Price of bag of rice, beans, tomatoes, other food commodities this week

As of January 31, 2025, Nigeria is witnessing a sharp rise in the prices of staple food items, continuing an upward trend that has persisted over the past year.

Below is an overview of the current market prices for key commodities:

Current Prices of Staple Foods

• Rice: A 50kg bag now costs between ₦78,000 and ₦96,000, depending on the brand and quality.
• Beans: A 50kg bag of brown beans (Maiduguri variety) is priced at approximately ₦90,000, while sweet pure butter beans (50kg) cost around ₦160,000.
• Tomatoes:
  • A big basket of fresh derica tomatoes sells for ₦160,000.
  • A medium-sized basket is priced at ₦95,000.
• Garri: A 50kg bag is available for around ₦55,000.
• Palm Oil: A 5-litre gallon costs approximately ₦10,500.
• Spaghetti: A carton of Golden Penny Spaghetti (500g × 20) is priced at about ₦28,000.

Reasons for Rising Food Prices

Several factors have contributed to the continuous surge in food prices:

1. Flooding and Climate Impact:

   • Heavy rains and flooding in 29 of Nigeria’s 36 states have destroyed over 1.5 million hectares of farmland, affecting more than nine million people and severely disrupting food production and supply chains.

2. Currency Depreciation:

   • The weakening naira has increased the cost of imported goods and agricultural inputs, leading to higher food production and retail costs.

3. Inflation and Economic Hardship:

   • Rising inflation has significantly affected household purchasing power, making staple foods increasingly unaffordable.

Impact on Households

The continuous increase in food prices has intensified food insecurity across the country. Currently, about 25 million Nigerians are facing acute food shortages, and experts predict this figure could rise to 33 million by mid-2025.

With many households struggling to afford basic necessities, the food crisis remains one of Nigeria’s most pressing economic challenges.