Nigerians now use price of rice as measure of government performance

Bloomberg: For Nigerians, price of rice now barometer of how their government is faltering 

BUSINESS DAY

The price for a key ingredient to make Nigeria’s favorite jollof rice dish more than doubled to a record this year, showing the government’s struggle in controlling the cost-of-living crisis facing Africa’s most populous nation.

In Africa’s most populous nation, the price of rice has become key barometer of the falling of government.

Prices in Lagos for a 50 kilogram (110.2 pounds) bag of rice, the main ingredient for making jollof, jumped 8% in December to 75,000 naira ($48.5) from the previous month, according to a market survey by consultancy SBM Intelligence, which publishes the jollof index. Other ingredients including vegetable oil, onions and chicken also rose in the survey done on Wednesday. In Abuja, the nation’s capital, rice was selling at 99,000 naira for a 50 kilogram bag. In a nation where the minimum wage is 70,000 naira a month, rising food prices means two out of three Nigerian households are going hungry, according to the nation’s statistics agency.

That’s led to riots and stampedes as President Bola Tinubu’s administration struggles to curb inflation. The government’s attempts to control prices by declaring a state of emergency to improve food security, and then suspending import duties, have not worked.

“Cost of feeding has been on a steady increase and Nigerians are not finding it easy,” said Stanley Ikechukwu, head of operations at SBM Intelligence. People are “just living everyday as it comes and hoping that the so-called government policies take a positive turn or …