It is almost uncanny how much a pot of stew can ‘tell’ you about the consumer and about the state of the economy. PricePally’s 2024 Stew Index Report, a meticulous dissection of ingredient prices across Lagos markets, reveals a chilling reality: preparing this everyday dish now consumes over a quarter of a minimum wage earner’s income. In this piece, Jeremiah Agada, Brand Communicator’s Deputy Editor unpacks the data, tracing the roots of this crisis to Nigeria’s crumbling infrastructure, import dependency, and policy inertia.
From years ago when rice was a staple reserved for Sundays and special occasions like Sallah, Christmas, etc., it has become an everyday staple for millions of Nigerian families. Infact, the cost of a bag of rice has become some sort of economic indicator for the average Nigerian. Now, stew which is more likely paired with it is more than a meal component; it is something of a cultural anchor. From peppered beef stew to goat meat-infused versions and everyday chicken or turkey variants, stew cuts across social classes and kitchen budgets.
But in 2024, making a pot of stew has become a symbol of a larger national crisis. Inflation, currency devaluation, transportation inefficiencies, and an unstable agricultural framework have conspired to make a once-accessible dish a luxury for many.
This is the striking conclusion of the 2024 Stew Index Report by PricePally, which surveyed major markets across Lagos to track how much Nigerians now spend to prepare a pot of stew. The findings are alarming. In just one year, the average cost of stew preparation has more than doubled, forcing families to either reduce their stew consumption or seek less nutritious alternatives. The report captures a vivid portrait of food inflation and its human toll, with Lagos as the lens into a wider national emergency.
A Socioeconomic Barometer
According to the Princepally Report, in 2023, the cost of preparing a pot of beef stew stood at ₦6,902. A year later, that number soared to ₦17,817—a staggering 121.05% increase. The story is similar across all meat categories. Chicken stew rose from ₦7,085 to ₦15,034. Turkey stew jumped from ₦7,966 to ₦17,987. Goat meat stew, always a premium choice, spiked from ₦8,227 to ₦20,817.
These figures are not abstract. They translate into heavy consequences for average households. A minimum wage earner—currently on ₦70,000 per month—would need to spend 25.45% of their income to prepare just one pot of beef stew per month. If they were to cook it every weekend, the cost would consume more than their entire salary.
Tracking the Ingredients
PricePally’s report dissects the individual components of stew to reveal the roots of the inflationary surge. Tomatoes, onions, red bell peppers (tatase), cayenne pepper (sombo), and scotch bonnet (ata rodo) are the essentials. Their prices have been anything but stable.
In April 2024, tomato prices briefly dipped to ₦1,500 per kg but surged again to over ₦2,625 by September. Onion prices, which hovered around ₦1,000 early in the year, escalated to as high as ₦3,000 in September, representing a 200% surge in just nine months.
Ata rodo followed a similar trajectory, jumping by 83% in the first half of the year, peaking at over ₦2,900 per kg in some markets. Cayenne pepper also experienced wild price fluctuations, with a 32.67% increase between August and September. Red bell pepper was perhaps the most volatile, increasing by 44.2% in just two months.
Protein Becomes a Privilege
Meat, a vital part of Nigerian stew, has become the steepest hurdle. Beef prices, which hovered around ₦4,050 at the start of 2024, climbed to an average of ₦6,500 by the end of Q3. Goat meat recorded the highest price range, selling for as low as ₦6,500 in April and reaching ₦12,000 in some markets by September.
Chicken, a more widely consumed protein, still spiked by over 43.6% between July 2023 and July 2024, averaging ₦5,000 per kg in many areas. Turkey, often imported and susceptible to foreign exchange volatility, soared from ₦3,882 in 2023 to ₦6,670 by September 2024.
A consistent pattern in the report is the seasonal nature of price changes. Ingredients generally hit their lowest prices in April 2024, corresponding with seasonal harvests. However, by August and September, prices ballooned across all tracked commodities. This cyclical inflation is exacerbated by poor transport infrastructure, heavy reliance on road freight, and climatic disruptions.
The result? Many families have been forced to adapt. Some substitute stew altogether, turning to vegetable soups or less protein-heavy dishes. Others reduce their stew consumption, reserving it for special occasions.
The Bigger Picture
The 2024 Stew Index Report is more than a food cost tracker; it’s a social diagnosis. With over 86% of Nigerians earning less than ₦250,000 monthly, the cost of making stew places enormous pressure on the average household. Nigeria already ranks poorly in the Global Food Security Index, and the 2024 SOFI report points to a rise in child stunting—a direct consequence of nutritional deficits.
Even with the revised minimum wage, most Nigerian families are running behind the inflation curve. To keep pace with rising stew costs, a worker earning ₦100,000 in 2023 would need to earn at least ₦212,190 in 2024. This gap reflects a broader reality of declining purchasing power.
What Is Driving the Price Surge?
Multiple forces are at play. Insecurity in food-producing regions of Northern Nigeria affects farming activities and logistics. Inflation peaked at 34.19% in June 2024, the highest in nearly three decades. The naira’s persistent depreciation—from ₦1450/$ to ₦1710/$ in nine months—has made imported items like turkey and agricultural equipment more expensive.
Transportation is another key factor. Nigeria’s food transport system remains inefficient, over-reliant on deteriorating roads. This leads to high post-harvest losses and added costs for vendors and consumers alike. Tomato prices in particular spiked due to poor roads affecting distribution from growing areas to urban markets.
Protein-Less Stew? Still Not Cheap
For those who might consider making stew without meat, the report offers sobering insights. A protein-less stew, using 1kg each of the core vegetables, now costs ₦11,317—up from ₦4,387 in 2023. Even without beef, chicken, turkey, or goat, stew is no longer the economical option it once was.
Policy Suggestions, Market Interventions
The report doesn’t stop at diagnosis; it recommends a multi-pronged approach to relief. These include: Investment in sustainable food transport systems, including local aggregation hubs and cold-chain logistics. Additionally, promotion of food preservation practices through post-harvest technologies and farmer education; strengthening of the naira by reducing import dependency through local production and regulatory frameworks that stabilize prices and support irrigation and sustainable farming, are germaine.
A Pot of Story
An average pot of stew in Nigeria now tells a story of economic despair, policy inertia, and adaptive resilience. It reveals the growing chasm between income and essential needs. It exposes how something as routine as making stew has become a strategic decision requiring budget calculations. The humble stew, once a daily delight, is now a costly indulgence. The Princepally Stew Index Report is both a warning and a call to action. In a nation where the cost of food defines the quality of life, understanding what it takes to make stew may be the most important economic indicator of all.