Navigating Food Inflation in Nigeria: An Assessment of Staples Price Volatility, Household Coping Strategies and Policy Responses

Abstract

In Nigeria, food price volatility has emerged as a central driver of food insecurity, placing a burden on low-income households that spend a disproportionate share of their earnings on food. Between 2020 and 2024, the nation witnessed unprecedented spikes in staple costs, with food inflation peaking above 40 percent between March and June 2024. These pressures stem from a convergence of domestic constraints, including pervasive insecurity, infrastructural deficits, and supply chain bottlenecks, coupled with currency depreciation and fuel subsidy removal. This study examined the dynamics of staple food price volatility and assessed the efficacy of household coping mechanisms ranging from consumption rationing to informal risk-sharing strategies. It provides an appraisal of government interventions, identifying critical gaps in institutional coordination and implementation. The analysis contends that a harmonised framework that integrates macroeconomic stability, agricultural modernisation, and expanded social protection is required to stabilise the domestic food system. Ultimately, this study argues that decisive, coordinated action is essential to mitigate the erosion of household welfare, stem the rise of multidimensional poverty, and secure long-term national food security. Failure to address these structural drivers risks deepening the crisis and undermining Nigeria’s developmental trajectory.