FG reveals real reason for high cost of food
Mohammad Abubakar, the Minister of Agriculture, said this while speaking in Abuja at the Fifth edition of the President Muhammadu Buhari (PMB) Administration scorecard, 2015-2023.
What the minister said: He said the challenge is not limited to Nigeria as the COVID-19 pandemic shattered economies.
“The fact that some categories of food are imported by Nigeria is not an indication that we have food shortages.
“The high cost of food that we experience in the country is a result of rising inflation, which is not peculiar to Nigeria but due to the COVID-19 pandemic that forced many sectors of economic production to be shut down for many months,” he said.
The Minister added that efforts were being made to checkmate smuggling.
How Nigerians feel about the increase in price of food: Many Nigerians have expressed concern over the current high prices of foodstuff and cooking gas, urging the government to intensify measures to address the situation.
The citizens said the situation was making life unbearable for them.
What you should know: Food inflation in Nigeria quickened for the eighth straight month to 23.72% in October of 2022 from 23.34% in the previous month. It was the highest reading since October 2005, partly due to supply disruptions caused by recent widespread flooding and as a weaker currency continued to boost costs of imported food (18.1% vs 18% in September)
