Business
Cheaper chicken, vegetable oil drive 11.5% fall in jollof rice cost
The cost of cooking a pot of jollof rice in Nigeria fell by 11.5 per cent between June and September 2026, driven largely by declining prices of chicken, beef and vegetable oil as the main harvest reached markets, according to a report by SBM Intelligence.
The National Average Jollof Index dropped from N29,578 in June to N26,178 in September, marking the largest quarterly decline since the geopolitical research and strategic communications firm began tracking the cost in July 2016.
In its third-quarter 2026 report, titled ‘The Pot Cools, but Not Everywhere’, SBM Intelligence said the decline was concentrated in protein and oil prices, while rice prices remained largely unchanged.
SBM’s index prices the ingredients for one pot of jollof rice in fixed quantities across 13 Nigerian markets in the country’s six geopolitical zones.
The quantities include rice, chicken, tomatoes, vegetable oil, red pepper, tinned tomatoes, onions, beef, salt, curry, thyme and seasonings.
“Chicken and beef together account for N13,800 of the fall,” the report said, noting that protein had been the dominant driver of rising jollof rice costs in its second-quarter report.
The report attributed the sharpest decline to the period between June and July, when the index fell by N2,312, coinciding with the arrival of the main harvest in markets. Prices were relatively stable in August before falling further by N984 in September.
The movement was consistent with inflation data according to the National Bureau of Statistics (NBS), as food inflation eased to 19.57 per cent in August from 20.31 per cent in July, its first decline in six months. Headline inflation also fell to 15.39 per cent in August.
The report said vegetable oil prices fell in nine of the 13 Nigerian markets monitored, with the largest decline recorded in Lagos, where the price of 90 centilitres dropped from N5,000 to N3,000.
“Oil and protein together account for more than half the national decline,” the report said.
Price fall drivers
However, the report cautioned that the decline was uneven across the country, with Lagos and Ibadan accounting for much of the reduction.
Nine of the 13 markets recorded declines of less than 10 per cent, while two barely moved.
Port Harcourt was the only market where the cost of preparing a pot of jollof rice increased, rising from N31,200 in June to N32,000 in September, a 2.6 per cent increase.
SBM Intelligence linked the increase to flooding in Port Harcourt and Obio/Akpor in late September, which disrupted conditions in the city while other parts of the country benefited from the harvest.
The report also identified a recording error in Ibadan’s Bodija and Dugbe markets, where curry and thyme prices had been recorded at about N3,500 each between January and June before dropping to N650 each from July.
It said the apparent reduction in the spice prices was a unit-related error rather than a genuine market movement, meaning the reported 21.3 per cent decline in the cost of jollof rice in the two markets overstated the actual price reduction.
Despite the quarterly relief, the cost of preparing a pot of jollof rice remained 5.8 per cent higher than in September 2025 and 540 per cent above the July 2016 level.
The report also noted that rice prices contributed little to the latest decline, with the staple’s combined price movement across the 13 markets amounting to just N50.
“This clearly shows a point the index has made for years: the Jollof Index is not a rice-price measure. Everything but the grain sets the cost of the pot,” it said.
Regional breakdown
The South-South remained Nigeria’s most expensive region for preparing jollof rice, with Calabar Municipal closing September at N34,600 and Bayside Mbakpa at N34,500. Both markets recorded declines of just N150 from June.
READ ALSO: Knorr marks World Jollof Day 2026 with one-of-a-kind “TurnUpForJollof” Celebration
In contrast, the Southwest recorded some of the steepest reductions. Prices in Lagos’s Trade Fair and Balogun markets fell from N34,700 in June to N22,350 in September, a 35.6 per cent decline.
In the Southeast, the cost fell by 5.3 per cent in Onitsha to N21,350 and by 3.2 per cent in Awka to the same amount.
SBM Intelligence said household responses also suggested that consumers were adjusting their food choices as prices changed.
One respondent in Kumbotso, Kano State, who had stopped buying chicken, resumed buying one chicken a week after the price of a kilogram fell from N7,000 to N4,500.
Another respondent in Gwale said the price of a cup of pepper fell from N2,500 to N1,400 the previous year, making it possible to resume cooking stew daily.
The report, however, warned that one quarter of falling prices had not reversed the longer-term increase in food costs, with the national index still substantially above its level a year earlier.
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The Federal Government has funded the accrued pension rights of enrolled federal workers who have yet to retire through December 2029, the National Pension Commission (PenCom) has said, reversing a previous 21-month funding backlog.
PenCom Director-General Omolola Oloworaran disclosed this on Wednesday at the 2026 Pension Correspondents Association of Nigeria Conference in Abuja, saying the government has moved from a 21-month arrears position to a 41-month funding surplus.
Ms Oloworaran, represented by PenCom’s head of corporate communications, Ibrahim Buwai, said the development means accrued pension rights for enrolled federal employees have been funded ahead of their retirement.
“We are moving from a position where our full pension rights were 21 months in arrears to where we are today, 41 months in surplus. And 41 months in surplus means that federal government employees who have not yet retired and who have enrolled have had their accrued pension rights paid up to December 2029,” she said.
Ms Oloworaran also said delays in the payment of retirement benefits have largely been eliminated, with benefits now processed within 48 hours of retirement.
“The issue of delays in the payment of pensions has now become history, and now pensions are being paid within a maximum of 48 hours from retirement,” she said.
The 48-hour processing timeline applies to retirement benefits under the arrangements described by PenCom. It should not be interpreted as a guarantee that every pension-related payment or outstanding liability across the country is settled within that period.
The PenCom boss also highlighted the launch of the PenCare healthcare programme and the N52,500 minimum pension guarantee by President Bola Tinubu on Tuesday.
PREMIUM TIMES had earlier reported the inauguration of the two initiatives, which are intended to provide additional protection for retirees, particularly those with low pension income and limited resources to meet medical expenses.
According to Ms Oloworaran, PenCare would help reduce pensioners’ healthcare expenses, allowing them to spend more of their monthly income on other needs.
She said pension operators and PenCom fund the programme, with an independent board of trustees chaired by the commission’s pioneer director-general, Muhammad Ahmad.
On the minimum pension guarantee, she said eligible retirees receiving below N52,500 monthly will have their pensions increased to the threshold, adding that some beneficiaries received payment alerts during Tuesday’s launch.
The President of the Pension Correspondents Association of Nigeria, Nana Musa, urged journalists to strengthen accountability and public understanding of pension reforms through accurate reporting.
Ms Musa said pension reporting should help Nigerians understand the reforms and their implications for contributors and retirees.
Ms Oloworaran further disclosed that the Federal Government has approved additional exit benefits equivalent to 100 per cent of terminal emoluments for eligible retirees, effective 1 January 2026.
“The Federal Government has just approved the payment of 100 per cent of terminal emoluments as additional exit benefits,” she said.
She added that eligible retirees who left service in 2026 and submitted the required documents have received payment.
The development comes amid demands by pensioners for improved retirement benefits and wider coverage of additional payments to those who retired before the new approval.
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The African Export-Import Bank (Afreximbank) has committed a $75 million finance facility to the Development Bank of Nigeria (DBN) to expand access to finance for Nigerian small and medium-sized enterprises (SMEs), including eligible businesses in the creative economy.
The facility was announced during CANEX WKND 2026 in Lagos, reflecting the event’s focus on linking creative enterprises with finance, investment and markets, Afreximbank said in a joint statement with DBN on Wednesday.
Kanayo Awani, Executive Vice President, IntraAfrican Trade and Export Development, Afreximbank, and Tony Okpanachi, CEO of DBN, led the ceremonial signing on behalf of their institutions.
Ms Awani said the collaboration with DBN extends beyond providing capital, noting that Afreximbank is taking an integrated approach that combines finance with capacity building, export-readiness support and access to markets.
“Our objective is to help Nigerian SMEs build productive capacity, strengthen their competitiveness and make the transition from promising local businesses to sustainable exporters,” she said.
Ms Awani said the bank will team up with participating financial institutions to strengthen their capacity to understand finance better and support SMEs throughout their growth journey.
According to her, combining finance with practical support will help businesses prepare for export markets and connect with buyers across Africa and beyond.
“For creative enterprises, that advances CANEX’s ambition to turn African talent and ideas into sustainable businesses that can compete internationally,” she said.
Mr Okpanachi said the partnership combines DBN’s wholesale lending network with Afreximbank’s trade finance expertise, capacity building and market access support, strengthening local financial institutions’ ability to serve export-oriented SMEs.
According to him, the partnership with Afreximbank shows another significant step in DBN’s commitment to expanding access to finance for Nigerian MSMEs and enabling them to build resilient, competitive and sustainable businesses.
“The $75 million facility will provide much-needed financing through our Participating Financial Institutions, while creating greater opportunities for businesses, particularly those in the creative and export-oriented sectors, to strengthen their productive capacity and access new markets,” Mr Okpanachi said.
Beyond financing, the DBN chief executive said the partnership’s capacity-building and market-access components are particularly important to stakeholders.
By strengthening financial institutions’ ability to support export-ready businesses and connecting Nigerian enterprises to wider African and international markets, the DBN CEO said the development bank is helping MSMEs advance from local businesses to competitive participants in regional and global value chains.
“This aligns strongly with DBN’s mandate to address financing constraints and support inclusive and sustainable economic growth in Nigeria”, Mr Okpanachi added.
DBN will route the loan through its partner financial institutions to fund eligible small businesses.
The facility will support working capital, asset acquisition, pre-export, post-export, and supply chain activities, with businesses in fashion, film, music, design, and the wider creative industries among the intended beneficiaries.
It will also equip beneficiaries with the skills, tools, and market knowledge needed to develop their businesses, become export-ready, and access regional and international markets.
READ ALSO: COP31: Climate activists reject carbon capture, marine geoengineering as ‘false solutions’
Alongside the financing, Afreximbank and DBN will jointly develop a capacity-building programme to strengthen PFIs’ ability to support export-oriented SMEs.
Afreximbank plans to also provide access to its trade platforms, including MANSA, TRADAR, PAPSS and ATEX, and support market access through the Africa Buyer Programme, ATDC and the Intra-African Trade Fair.
Afreximbank, a Pan-African multilateral financial institution, is mandated to finance and promote intra- and extra-African trade.
Working with the African Continental Free Trade Agreement (AfCFTA) Secretariat and the AU, the bank has set up a $10 billion Adjustment Fund to support countries that participate effectively in the AfCFTA.
At the end of December 2025, Afreximbank’s total assets and contingencies stood at over $48.5 billion, while its shareholder funds totalled $8.4 billion.
DBN is a wholesale development finance institution established to address the major financing constraints MSMEs face in Nigeria.
DBN provides long-term financing and risk-sharing support through eligible participating financial institutions, enabling them to extend appropriate, sustainable financing to MSMEs across key sectors of the Nigerian economy.
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