Nigerians spent more on food in September than in previous months in 2021, according to research published by The Cable.
Many Nigerians have been bemoaning the continual rise in the price of consumables across the country on social media.
In the last three months, the cost of rice, beans, and other grains has risen dramatically. Bread and sachet water prices have also climbed in recent days.
The increase in the price of consumable products in Nigeria, in my opinion, can be linked to the following factors.
1. Rising Insecurity In The Country:
The spike in food prices is largely due to rising insecurity in Nigeria. Because of armed bandits and terrorists, many farmers, particularly in the North West, have abandoned their land.
Several farmers were killed by bandits in Zamfara State a few months ago when they went to their farms against the bandits' orders.
Conflicts between Fulani herders and farmers in some regions of the country are also contributing to the unusually high food prices.
2. President Muhammadu Buhari's closure of land borders.
Nigeria's food security is also threatened by the present administration's border restriction strategy.
Nigeria is not self-sufficient in food production, and some food items must be imported from neighboring nations.
Imported items have become more expensive since the land borders were closed three years ago.
3. The rise in the value of the dollar and the consequent scarcity of dollars for importers.
Many importers struggle to obtain dollars in order to import their goods. At this moment, the exchange rate is also extremely high.
Finally, the government must devise a strategy to eliminate insecurity as quickly as possible. To achieve food security in Nigeria, the policy of border closure should be reviewed, and foreign currencies should be made available to food importers.
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