Soaring Food Prices in Nigeria: a Tinder Box Waiting to Explode?
Various reasons, ranging from the high cost of transportation, increasing inability of farmers to go to farms due to insecurity, foreign exchange, climate change effects, multiple taxation, late release of budget allocation; and rising inflation, among others, have been fingered for the soaring prices of food items.
Data from the National Bureau of Statistics, NBS, in its Selected Food Prices Watch (May 2024) disclosed that the average price of 1kg local rice stood at N1,608.89, indicating a rise of 189.79 per cent in price on a year-on-year basis from N555.18 recorded in May 2023 and a 14.98 per cent rise in price on a month-on-month basis from N1,399.34 in April 2024.
The average price of 1kg of brown beans increased by 219.05 per cent year-on-year from N629.75 in May 2023 to N2,009.23 in May 2024.
On a month-on-month basis, the average price of this item increased by 44.77 per cent from N1,387.90 in April 2024.
The average price of 1kg of tomatoes rose by 196.92 per cent on a year-on-year basis from N498.34 in May 2023 to N 1,479.69 in May 2024. On a month-on-month basis, it increased by 31.71 per cent from N1,123.41 in April 2024.
Furthermore, the average price of 1kg of white Garri rose by 200.12% on a year-on-year basis from N371.42 in May 2023 to N1,114.72 in May 2024, while there was an increase of 30.87% on a month-on-month basis.
Also, the average price of 1kg of Yam tuber increased by 189.20% on a year-on-year basis from N457.25 in May 2023 to N1,322.36 in May 2024. On a month-on-month basis, it increased by 16.98% from N1,130.37 in April 2024.
A measure of a plastic basket of tomatoes now sells for N20,000, against the previous price of N4,000, and pepper of the same measurement sells for N20,000 currently. The big, weaved tomato basket is sold for N100,000.”
The cost of transportation is very high and adversely contributes to the high cost of tomatoes and pepper. Insecurity also contributes greatly to the problem.
The most dangerous trend is the price of traditional staple foodstuffs in the state, such as guinea corn and millet.
Some factors that are attributable to the soaring costs also include multiple taxes with several demands for levies and taxes which are often illegal.
Also, late release of budgetary allocations is another reason for the astronomical increase in prices which invariably affects the productivity of farmers. That, besides the issue of climate change, a big challenge that is yet to be addressed.
The team of Vanguard Newspapers reporters who conducted this nationwide survey lamented that efforts to reach the Minister of Agriculture and Food Security, Sen Abubakar Kyari, on what the federal government is doing to address the situation were not successful as he was said to be out of the country on official assignments.
However, one of his principal aides who does not want his name mentioned, said: “Food production to reduce high food prices is not exclusively for the Federal Government to do because agriculture is on the concurrent list of the constitution, which the states also have the responsibility to ramp up food production”, he said.
However, both agricultural experts and social commentators, like lawyer Olisa Agbakoba, say what government was doing isn’t enough and could spell danger in the short and long run.
They warned that an angry and hungry citizenry would not listen when push comes to shove as it is apparent already.