More recently, Akinola, like more than 50% of Nigerians who are reeling from the impact of the  COVID-19 pandemic, has had to borrow more money to buy food, as food inflation climbed to 16.66% in September, up from 16% the previous month, according to data from Nigeria’s data agency, the National Bureau of Statistics (NBS). On a month-on-month basis, the food sub-index rose by 1.88% compared to 1.67% recorded in August 2020.
The CPI and Inflation report published in September by the NBS, states that 51.3% of Nigerian households, who took out loans during the lockdown in mid-March, used them to purchase food items. About 1 in 4 of those households were already dealing with growing debt prior to the pandemic, while nearly a third took out new loans since the onset of the pandemic.
“Even before the coronavirus, many of us have been struggling to feed our families due to the high cost of food and other expenses and have been relying on loans to make ends meet. Just ask any average Nigerian and they will testify to this,” says Akinola.
“Our standard of living is increasing everyday, and yet, our take-home salary remains the same if we are lucky to be spared from job losses or pay cuts. If I am to be completely honest with you, since this administration came in, things have been exceptionally bad. We are having to borrow to survive as common people and it hurts that you are not able to provide for your family, even though you’re working really hard to,” she adds.
Nigerian food security situation remains precarious, even as life goes back to some semblance of normal, post-lockdown, with the share of households experiencing moderate or severe food insecurity remaining as high 68% in August 2020, according to the NBS.
The economic impact of the COVID-19 pandemic has put pressure on northeastern Nigeria because one-tenth of our food needs to be imported, and the government urgently needs to solve these problems, otherwise our country will face a crisis.