THE GUARDIAN
Nigeria’s food inflation has jumped consistently in the past five years despite intervention in the agriculture sector, especially through the N1.08 trillion Anchor Borrowers Programme (ABP), with composite food prices jumping by about 170 per cent in the past five years.
According to the Consumer Price Index (CPI), the monthly food index hit 790 points at the close of last year. It stood at 296.4 points as of December 2018. That means the general food prices have almost tripled in the period despite intervention in food production by the Central Bank of Nigeria (CBN).
An analysis of food inflation in the country over the last five years shows that in 2019, the food inflation was 14.67 per cent. It rose to 19.56 per cent in December 2020 but dropped to 17.37 percent in December 2021. In 2022 it jumped to 23.75 per cent and that trend continued in 2023 when it hit an all-time high of 33.93 percent in December.
Under the ABP, Nigeria’s rice production increased from 3.9 million metric tons in 2015 to 5.2 million metric tons in 2023. Yet, the country continues to suffer an annual supply gap of about two million metric tonnes, leading to consistently escalating cost of the product, with the price increasing by about 300 per cent in the past five years.
Nigeria has witnessed the worst form of high cost of food in recent times, while the situation has worsened under the current administration. President Bola Tinubu, on assumption of office, announced the removal of fuel subsidy, a decision that saw the prices of commodities jumping to the rooftop and putting a lot of households under pressure as they struggled to feed.
The government promised to provide some palliative measures to cushion the effects of the new policies. But the palliatives have yet to reach the people. The ministry charged with the responsibility of distributing the palliatives, the Ministry of Humanitarian Affairs, Poverty Alleviation and Disaster Management, is currently enmeshed in corruption allegations.
A recent report by the National Bureau of Statistics (NBS) says it costs about N703 to provide a healthy meal in the country. The Cost of a healthy diet (CoHD) is the least expensive combination of locally available items that meets globally consistent food-based dietary guidelines, used as a measure of physical and economic access to healthy diets.
