Since August 2019, the prices of many commodities have followed an increasing trend but skyrocketed between August and October 2020, especially in rice, onions, tomatoes, and yam. The recent surge in food prices is gradually turning into a food crisis with an attempt to threaten Nigeria’s food security. Nigerians are complaining of the exorbitant cost of food items occasioned mostly by low purchasing power. Many said that they could no longer feed their families three times a day as the prices of most basic foodstuffs have doubled in the past few months, and their source of income reduced.

Some traders have blamed the recent high cost of food prices to local farmers’ inability to produce enough for local consumption while the international borders remained shut. Others attributed the challenge to the increase in the cost of petrol and even electricity tariffs.

The Heightened Food Prices

A market survey conducted in major cities showed a significant increase in food prices, especially rice, yam, onions, potatoes, beans, and tomatoes.

For instance, in the food markets of Ketu and Mile 12 in Lagos, the prices of rice, onions, tomatoes, Garri, pepper, fruits, potatoes, yams, and vegetables have all increased. The price of a foreign bag of rice in these places is now N33,000. A paint of foreign rice is now N2500, while a painter of Garri is N1000. A carton of sachet tomatoes now sells at almost N5000; the sachet tomato goes for N150 each. A tuber of yam is also sold for N500, while a kilo of meat previously sold N800 is now N1200.

In Sabo and Oyingbo markets in Lagos’s Yaba axis, a bag of foreign rice now costs N32,000, a medium bag of beans sells at N13,000, while a medium bag of Garri equally costs N12,000. In the popular Ile-Epo food market along Lagos–Abeokuta Expressway, a small bowl of tomatoes that was sold for N600 now costs N1200. At Ojodu mini-market in Lagos, a local bag of rice, which was hitherto sold for N18, 000 is now N29, 000. A bag of foreign rice, which has been banned but still being smuggled, is sold at N34,000. Vegetable oil, which was sold for N11,000, is now N16,000. Also, a painter of Garri now goes for N1000, while a painter of beans increased from N1,500 to N1,900.

READ MORE: https://thefederation.com.ng/2020/11/02/the-surge-in-food-prices-causes-and-intricacies-by-chigozie-nnuriam/

Inflation is in double figures. How can a leader close the border and stop the importation of rice, a staple food, without providing a way for farmers to adequately harvest tonnage enough for the population? Only a senseless government would do that.

Secondly, devaluation of a currency only favours an exporting Nation not one which imports more. What have been the gains of devaluating the Naira?

Fuel pump price has skyrocketed, electricity tarrif has also gone up. It costs more to produce and transport farm produce now that ever before.

These are the reasons...it's just unfortunate where we've found ourselves.