4 Nigerian Foodpreneurs Get Honest About The Real Cost of Rising Food Prices
In the wise words of @choplyfeng:
Nobody:
— ChopLyfe Member (@choplyfeng) June 9, 2022
Lagos restaurants when they hear you want to eat out on a budget 👇 pic.twitter.com/Vpgyx6k5pp
We’re in trying times in Nigeria. Maybe it’s the Dollar-Naira exchange rate; maybe it’s that elections are coming up; maybe it’s the cost of running a diesel generator these days (it’s definitely this), but we’re all roughly about 40% more pissed off than we were at the beginning of the year.
So on the days you need to escape the wreckage and treat yourself to a quiet solo lunch or dinner with friends somewhere nice, and the pasta that was N12,500 a few months ago is now N14,400, there’s a tendency to be a little more ticked off.
But if you think we, the consumers, are getting the shorter end of the stick when it comes to rising food costs, having to suffer for the craziness of the economy, that’s not exactly the case. Business owners are going through it just as much, right now.
It’s something Burger Bro, Hassan Nurudeen, the CEO of Gidi Burger, gave insight into in our interview with him. “This is one of our biggest problems right now. We just got a bigger space that allows sitting and hanging out, which means we have to review costs and, most likely, increase prices soon.”
Lagos’ Taco Tuesday Queen, Uzo Umeh, agrees it’s definitely an issue. Keeping her business, El Padrino profitable has been a challenge, but delivering great quality remains the focus. “It is so hard, but we have to keep fine-tuning and fine-tuning, without cutting corners or ignoring our core values of dignity, love, and respect.”
“When we first started, we used a number of imported items in the production process, but with everything going up, we had to be more practical.”
Salt & Pepper’s Co-founder and Head Chef, Olivia Adegoke, says it’s helped her team appreciate the value of local produce even more. “When we first started, we used a number of imported items in the production process, but with everything going up, we had to be more practical and started exploring locally-made produce, which, truthfully, has been fun. No matter what the economy is saying, one of our core values is to never compromise on the quality of food.”
It’s not just the restaurants that are taking a hit, though; bakers are equally disgruntled. Sticky Sweet Bakehouse CEO, Demilade Omisore says supermarket price tags are changing faster than she can possibly raise her own prices. “Unfortunately, the answer is I have not been dealing — merely alarmed at the changing cost of products with each passing week. It’s really sink or swim. You either absorb costs and try to tinker with your profit margins or you drown in inflated prices. It’s the Wild Wild West out here.”
“But, to answer the question, how we have been dealing is increased prices. You have to balance this with market realities and not take advantage of your customer base. But it’s inevitable.”
So next time you find your favourite croissant suddenly costs 20% more, show a little compassion. E be things.
