August 04, (THEWILL) — Despite claims by the Federal Government to the contrary, food inflation appears to be on an upward trend. Investigation has shown that the cost of essential food items are still quite high, with many Nigerians increasingly perplexed over the current hardship and biting hunger in the country.
Although there have been reports, from official circles, of a drop in the inflationary rate due to increases in food supply and government interventions, prevailing market realities prove otherwise. Available data indicate that food prices have not changed significantly for more than three months and the impact of the reported drop was scarcely felt, even at the grassroots.
Investigations carried out in some major markets across the country indicate that the prices of staple foods, such as rice, beans, yam, tomato, maize, and garri have either remained static or increased in the past two months. The result has been hardship, frustration and disillusionment.
Nigerians, traders and consumers alike, are calling on the Federal Government to urgently intervene and address the worsening food crisis that continues to push millions of citizens closer to the edge.
Prevailing market realities sharply contradict recent assurances from government officials who claimed food prices were declining due to ongoing policy reforms and seasonal harvests.
Experts have noted that the persistent rise in food prices in the country, particularly in the southern states, is due to the worsening insecurity, absence of reliable regulatory systems and an underlying weakness in Nigeria’s agricultural supply chain.
Insecurity in the North, orchestrated by banditry in the North-West and insurgency in the North-East, has been identified as critical factors impeding agricultural production and transportation. They obstruct the smooth flow of staples, such as yams, tomatoes and onions, among others, to different parts of the country.
The absence of price regulation, inadequate storage facilities, poor infrastructure and over-reliance on multiple middlemen, particularly in the South, further compounds the problem. Add that to high population densities in some parts of the country and the resulting increase in demand for food.
The good news is that food inflation, like all challenges, is not insurmountable. With the right strategies and actions, government can deal with it effectively and save the people from possible starvation. What happened to price control in the first place?
We recommend the reintroduction of the price control mechanism, a tool that has proved effective in the past to keep inflation in check. Price control boards should be reinstated as part of the strategy to deal with the current challenge.
