Soaring food prices force families, businesses to adapt amid inflation

The cost of food in Nigeria has surged to record highs, straining household budgets and forcing millions of people to drastically alter their spending habits, dietary choices, and even sources of income.

With inflation disproportionately affecting staple foods such as rice, garri, and beans, many Nigerians are struggling to maintain their standard of living.

At Kara market along Lagos-Ibadan expressway, meat traders are among those hardest hit by the rising costs.

Audu, a local butcher, lamented the drastic decline in sales. “People have been buying less goat meat, and this has been the trend even before last Christmas,” he said.

“A goat lap that used to cost N4,500 now sells for about N9,000. Customers are complaining, and our sales have dropped significantly. You should help us beg President Tinubu to intervene,” he pleaded.

“Many of my regular customers have stopped coming. I’ve had to reduce portion sizes just to keep the business afloat,” he said.

The latest report from the National Bureau of Statistics (NBS), titled Selected Food Price Watch December 2024, released on January 24, 2025, highlights the alarming rise in food costs.

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Average food prices in Nigeria jumped from N2,862.14 in November 2024 to N2,920.13 in December 2024.

This represents a year-on-year increase of 91.6 per cent, compared to the average food price of N1,524.63 in December 2023.

The NBS tracked price changes across 40 essential food items, including beans, beef, bread, catfish, dried fish, frozen chicken, garri, groundnut oil, Irish potatoes, and rice.

Not only are individual households affected, but restaurant owners and food vendors are also struggling to adapt to the new economic reality.

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Dr. Paul Garau, an economist at Nasarawa State University, Keffi, warned that food inflation has severe macroeconomic implications beyond household affordability.

“The rising cost of food is not just about affordability; it has serious economic and social consequences. When people can’t afford basic food items, it reduces aggregate demand, slows business activities, and deepens poverty,” he explained.

Similarly, Puol Danladi, Executive Director of the Initiative for Development and Peacebuilding, emphasized the broader implications of food insecurity.

“Food security is not just about availability; it’s about accessibility and affordability. If people cannot afford nutritious meals, it will have long-term effects on health, productivity, and national stability,” he said.

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He urged the government to implement policies that address both food production and distribution challenges to mitigate the crisis.

In an effort to ease the burden, the Federal Government in July 2024 announced a 150-day zero-duty levy on select food imports, including: Maize; Husked brown rice; Wheat and Cowpeas.

More recently, in February 2025, the government launched efforts to reposition the Bank of Agriculture (BoA)—a key institution in Nigeria’s agricultural sector—as part of a broader plan to revitalize food production and drive economic growth.

Finance Minister Wale Edun stressed that addressing food inflation requires a holistic approach, combining monetary policies with fiscal and real-sector strategies.

“To stabilize the economy, we must increase agricultural productivity, improve food distribution, and support economic growth while mitigating inflationary pressures,” he said.