Sunday, April 21, 2024

Indomie jumps from N8,500 to N18,000; groundnut oil N7,000 to N11,000; bag of Irish potatoes N25,000 to N40,000

A five litres of groundnut oil formerly sold for N7,000 now sells for N11,000. 

• March 6, 2024
Potatoes, Indomie, groundnut oil
Potatoes, Indomie, groundnut oil

A market survey by Peoples Gazette at Mararaba, an Abuja satellite town in Nasarawa State, shows that Indomie, groundnut oil and Irish potatoes prices have increased by over 100 per cent in recent weeks. 

Indomie Super pack, a popular noodles, sold for N8,500 earlier in the year, has hit N18, 000, increasing by over 100 per cent. Small pack of Indomie which sold for N5,000 now sells for N11,000. 

A five litres of groundnut oil formerly sold for N7,000 now sells for N11,000. 

In Jos, where Irish Potatoes is cultivated, a bag of Irish Potatoes which earlier cost N25,000 now sells for N40,000.

Two past market surveys conducted by The Gazette in February showed that prices of food items have increased by over 100 per cent since Mr Tinubu assumed office last year.

In the past weeks, protests over hunger and spiking prices have erupted in Niger, Osun, Ibadan and Lagos states as Nigerians urged the government to ameliorate their sufferings.

Mr Tinubu, in response to public outcry on the rising cost of food driven by skyrocketing inflation in the country, had directed the Ministry of Agriculture and Food Security to release about 42,000 metric tonnes of grain, including maize, millet and garri.

He also charged the National Security Adviser, Nuhu Ribadu, State Security Service and Nigerian police to go after food hoarders.

The Nigeria Customs Service also distributed confiscated food items to Nigerians to ameliorate hunger in the country until a stampede during rice distribution led to the death of six in Lagos and stoppage of the exercise. 

However, on Sunday in Abuja, a government owned warehouse was raided and food items looted by residents, while in Suleja, Niger State, Zaria in Kaduna State, trucks carrying food stuffs have need attacked and looted. 

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