• UN report shows Nigeria among the hardest hit globally by soaring prices of starchy foods and oils between 2019 and 2024.
• Prices of maize, yam, vegetable oil, and wheat flour multiplied up to tenfold in five years.
• Nigerian households now spend about 50% of their income on food, worsening food insecurity.

Nigeria is among the countries most affected by surging food prices in recent years, alongside Mexico and Pakistan. Starchy foods and cooking oils have been at the center of this inflation, according to the United Nations report State of Food Security and Nutrition in the World (SOFI) published in July 2024.

Between 2019 and 2024, the price index for staple starches such as rice, wheat, and tubers climbed to 500 points in July 2024, while the index for oils and fats exceeded 375 points. Over the same period, the Food Consumer Price Index (Food CPI) averaged around 300 points.

Starchy staples are traditionally the cheapest source of calories compared to vegetables, fruits, or animal products. But the Food and Agriculture Organization (FAO) warns that soaring prices are hitting the poorest households hardest, as basic staples account for nearly two-thirds of their daily diet.

Data from Nigeria’s National Bureau of Statistics (NBS), reviewed by Ecofin Agency, shows how prices surged between July 2019 and July 2024. The price of one kilogram of white maize rose sevenfold, while yam prices increased tenfold. Vegetable oil prices quintupled, and wheat flour prices quadrupled.

This trend has sharply reduced economic access to food, with Nigerian households already spending about 50% of their income on food.

Because demand for staples remains inelastic, the FAO notes that rising food costs have serious implications for food security and nutrition, especially for low-income consumers.

More broadly, food price hikes are now the leading economic concern for Nigerian households. A survey published in November 2024 showed that 71% of families identified rising costs of basic foods as their main economic shock. The list of staples most affected includes onions, tomatoes, rice, cooking oil, frozen chicken, wheat flour, and yam.