At 35.66%, Lagos has the third-highest inflation in Nigeria, pushing more Lagosians to spend a significant portion of their income on groceries and food.
Lagos, Nigeria (9 November, 2023) — PricePally, an online grocery store operating in three Nigerian cities, released the inaugural Stew Index Report, which analyzed the cost of stew ingredients—an everyday Nigerian delicacy—in Lagos and Abuja in 2022 and 2023. The report revealed stew ingredients are more expensive in Lagos than in Abuja, using PricePally in-house data.
In 2022, stew ingredients cost ₦6,902 in Lagos, which is 23% of the minimum wage. Similarly, in 2023, the cost of preparing stew in Lagos experienced a 16.8% increase, reaching ₦8,060. To put the data in perspective, a minimum wage (₦30,000) earner in Lagos needs at least 106% of their salary to prepare stew once a week for a month in 2023.
Furthermore, PricePally’s Stew Index Report revealed that governmental policies, including fuel subsidy removal, cash scarcity, and the unification of the naira with foreign currencies, are the main antagonists affecting food pricing in 2023. Luther Lawoyin, the CEO and co-founder of PricePally, also highlighted the ailing logistics sector as another food pricing and affordability blocker, causing farmers to lose over half of their harvest because of poor preservation during transportation.
Luther believes the Food Intervention Plan for Food Security enacted by the President in August 2023 will improve food security. However, he believes improving the rail system will positively impact food pricing in Nigeria. “I believe we can cut down the cost of food by 25% or more if we dedicate some of our trains to food transportation,” he explained in the 2023 PricePally Stew Index Report.
In the meantime, Luther and PricePally launched Pricelock to insulate families from the ongoing food inflation in December. The initiative allows you to pay a “lockdown fee,” usually
₦50–₦1000, in addition to the current food price before December, when you'll receive the food you bought. In essence, Pricelock helps you secure future food at today's prices. You can also save big this month using the SAVESTEW discount code when you shop on PricePally.
About PricePally
PricePally is an online grocery store that provides farm-fresh food and household supplies at affordable prices. The company’s mission is to provide access to high-quality food and household supplies with the utmost e ciency. Currently, PricePally operates in three Nigerian cities—Lagos, Abuja, and Port Harcourt.
As part of PricePally’s vision to increase food affordability, PricePally launched a food intervention initiative in August 2023 to fight hunger. For more information, please visit our website at pricepally.com
Contact: comms@pricepally.com
