Jollof rice, some of the beloved delicacies in Nigeria, has now turn into some extent of grief since households must spend greater than earlier than to get it prepared.
In keeping with: SBM Intelligence Index Jollof: report for Q2 2021 printed in the present day, the typical value of constructing a Jollof piggy financial institution for the everyday Nigerian family elevated 6.9 per cent quarterly to ₦ 7,618 in June 2021 from ₦ 7,244 in March.
SBM started monitoring the Jollof rice index in 2016, and since then, the price of the feed estimate has grown by a whopping one hundred pc.
Within the second quarter of the yr, the costs of the principle meals continued to develop quickly on common. In keeping with knowledge from the Nationwide Bureau of Statistics, the hole between meals and non-food inflation widened by 10.28% regardless of basic double-digit inflation.
At the side of the excessive unemployment charge in Nigeria, rising meals costs point out a rising index of poverty of Nigerians and the declining capability to purchase meals. The expansion of insecurity has additionally perforated the nation’s agricultural sector in such a means that farmers are unable to go to work out of worry for his or her security.
Different elements reminiscent of the federal government’s coverage of closing land borders, along with rising power tariffs, have stimulated rising costs within the brief run.
Earlier than the pandemic that crushed the economic system, about 40.1 per cent of Nigerians lived under the poverty line. A latest World Financial institution report confirmed that at the very least seven million Nigerians have joined the poverty line due to rising inflation.
Within the 2020 World Starvation Index (GHI), Nigeria is ranked 98th out of 107 nations, reaching a GHI rating of 29.2 on a scale of 100 factors.