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The SBM Index & The Economics of Jollof Rice

by on August 21, 2017
 

Did you know that there was a Jollof Index?

The work SBM Intel is doing is FANTASTIC and I was thrilled to discover this article and the associated report mapping changes in the essential ingredients for Jollof and using them to check inflation and other trends in consumer behaviour.

‘The SBM Jollof index is a composite index that tracks the prices of the main ingredients used to prepare a pot one of Nigeria’s primary delicacies – Jollof rice.’

The SBM Jollof Index tracks inflationary and other economic trends across Nigeria because Jollof is bae :), actually no, because Jollof is our lingua franca.

Since 2016, SBM’s analysis shows an increase, quarter on quarter on the average national index – things are getting more expensive to make a pot of Jollof. 

Some fascinating bits – geopolitical trends and costs. As at Q1, 2017, 

  • The cheapest place to cook Jollof? Lagos, N4,960
  • The most expensive? Kano, N6, 640
  • The cost in the presidential villa? ₦5,750 in Wuse, the closest major market to Aso Rock

‘…a mighty delicious incentive for government planners to do more to keep one of the country’s few culinary joys from getting out of reach of consumers; Source – SBM

Brand loyalty is in question as consumers focus on what’s on the shelf and affordable; alternative cooking methods too must come into play, I believe.

Please read the interesting article and the full 18-page report.

Fascinating, no?