The average price of cooking a pot of jollof rice rose to ₦30,435 in March 2026, driven largely by global oil shocks linked to the Iran conflict, a report by the SBM Intelligence has revealed, showing a sharp escalation in Nigeria’s cost of living. In its Jollof Index Q1 2026 report, the firm said the six-month increase of 19.4 per cent reflects the growing pressure on Nigerian households as fuel prices surge and transport costs ripple through food supply chains.
READ ALSO: Trump Orders US Navy To Destroy Boats Laying Mines In Hormuz According to the report, the crisis was triggered by the escalation of conflict involving the US, Israel, and Iran in late February, which pushed global crude oil prices above $110 per barrel within weeks.
“After US and Israeli strikes on Iran on 28 February 2026, Brent crude spiked from the low-$70s to above $80 within days and then climbed to nearly $120 over the following month. For the Nigerian household, the Strait of Hormuz might as well lie at the end of the street.
“By mid-March, petrol in Lagos had nearly doubled to ₦1,325 a litre, and Abuja stations were posting ₦1,367. Diesel, the lifeblood of logistics, topped ₦1,500. Transport fares tripled on some routes,” it revealed. The report noted that Nigeria, despite being an oil producer, remains heavily dependent on imported refined fuel, making it highly vulnerable to global energy shocks.
SBM Intelligence explained that the Jollof Index, which tracks the cost of preparing a pot of jollof rice for a family of five, serves as a proxy for real household inflation. “The national average cost of cooking a pot of jollof for a family of five rose 19.4 percent to ₦30,435,” it added.
The report added that the increase now places the cost of a single pot of jollof at over 40 per cent of Nigeria’s minimum wage, underscoring the severity of the affordability crisis. The impact was uneven but widespread across the country. Abuja recorded some of the highest prices, with the Wuse II market reaching ₦36,750.