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Nigeria Economic Crisis Deepens As Cost of Living Hits 19% in One Month

The National Average Cost of a Healthy Diet (CoHD) in Nigeria surged to N1,241 in June 2024, reflecting a 19.2% increase from the previous month’s figure of N1,041.

This was disclosed by the Nigerian Bureau of Statistics (NBS) in its latest report on the “Cost of Healthy Diet,” which underscores the rising food costs across the country.

The Cost of a Healthy Diet, as defined by the NBS, represents the least expensive combination of locally available foods that meet global dietary guidelines. This measure is critical for assessing both the physical and economic accessibility of healthy diets for Nigerians, excluding transportation and meal preparation costs.

The report highlighted a significant spike in the cost of maintaining a healthy diet, with June’s figures showing a 45% increase from January 2024’s average cost of N858. The NBS attributes this rise to escalating prices in key food groups, including vegetables, legumes, nuts, seeds, and starchy staples.

Inflation, which hit 34.19% in June 2024, continues to exacerbate the cost of living in Nigeria. This figure marks a 0.24% increase from May 2024’s inflation rate, compounding the pressure on households across the nation.

Regionally, the South West recorded the highest CoHD, averaging N1,545 per adult per day, while the North West posted the lowest at N956. On a state level, Ekiti, Ogun, and Osun States were the most expensive places to maintain a healthy diet, with daily costs of N1,640, N1,599, and N1,557, respectively. In contrast, Katsina, Kano, and Jigawa States recorded the lowest costs at N878, N926, and N937.

The NBS report also noted that animal source foods were the most costly food group, accounting for 35% of the total CoHD, yet contributing only 13% of the total calories needed. Fruits and vegetables, despite being crucial for a balanced diet, were among the most expensive in terms of price per calorie, making up 11% and 17% of the total CoHD while providing only 7% and 5% of total calories, respectively. Conversely, legumes, nuts, and seeds were identified as the least expensive food group, comprising 7% of the total cost.

The persistent rise in the cost of maintaining a healthy diet is a growing concern as it outpaces general inflation and food inflation rates, putting additional strain on Nigerian households. The NBS’s findings call attention to the urgent need for measures to stabilize food prices and ensure that healthy diets remain accessible to all citizens, regardless of their economic status.