Food belts under pressure as oil turmoil drives jollof costs 50%

A report by SBM Intelligence has revealed that the cost of preparing jollof rice in Nigeria has surged by over 50 percent in dollar terms over the past three years, largely due to escalating food inflation exacerbated by global oil market instability. This increase highlights the significant impact of rising oil prices on food production and distribution costs in the country. The findings were detailed in the SBM Jollof Index for the first quarter, underscoring the challenges faced by consumers and the broader food supply chain in Nigeria.

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