25 million Nigerians at risk of acute food crisis: Tinubu responds
Food inflation in Nigeria has increased by 155 per cent from May 2014 to May 2023. This indicates that prices of goods and consumables have doubled over the past ten years.
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Food inflation in Nigeria has increased by 155 per cent from May 2014 to May 2023. This indicates that prices of goods and consumables have doubled over the past ten years.
According to a survey by the Food and Agriculture Organisation (FAO), six out of 10 Nigerians are experiencing food insecurity. Plagued by rising food inflation and insecurity in several agrarian communities across the country, food has become an expensive elusive resource for most Nigerians.
The average cost of making a pot of Jollof Rice, for a family of five went up from N8007.50 in Q3 2021 to N8595 at the end of Q1, 2022.
‘The prices of onions, beef, and turkey have all gone up from what I expected from my last visit,’ Mrs Joy lamented. ‘Now I have to cut off some other expenses to release some cash to buy these ingredients for the Jollof,’ she concluded.
COVID-19 has had a dire effect on global economies. Rising infection rates led to social distancing directives, persistent lockdowns, business closures, travel restraints, salary cuts, and a looming high unemployment situation. As a result, economic activity shrunk dramatically, and with it the food supply value chain globally.