Amid soaring food prices, Nigerians are urging federal and state governments to take immediate action to alleviate the escalating cost of living. Recent data from the National Bureau of Statistics (NBS) reveals alarming year-on-year increases in staple food prices, highlighting the deepening food inflation crisis.

 

In October 2024, food inflation surged to 39.16%, outpacing the overall inflation rate of 33.88%. Key staples like beans, eggs, bread, and rice have seen dramatic price hikes:

 

• Brown beans: Up 254.23% from ₦790.01/kg (Oct 2023) to ₦2,798.50/kg (Oct 2024).

• Eggs (dozen, medium-sized): Increased by 140.21%, from ₦1,112.22 to ₦2,671.60.

• Sliced bread: Rose 103.76%, from ₦760.82 to ₦1,550.24.

• Local rice: Climbed 137.32%, from ₦819.42/kg to ₦1,944.64/kg.

 

The steep price increases have exacerbated poverty, reduced purchasing power, and heightened food insecurity. A 2023 World Bank report revealed that 87 million Nigerians, or 38.9% of the population, live in poverty, the second highest rate globally. UNICEF estimates indicate that 25 million Nigerians faced severe hunger risks in 2024.

• Insecurity disrupting agricultural activities.

• Climate change affecting crop yields.

• Inflation and policy inefficiencies.

• Tax burdens on businesses, leading to higher consumer prices.

While measures such as releasing 42,000 metric tonnes of grains and establishing subsidized food hubs in Lagos offer temporary relief, they fall short of addressing the root causes of food insecurity.

To combat the crisis, experts and stakeholders emphasize the need for:

 

1. Streamlined taxation: Implementing the government’s plan to reduce taxes from over 60 to nine to ease the financial burden on businesses and consumers.

2. Enhanced security: Tackling insecurity to enable farmers to operate freely.

3. Sustainable agricultural models: Drawing on successful examples from within Africa and beyond to improve efficiency and resilience in food production.

4. Federal-state collaboration: Coordinated efforts to address structural issues contributing to the crisis.

 

Without decisive action, the rising cost of food will continue to push millions of Nigerians deeper into poverty, worsening the country’s already critical hunger and nutrition challenges.