The world prices behind Nigeria's food bill

Global grain, oil and fertiliser prices, converted to naira at today's rate, with Nigeria's food inflation and the imports that tie the two together.

FAO Food Price Index: 136; Sep 2026 · +6% in a year
Dollar in naira: ₦1,346; market reference, 05 Nov 2026
Nigeria food inflation: 14.3%; year on year, Mar 2026
Biggest food import: Wheat; $1.43bn in 2024

FAO Food Price Index

World food commodity prices, 2014–2016 = 100. Vegetable oils have led the rise: they feed straight into the price of palm and vegetable oil in Nigerian markets.

All food
Cereals
Oils
Sugar

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Week	All food	Cereals	Oils	Sugar
Oct 20	101	112	106	85
Nov 20	106	115	122	88
Dec 20	109	116	131	87
Jan 21	114	125	139	94
Feb 21	117	126	147	100
Mar 21	119	124	159	96
Apr 21	122	126	162	100
May 21	128	134	175	107
Jun 21	125	130	158	108
Jul 21	124	126	156	110
Aug 21	128	130	166	121
Sept 21	129	133	169	121
Oct 21	133	137	185	119
Nov 21	135	141	185	120
Dec 21	134	141	179	116
Jan 22	136	141	186	113
Feb 22	142	145	202	111
Mar 22	160	170	252	118
Apr 22	159	170	238	122
May 22	159	174	229	120
Jun 22	156	166	212	117
Jul 22	142	147	169	113
Aug 22	139	146	163	111
Sept 22	137	148	153	110
Oct 22	137	152	151	109
Nov 22	136	150	155	114
Dec 22	133	147	145	117
Jan 23	131	148	140	117
Feb 23	131	147	136	125
Mar 23	128	139	132	127
Apr 23	128	136	130	149
May 23	125	129	119	157
Jun 23	123	127	116	152
Jul 23	124	126	130	146
Aug 23	122	125	126	148
Sept 23	122	126	121	163
Oct 23	121	125	120	159
Nov 23	121	121	124	161
Dec 23	119	123	122	134
Jan 24	118	120	123	136
Feb 24	117	114	121	141
Mar 24	119	111	131	133
Apr 24	119	112	131	127
May 24	121	119	128	117
Jun 24	121	115	132	119
Jul 24	121	111	135	120
Aug 24	122	110	136	114
Sept 24	125	114	142	126
Oct 24	127	114	153	130
Nov 24	128	111	164	126
Dec 24	127	111	162	119
Jan 25	125	112	153	111
Feb 25	127	113	156	119
Mar 25	127	110	162	117
Apr 25	128	111	158	112
May 25	127	109	152	109
Jun 25	128	107	156	104
Jul 25	130	107	167	103
Aug 25	130	106	169	104
Sept 25	129	105	168	99
Oct 25	126	104	169	94
Nov 25	125	106	165	89
Dec 25	125	107	165	91
Jan 26	124	108	169	90
Feb 26	126	109	174	86
Mar 26	129	110	183	93
Apr 26	131	111	194	89
May 26	131	114	185	95
Jun 26	130	110	192	90
Jul 26	132	114	196	95
Aug 26	134	117	197	107
Sept 26	136	123	199	114

Source: FAO Food Price Index.

World commodity prices

Monthly averages in US dollars, and what the latest price is in naira at today's rate. Fertiliser prices decide next season's planting; crude oil drives transport and input costs.

Food

Cocoa
$5.92 / kg
−16% in a year
≈ ₦7,971k per tonne
Groundnuts
$1,563 / mt
+27% in a year
≈ ₦2,105k per tonne
Palm oil
$1,180 / mt
+14% in a year
≈ ₦1,589k per tonne
Soybeans
$524 / mt
+30% in a year
≈ ₦706k per tonne
Maize
$239.6 / mt
+21% in a year
≈ ₦323k per tonne
Rice (Thai 5%)
$482 / mt
+29% in a year
≈ ₦649k per tonne
Wheat (US HRW)
$347 / mt
+48% in a year
≈ ₦467k per tonne
Sugar
$0.41 / kg
+17% in a year
≈ ₦552k per tonne
Cotton
$2.1 / kg
+22% in a year
≈ ₦2,828k per tonne

Fertiliser

DAP fertiliser
$800.6 / mt
+3% in a year
≈ ₦1,078k per tonne
Urea
$407.5 / mt
−12% in a year
≈ ₦549k per tonne
Potash
$367.5 / mt
+4% in a year
≈ ₦495k per tonne

Energy

Crude oil (Brent)
$116.8 / bbl
+72% in a year

Source: World Bank Commodity Price Data (Pink Sheet), October 02, 2026. Naira conversion: ExchangeRate-API open access, before duties, freight and margins. Green sparkline: falling.

Nigeria food inflation

Year-on-year change in food consumer prices.

Food inflation %

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Week	Food inflation %
Apr 20	15
May 20	15
Jun 20	15
Jul 20	15
Aug 20	16
Sept 20	17
Oct 20	17
Nov 20	18
Dec 20	19
Jan 21	20
Feb 21	22
Mar 21	23
Apr 21	23
May 21	22
Jun 21	22
Jul 21	21
Aug 21	20
Sept 21	19
Oct 21	18
Nov 21	17
Dec 21	17
Jan 22	17
Feb 22	17
Mar 22	17
Apr 22	18
May 22	19
Jun 22	21
Jul 22	22
Aug 22	23
Sept 22	23
Oct 22	24
Nov 22	24
Dec 22	24
Jan 23	24
Feb 23	24
Mar 23	24
Apr 23	24
May 23	25
Jun 23	25
Jul 23	27
Aug 23	29
Sept 23	30
Oct 23	31
Nov 23	33
Dec 23	34
Jan 24	35
Feb 24	38
Mar 24	40
Apr 24	40
May 24	41
Jun 24	41
Jul 24	39
Aug 24	37
Sept 24	38
Oct 24	39
Nov 24	40
Dec 24	40
Jan 25	30
Feb 25	27
Mar 25	25
Apr 25	25
May 25	25
Jun 25	25
Jul 25	26
Aug 25	25
Sept 25	20
Oct 25	16
Nov 25	14
Dec 25	11
Jan 26	9
Feb 26	12
Mar 26	14

Source: FAOSTAT consumer price indices, Nigeria. The 2025 drop partly reflects the NBS rebasing of the CPI.

What Nigeria imports

Food imports by value; each one is exposed to world prices and the naira.

Item	Value	Tonnes
Wheat2024	$1432m	4,968k
Palm oil2024	$924m	777k
Raw sugar2024	$805m	1,526k
Malt extract2024	$261m	88k
Milk powder2024	$161m	42k
Rice (milled)2024	$33m	52k
Soybeans2024	$32m	64k
Maize2024	$23m	125k

Source: FAOSTAT trade, Nigeria.

Ask how world prices, the naira and El Niño are likely to move Nigerian food prices over the next six months.