Beef Prices Soar: Nigerians Adapt to Smaller Portions

 

The economic challenges faced by Nigerians have led to changes in the availability and pricing of beef, a staple in their meals. Vanguard News reports that consumers are feeling the impact of the increasing prices of goods and services, including food items like beef, which has also decreased in quantity. As a result, many people have stopped patronizing food vendors. The report highlights that both restaurants and street food vendors have resorted to cutting beef into smaller pieces while maintaining the same cost. Previously, larger portions of beef were sold for prices ranging from N50 to N200, but now the same amount is diced into smaller pieces and sold at the same price.

The objective behind this strategy is to sustain their businesses and retain customers who still enjoy having beef with their meals. Mrs. Banks Smart, a food vendor, explains that she used to sell large portions of beef for N100, but now the same size costs N200 due to the high cost of meat and the decrease in quantity. As a result, vendors have started integrating the diced beef into the rice, selling the combination for N500 per portion instead of selling rice and meat separately. This adjustment reflects the challenging economic climate where the price of food items increases daily.

The rising prices of beef are corroborated by the National Bureau of Statistics (NBS), which reported a significant increase in the average price of 1 kilogram of boneless beef. According to the NBS Selected Food Prices Watch for March 2024, the average price rose by 73.78% on a year-on-year basis, from N2,479.61 in March 2023 to N4,309.16 in March 2024. On a month-on-month basis, the average price increased by 17.91% from N3,654.56 in February 2024.

These economic challenges have not only affected food vendors but also various sectors of the economy. The increase in beef prices is attributed to factors such as the high cost of meat, decreased supply, and rising transportation costs due to the increase in petrol prices. The situation has left vendors and consumers grappling with higher expenses and reduced purchasing power, highlighting the impact of the economic downturn on everyday life in Nigeria.