By Empress Ugoeze
As Nigeria navigates the challenges of 2024, the cost of food has surged dramatically, placing significant strain on households across the nation. Since the beginning of the year, food prices have escalated sharply, driven by various factors including inflation, supply chain disruptions, and adverse weather conditions.
According to recent data from the National Bureau of Statistics, the food inflation rate has soared to 37.77% as of September 2024, reflecting a notable increase from 30.64% recorded during the same period last year. Staples such as rice, maize, beans, and yams have experienced some of the most significant price hikes, leading many families to adjust their budgets and dietary habits.
Market surveys reveal that the price of a 50kg bag of rice, a staple in many Nigerian households, has jumped from around ₦70,000 in January to nearly ₦99,000 in October. Similarly, the cost of maize has risen from ₦35,000 to ₦75,000 per 100kg bag, and the price of beans has more than doubled, now averaging ₦120,000 for a 100kg sack.
Economists attribute these rising costs to several interconnected issues. The lingering effects of supply chain disruptions caused by the COVID-19 pandemic have continued to impact food production and distribution. Additionally, the recent flooding in agricultural regions has damaged crops, further exacerbating food shortages.
“Many families are struggling to cope with these rising prices,” said Olufemi Adeoye, a market trader in Lagos. “People are buying less or opting for cheaper alternatives, which affects their nutrition.”
The government has acknowledged the crisis and is exploring measures to alleviate the burden on consumers. Initiatives include increasing support for local farmers, improving infrastructure for food distribution, and implementing price control measures for essential goods.
However, experts warn that without immediate and effective intervention, the situation may worsen, leading to increased food insecurity for millions of Nigerians. The ongoing economic challenges, compounded by rising fuel prices and inflation, suggest that the path to stabilization may be long and arduous.
As the year progresses, many are hopeful for a turnaround, but for now, the rising cost of food remains a pressing issue that impacts the daily lives of Nigerians.