Tomato, Bean prices surge over 300% in Nigeria: NBS Report

NIGERIA – Prices of essential food items in Nigeria have seen dramatic increases over the past year, with some items rising by more than 300%.

The National Bureau of Statistics (NBS) released a report showing substantial price hikes in tomatoes, beans, and other staples.

According to the NBS’s Selected Food Price Watch for June 2024, the price of tomatoes surged by 320.67%, reaching N2,302.26 (USD 1.38) per kilogram. This represents a significant jump from N547.28 (USD 0.33) per kilogram in June 2023.

Similarly, the cost of brown beans increased by 252.13%, with prices climbing to N2,292.76 (USD 1.38) per kilogram from N651.12 (USD 0.39) a year earlier. The price of Irish potatoes also saw a sharp rise of 288.5%, reaching N2,423.27 (USD 1.46) per kilogram compared to N623.75 (0.38) in June 2023.

NBS officials highlighted, “The average price of 1kg beans brown (sold loose) stood at N2,292.76 (USD 1.38), marking a 252.13% increase from June 2023. Tomatoes experienced a 320.67% rise, with prices hitting N2,302.26 (USD 1.38) in June 2024.”

The report also noted significant month-to-month increases, with tomatoes rising by 55.59% from May 2024 and Irish potatoes increasing by 51.92%.

The surge in prices can be attributed to several factors. Fluctuations in supply due to adverse weather conditions, pest infestations, and transportation issues have impacted availability.

High inflation rates have also contributed to the increased cost of living. Currency fluctuations and Nigeria’s reliance on imports further drive-up prices when the local currency weakens.

Infrastructure challenges, including inadequate storage and transportation inefficiencies, exacerbate the situation by affecting supply chains and causing price volatility. Government policies, including import bans and trade restrictions, also play a role in influencing local prices.

Regional disparities are evident in the report. Kogi State recorded the highest price for brown beans at N3,006.43 (USD 1.81) per kilogram, while Adamawa had the lowest at N1,336.11 (USD 0.80). Abuja had the highest price for tomatoes at N3,992.61 (USD 2.40), compared to Kebbi State’s N1,200.00 (USD 0.72).

For yam tubers, Lagos reported the highest price at N3,376.54 (USD 2.03), while Adamawa saw the lowest at N1,100.00 (USD 0.66). Gombe had the highest average price for garri white at N1,619.27 (0.97), while Taraba reported the lowest at N900 (USD 0.54).

This price surge highlights ongoing economic challenges in Nigeria and underscores the need for improved agricultural practices, better infrastructure, and effective policy measures to stabilize food prices and support consumers.

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