Food Prices Soar to Record Levels in 2022: Southern States Affected the Most

Food prices in Nigeria have reached record levels in 2022, with the Federal Capital Territory (Abuja) and Abia State leading the way. According to data from the National Bureau of Statistics, the southeastern region of the country has experienced the highest increase in food prices.

The reports show that food prices have risen highest in the FCT, Abia, Ebonyi, Rivers, and Edo states in 2022. The soaring prices have affected staple foods such as rice, beans, yam tuber, tomatoes, agric eggs, bread, and beef, among others.

For example, the average price of 1kg of tomato rose by 30.79% on a year-on-year basis, reaching N454.46 in October 2022. Similarly, the average price of a bottle of palm oil increased by 33.22% to N968.76 per cent in the same period.

These price increases have put a strain on the already vulnerable population in Nigeria, as the National Bureau of Statistics recently disclosed that nearly 133 million Nigerians, or 62.9% of the population, are multidimensionally poor.

Various factors contribute to the soaring food prices in the country. Mr Femi Oke, the Lagos chapter Chairman of the All Farmers Association of Nigeria, highlights logistics issues, increased demand, and the government's failure to invest in large-scale cultivation of certain agricultural products.

Oke points out that the rising costs of diesel and fuel have affected transportation, particularly for food products coming from the northern region of the country. He also criticizes the government's lack of strategic action to reduce grain importation, which contributes to high food costs.

The social tensions and frequent clashes between farmers and herders in the southeastern region have further aggravated the situation. Oke explains that the sit-at-home orders and security concerns have discouraged farming activities, leading to lower agricultural output in the area.

Emmanuel Onuorah, the president of the Premium Bread-Makers Association of Nigeria, concurs with the statistics from the National Bureau of Statistics, noting that bread prices have increased by 36.68% in 2022. He explains that reduced production capacity and labor challenges have affected the bread industry.

It is not only Nigeria that is facing such challenges. The International Monetary Fund (IMF) highlights that Sub-Saharan Africa, including Nigeria, is dealing with a slow economic recovery from the pandemic, rising food and energy prices, and high levels of public debt.

The IMF estimates that 12% of the region's population will face acute food insecurity by the end of this year. As food and energy account for a significant portion of household consumption in sub-Saharan Africa, the rising living costs pose a severe threat to the well-being of millions of people.

In conclusion, the soaring food prices in Nigeria, particularly in the southern states, have imposed additional burdens on the already struggling population. Factors such as logistics challenges, increased demand, and government inaction have contributed to the record levels of food prices. The social tensions and clashes between farmers and herders have further disrupted agricultural activities. Urgent attention and strategic measures are needed to address this critical issue and alleviate the suffering of millions of Nigerians.

Source of content: OOO News 2023-08-10 News

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