The expansion in food costs in Nigeria is brought about by many variables including the COVID-19 pandemic, weakness and the Russia-Ukraine war, an authority has said.
The Minister of Agriculture and Rural Development, Mahmood Abubakar, who expressed this in Abuja, notwithstanding, said the public authority was ‘endeavoring’ to address the rising costs of food things.
Mr Abubakar spoke Thursday at the State House at the week by week pastoral instructions coordinated by the Presidential Communications Team.
Costs of food things like rice, bread and meat have expanded in the beyond couple of years, some by north of 200%.
The clergyman, in any case, said the ascent in the costs of food isn’t curious to Nigeria and is aggravated by the development of COVID-19 and the conflict among Russia and Ukraine.
“At the point when COVID came, it impacted a ton of things including food creation and the delayed consequence of that is the thing we are as yet confronting and that will slack for quite a while before it is settled,” he said.
He said he trusts that “the cost of rice has dropped a tad and we are as yet dealing with it.”
“The entire world is presently reeling out of COVID and presently fighting the results of the conflict in Ukraine and Russia however things will settle and the service of farming is doing all that could be within reach as far as resolving the issue; we are not yielding, so the costs will descend quicker.”
Talking on what the weakness across Nigeria has meant for food costs, the pastor expressed assaults by herders and psychological oppressors have denied a ranchers the potential chance to go to their homesteads, particularly in the north-west and north-focal districts of the country.
He said regardless of the security circumstance, food “creation has not dropped to any huge level.”
“That is one reason why we have a course of action for security specialists known as agro-officers, who are giving a few proportions of safety so the ranchers will actually want to get to their homesteads.
“Really, in the event that they can’t totally get to ranches all around the country, you will expect a drop underway yet this moment we are doing all that could be within reach to ensure creation is kept up with through that security arrangement,” he said.
Mr Abubakar said Nigeria’s arrangement to end hunger in the country continuously 2025 is still on target.
“Obviously, we are on target. Who won’t have any desire to end hunger?” he said.
There are several reasons why food prices are high in Nigeria, including:
- Inflation: Nigeria has been experiencing high inflation rates in recent years, which has resulted in an increase in the prices of goods and services, including food.
- Insufficient infrastructure: Nigeria’s infrastructure is not developed enough to support the efficient distribution of food products across the country, resulting in higher transportation costs that are passed on to consumers.
- Poor agricultural practices: Nigeria’s agricultural practices are often inefficient and not optimized for maximum yields, which leads to lower overall production and higher prices.
- Climate change: Climate change is affecting Nigeria’s agricultural sector, leading to lower crop yields, reduced production, and increased food prices.
- Security challenges: Nigeria has been grappling with various security challenges, such as insurgency and banditry, which have affected food production and transportation in certain parts of the country.
- Government policies: Government policies, such as import restrictions and taxes, can limit the supply of certain food products and increase their prices.
These factors, among others, contribute to the high food prices in Nigeria, making it challenging for many Nigerians to afford adequate food.
There can be several reasons why food prices are high in Nigeria. Here are some possible factors:
Inflation: Inflation refers to the general increase in prices over time. If the overall economy experiences high inflation, it can lead to higher food prices. Nigeria has faced inflationary pressures in recent years, which can contribute to the rising cost of food.
High production and distribution costs: The cost of producing and distributing food can be significant, including expenses related to farming inputs, transportation, storage, and processing. Factors such as fuel costs, infrastructure limitations, and inefficiencies in the supply chain can drive up these costs, which eventually get passed on to consumers.
Low agricultural productivity: Nigeria’s agricultural sector, which is a major source of food, has faced challenges in terms of low productivity. Insufficient access to modern farming techniques, limited irrigation systems, inadequate infrastructure, and the impact of climate change can all hinder agricultural output. Low productivity can result in reduced food supply and higher prices.
Insufficient storage and preservation facilities: Inadequate storage and preservation facilities can lead to post-harvest losses, particularly in perishable crops. This can decrease the available supply of food and increase prices.
Currency depreciation: The depreciation of the Nigerian currency can contribute to higher food prices. If the value of the local currency decreases relative to other currencies, it can increase the cost of imported inputs, such as fertilizers, machinery, and even imported food items, which can be passed on to consumers.
Security challenges: Nigeria has faced security challenges, particularly in certain regions affected by insurgency, banditry, and conflicts. These conflicts can disrupt agricultural activities, including farming, transportation, and trade, leading to reduced food production and supply, thereby increasing prices.
Government policies: Government policies and interventions in the agricultural sector can also impact food prices. Factors such as import restrictions, trade policies, subsidies, and taxation can have both intended and unintended consequences on the cost of food.
It’s important to note that the reasons for high food prices can vary over time, and multiple factors can interact to affect the overall cost of food in Nigeria.