Food prices have increased almost threefold in Nigeria in the last twelve months leading to serious food crisis across the 36 states of the federation.
The rise in food prices across Nigeria over the past year is pushing millions of households into deeper poverty and food insecurity.
According to the latest data from StatiSense, based on monthly reports from the National Bureau of Statistics (NBS), the cost of essential food items has nearly tripled in some regions, leaving Nigerians with no through government policies which resulted hunger crisis.
The reports noted that this increase in food prices is worsening the already tough economic conditions for millions of Nigerians grappling with high inflation and diminishing purchasing power.
The report noted disparity in prices between northern and southern Nigeria. Although the north also witnessed the sharp increase over the past year, the data reveals that the southern regions continue to experience higher food prices.
For instance, in July 2024, the average price of 43 food items in the South South was ₦125,537, while the South East and South West recorded ₦121,266 and ₦120,636, respectively.
In contrast, the highest average food price in the North during the same period was ₦108,904 in the North Central, followed by ₦94,220 in the North East, and ₦90,059 in the North West.
During the period, the average percentage of the price hike of the food items surged sharply in the North-Central with average food prices rising by 169.2%, from ₦40,459 to ₦108,904, highlighting the severe pressure on households in a region already struggling with economic instability and insecurity.
The South West, saw a 135.2% increase in food prices, with the average cost jumping from ₦51,286 to ₦120,636.
The North East, traditionally one of the most vulnerable regions due to insurgency and poverty, was not spared either, with food prices escalating by 124.3%, rising from ₦42,015 to ₦94,220, the report revealed.
The South South and South East regions also faced substantial increases, although slightly less severe compared to the North Central and South West. In the South South, food prices increased by 122.8%, with the average cost rising from ₦56,348 in July 2023 to ₦125,537 in July 2024.
The South East, while experiencing the lowest percentage increase, still saw 82.3% hike, with prices moving from ₦66,506 to ₦121,266.
The banditry-ravaged North West, known for its agricultural production, witnessed a 93.2% rise in food prices, with the average cost increasing from ₦46,615 to ₦90,059.
There have been several increases of the prices of food items from early June 2023 shortly after announcement of the fuel subsidy removal by President Bola Ahmed Tinubu.
Implications
These soaring food prices have profound implications for the Nigerian population, particularly for low- and middle-income households.
As food becomes more expensive, many families are forced to reduce the quantity and quality of their meals, leading to increased food insecurity and malnutrition.
The situation is particularly dire in the North, where conflicts and displacement have already left millions in need of humanitarian assistance.
The price hikes also pose significant challenges for policymakers.
With inflation remaining stubbornly high, the government faces mounting pressure to implement effective measures to stabilize prices and ease the burden on consumers.
However, inflation have so far getting momentum mostly due to structural issues, including insecurity, poor infrastructure, and a weakening naira.
Government Lags Behind
Despite the growing crisis, the government’s response has been largely reactive, rather than proactive. Policymakers have announced various measures to address inflation, including monetary policies aimed at stabilizing the naira and easing import costs.
However, these efforts could not work, instead, there is a counterproductive.
In August, the Central Bank of Nigeria (CBN) introduced measures to increase foreign exchange reserves in an attempt to stabilize the naira, but could not work as well.
