Nigerians are at risk of facing hunger if urgent action is not taken, this is as the country is currently dealing with twin crises, record-breaking flooding, and a food shortage.
Several factors are driving this trend, including ongoing conflicts, climate change impacts, escalating inflation, and rising costs of both food and essential non-food commodities (in part due to the devaluation of the naira and the discontinuation of the fuel subsidy).
Also, persistent violence in the north-eastern states of Borno, Adamawa, and Yobe hinders food availability and access.
A report from the National Bureau of Statistics (NBS) showed that prices of food and of basic items have skyrocketed- hitting over 250 per cent in one year.
Available data from latest Food Price Watch from the NBS, showed that the price of beans soared by 252 per cent between June 2023 and June 2024.
The report stated that the prices of major staple foods in Nigeria, such as beans, yam, potato, plantain and tomato rose by over 250 per cent in the last one year.
A year-on-year comparative analysis indicates the average price of 1kg of brown beans stood at N2,292.76, representing a 252.13 per cent increase from N651.12 in June 2023 and a 14.11 per cent increase month-on-month from N2,009.23 in May 2024.
Tomatoes (1kg) also saw significant price increases, rising by 320.67 per cent year-on-year from N547.28 in June 2023 to N2,302.26 in June 2024. On a month-on-month basis, the average price of tomatoes increased by 55.59 per cent from N1,479.69 in May 2024.
The price of Irish potatoes also rose by 288.50 per cent year-on-year from N623.75 in June 2023 to N2,423.27 in June 2024, and by 51.92 per cent month-on-month from N1,595.07 in May 2024.
Additionally, the average price of 1kg of yam tuber increased by 295.79 per cent year-on-year, from N510.77 in June 2023 to N2,021.55 in June 2024. On a month-on-month basis, the price rose by 52.87 per cent, from N1,322.36 in May 2024 to N2,021.55 in June 2024.
Other staple foods also experienced significant price increases over the past year. For instance, the average price of 1kg of loose white garri rose by 181.66 per cent year-on-year, from N403.15 in June 2023 to N1,135.51 in June 2024. Additionally, there was a 1.86 per cent increase on a month-on-month basis.
Also, the average price of local rice sold loose rose by 179.97 per cent from N608.20 in June 2023 to N1,702.24 in June 2024. Nigerians on the average paid double the price for wheat from June 2023 to June 2024 as the price rose from N1,380.45 per Kg to N3,157.75 indicating an increase of 128.75 per cent during the 12-month period.
Among food items with over a 250 per cent year-on-year increase, the South-West recorded the highest prices. For example, the analysis by zone showed that the average price of brown beans (sold loose) was highest in the North-Central at N2,923.45, followed by the South-South at N2,630.03, while the North-West recorded the lowest average price at N1,647.03.
The average price of 1kg of tomatoes was highest in the South-West and the South-East at N3,261.84 and N2,852.59, respectively, with the lowest recorded in the North-West at N1,411.16. The South-West recorded the highest average price of 1kg of yam tuber at N2,745.80, followed by the North-Central at N2,440.35, while the lowest was recorded in the North-West at N1,238.49.
The South-West and the North-East recorded the highest average price of 1kg of loose white garri at N1,199.62 and N1,155.63, respectively, while the lowest was recorded in the North-Central at N1,055.87.
The NBS identified Edo, Kogi and Cross River as three states with the highest prices of food in Nigeria in June 2024. This was disclosed in the NBS latest report released a fortnight ago.
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On state-on-state analysis, food inflation on a Year-on-Year basis was highest in Edo (47.34 per cent), Kogi (46.37 per cent), and Cross River (45.28 per cent).
Meanwhile, Nasarawa (34.31 per cent), Bauchi (34.78 per cent) and Adamawa (35.96 per cent), recorded the slowest rise in food inflation on a Year-on-Year basis.
On a Month-on-Month basis, however, June 2024 Food inflation was highest in Yobe (4.75 per cent), Adamawa (4.74 per cent) and Taraba (4.12 per cent).
In contrast, Nasarawa (0.14 per cent), Kano (0.96 per cent) and Lagos (1.25 per cent) recorded the slowest rise in food inflation on a Month-on-Month basis.
The report revealed that Nigeria's inflation figure reached a new high, hitting 34.19 per cent for June 2024.
