The cost of preparing a typical stew in Lagos, Nigeria has more than doubled in the past year, shedding light on the increasing cost of living in the country. According to recent reports, the price to cook a pot of beef stew has risen by 121.05%, reaching ₦17,817 compared to ₦8,060 in the previous year. The surge in stew ingredient costs is evident across various types of stew, with chicken stew now costing ₦15,034, goat meat stew at ₦20,811, and even a protein-free option at ₦11,317.
This significant increase in stew preparation expenses reflects a larger trend of rising food prices in Nigeria, attributed to disruptions in the supply chain and the depreciation of the local currency. Factors such as tomato prices soaring by 21.7% and onions experiencing a 200% increase within a year have contributed to the overall surge in food costs.
Low-income earners are particularly affected, with the current minimum wage of ₦70,000 requiring 25.45% of their monthly salary to prepare just one pot of beef stew. Challenges in transportation and storage infrastructure further exacerbate post-harvest losses, leading to higher prices for essential ingredients like tomatoes and meats.
The combination of supply chain obstacles, high demand for staple food items, and economic factors such as inflation and foreign exchange fluctuations continue to drive up food prices in Nigeria. Despite some signs of inflation slowing down, concerns remain regarding sustained relief for consumers due to ongoing supply chain disruptions.