Food Bills Soar in Nigeria, Outstrip Household Spending Despite Easing Inflation
Nigerian households are grappling with a sharp rise in food expenses, now spending significantly more on meals than on rent, education, and other essential needs combined. A new report by Risevest reveals that families spent an estimated N1.25 million on food in 2025, highlighting the growing burden of living costs and the dominance of food in household budgets across the country.
The findings come at a time when Nigeria’s economy is showing signs of recovery following months of currency instability and soaring inflation. Although the rebasing of the Consumer Price Index brought inflation down from over 34 percent in late 2024 to between 18 and 24 percent in 2025, many households say the relief is yet to be felt in their daily lives. Instead, the cost of essentials like food, transport, healthcare, and education remains persistently high.
According to the report, the average Nigerian household spends about N104,118 monthly on food alone, translating to nearly N1.25 million annually. While incomes have increased slightly, with median monthly earnings rising to N200,225 from N140,000 the previous year, the majority of citizens are still struggling. Over 73 percent of respondents earn below the average income level, leaving little room for savings or financial security.
This imbalance has forced many families to spend more than half of their income on basic needs, limiting their ability to plan for the future. Although there has been a modest 21.5 percent increase in savings rates, experts warn that this progress is fragile. Many Nigerians still rely on cash savings or low-yield accounts, which do little to protect wealth in an inflation-driven economy.
Risevest’s Chief Marketing Officer, Eneyi Obienyi, emphasized that the challenge goes beyond numbers, pointing to the human realities behind the data. She noted that while economic indicators may suggest stability, the true cost of living continues to rise in ways people feel every day. The report concludes that without meaningful wage growth, improved income distribution, and more affordable essential goods, the gap between economic recovery on paper and the lived experience of Nigerians will continue to widen.
source: The sun