Nutrition outcomes (undernutrition, overweight, and obesity) among women are growing concerns across the globe. Currently, the rate of undernutrition and overweight among women in Nigeria is ranked among the highest in Africa. A major contributory factor reported is unstable food prices in the country. This study, therefore, examined the effects of food prices on nutrition outcomes among women in Nigeria. Secondary datasets retrieved from two different sources were used for this study. Cross‐sectional data on weight and height for women were obtained from Nigeria Health Demographic Survey (NHDS). Data on monthly prices of the selected food items were obtained from the Nigeria Bureau of Statistics (NBS). The data were categorized into energy dense (yam tuber, garri, rice, and maize) and nutrient dense (egg, beef, and chicken). Multinomial logit regression was used to estimate the relationship between the prices of energy and nutrient‐dense food prices concerning respondents' personal and environmental characteristics such as age, wealth status, and region; as well as the three nutrition outcomes for women (undernutrition, overnutrition, and obesity). This study revealed that the prevalence of overweight and obesity among women was 19.9% and 10.3%, respectively. Nutrition outcomes (obesity and overweight) were positively correlated with the price of energy‐dense food with 0.2% and 0.3%, respectively. Nutrient‐dense food price is negatively correlated with undernutrition with a probability of 0.1%. The study recommends that food policy instruments such as food prices and subsidies can be introduced to favor the consumption of healthier food to stem the prevalence of overweight and obesity in Nigeria.