Umamah Bakharia
Nigeria is grappling with rising food prices, as reflected in the spike in inflation. The annual inflation rate accelerated for a sixth-consecutive month to 19.64% in July 2022, the highest rate since January 2017.
Food prices have risen steadily in Nigeria for years due to climate change, the COVID-19 pandemic and widespread insecurity.
Speaking to Radio Islam, Nigerian journalist Soloman Elusoji says the food crisis has affected Nigerians in their day-to-day activities.
“Food prices haven’t been this high in a decade,” he says. Prices became worse in February when Russia invaded Ukraine, affecting millions of citizens’ ability to meet their basic needs.
“Nigeria imports a lot of its grain from Ukraine and Russia, so the blockage in those regions has contributed to the prices skyrocketing,” says Elusoji.
Even though the Nigerian economy can export oil, according to Elusoji, they have been focusing on importing oil, which has put pressure on government revenues.
“Instead of benefitting from oil prices, the economy has suffered because the government is spending a lot on oil subsidy,” he says.
The Nigerian government has tried to cushion the impact of the increased food prices by giving citizens money. However, Elusoji says the value of money keeps declining; therefore, it does not have much use for the people.
0 Comments