Nigerians are preparing for the most costly Sallah celebrations in more than 30 years due to record high costs for staple foods including rice, tomatoes, and ram.
With food inflation reaching a nearly 40-year high, Nigeria is currently seeing its greatest inflation rate in more than 30 years.
Things have not been this awful for the nation in decades.
The Muslim holiday of Eid-el-Kabir (Sallah) is a time of lively celebrations, sharing of hearty foods, and giving of lavish gifts among neighbors for the majority of Nigerians.
The customary Ileya ram slaughter, a beloved aspect of the celebrations, brings life to the mosques and houses of the Muslim faithful in the area.
But because of the severe economic slump and skyrocketing inflation, which have increased the cost of rams, tomatoes, rice, and other food products across the nation, this year’s Sallah may go down as one of the most expensive ever.
A current market analysis
The unsettling tale of Akinyele is not a unique incident; rather, it speaks to the brutal realities of the modern marketplace.
A startling 200% increase in cattle costs over the previous year was found in a recent TNC survey conducted in Lagos and Abuja. This spike was driven by food inflation, the loss of subsidies, and other economic factors.
The scene painted by traders and butchers in Lagos’ busy Agege abattoir is bleak. Rams that used to sell for between N100,000 and N150,000 now fetch between N300,000 and N400,000, a significant 150% increase.
For tomatoes and rice sacks, the narrative is essentially the same. A basket of tomatoes might cost anything between N120,000 and N150,000 in an Abuja market.
The same basket would have sold for N40,000 or less last month.
When it comes to the cost of other foods, The News Chronicles discovered comparable patterns in the markets located in Mile 12, Igando, Iyana Iba, and Ayobo, Lagos.
These days, the price of a bag of rice ranges between N79,000 to N90,000, depending on the kind.
A paint bucket of garri, which sold for about N600 a year ago, is now selling for between N3,800 and N4,200, a 400% increase. The same thing was noticed with this product.
Rising Food Prices Suppress Joyful Celebration
The Nigeria Bureau of Statistics (NBS) reports that food inflation in Nigeria is over 40%, which makes it particularly difficult for many people to buy food.
A recent survey conducted by The News Chronicles revealed that a basket of tomatoes might cost up to N150,000 in May, but only N40,000 in April.
The issues are complex, according to Ibrahim Kabir, the head of the All Farmers Association, who spoke with Nairametrics over the phone. More precisely, though, there have been surprisingly few government interventions, especially with regard to farmers.
