The average price of cooking a pot of jollof rice rose to N30,435 in March 2026, driven largely by global oil shocks linked to the Iran conflict, a report by SBM Intelligence has revealed, showing a sharp escalation in Nigeria’s cost of living.
In its Jollof Index Q1 2026 report, the firm said the six-month increase of 19.4 per cent reflects the growing pressure on Nigerian households as fuel prices surge and transport costs ripple through food supply chains.
According to the report, the crisis was triggered by the escalation of conflict involving the US, Israel, and Iran in late February, which pushed global crude oil prices above $110 per barrel within weeks.
“After US and Israeli strikes on Iran on 28 February 2026, Brent crude spiked from the low-$70s to above $80 within days and then climbed to nearly $120 over the following month. For the Nigerian household, the Strait of Hormuz might as well lie at the end of the street,” the report stated.
“By mid-March, petrol in Lagos had nearly doubled to N1,325 a litre, and Abuja stations were posting N1,367. Diesel, the lifeblood of logistics, topped N1,500. Transport fares tripled on some routes.”
The report noted that Nigeria, despite being an oil producer, remains heavily dependent on imported refined fuel, making it highly vulnerable to global energy shocks.
The national average cost of cooking a pot of jollof for a family of five rose 19.4 per cent to N30,435, placing the cost of a single pot at over 40 per cent of Nigeria’s minimum wage.
The impact was uneven but widespread across the country. Abuja recorded some of the highest prices, with the Wuse II market reaching N36,750. Lagos saw the sharpest monthly spike, with prices jumping over 23 per cent, while Port Harcourt experienced the steepest six-month increase of 55.1 per cent.
The report highlighted widespread coping strategies among Nigerians, including reducing food portions, substituting protein sources, and switching from gas to charcoal for cooking. Many households now buy food in small quantities, skip meals, or rely on backyard farming to manage costs.
SBM Intelligence called for urgent reforms, including investment in transport infrastructure, strategic reserves, and agricultural systems to cushion future shocks.
