Drastic Increase in Food Costs Makes Nutritious Meals Out of Reach for Many
Nigerians are struggling to put healthy food on the table due to a staggering rise in the cost of essential items, according to a new report by the National Bureau of Statistics (NBS). The report, titled “Cost of Healthy Diet” (CoHD), found that the average cost of a healthy diet has nearly doubled in just one year, jumping from N473 per day in February 2023 to N938 per day in February 2024. This represents a sharp 96.2% increase.
The CoHD is a key metric that considers the affordability and nutritional value of food items. It helps determine the most cost-effective way to achieve a healthy diet. The significant rise in CoHD reflects the broader economic challenges Nigerians face. While the cost of all goods and services has increased, the price of healthy food has outpaced inflation, making it even harder for households to maintain a nutritious diet.
The NBS report highlights that this dramatic increase is partly due to the recent removal of petrol subsidies and the devaluation of the Nigerian Naira. These government reforms have contributed to the country’s overall inflation rate reaching a decade-high of 31.7% in February 2024. Food inflation, a major driver of overall inflation, has also surged to 37.91%.
This situation is particularly concerning because food makes up a significant portion (50%) of the typical Nigerian household’s spending. With food prices rising faster than incomes, millions of Nigerians are being pushed into poverty. A recent World Bank report estimates that the number of Nigerians living in poverty increased by 14.2 million in 2023 alone, bringing the total to 104 million.
The rising cost of healthy food poses a serious threat to the well-being of Nigerians. It’s crucial to address the underlying economic factors driving inflation and explore ways to make nutritious food more affordable for the most vulnerable populations.