable oil, turkey or chicken, beef, pepper, tomatoes, salt, and onions. The index identified insecurity as the foremost cause of food price increase and volatility in Nigeria.
SOURCE: VENTURES AFRICA