How prices of rice and other cereals in Nigeria doubled in one year

Published 2021년 9월 7일

Tridge summary

Prices of major legumes and cereals in Nigeria have seen a significant increase over the past year, with rice, beans, groundnut, soybeans, maize, sorghum, and millet all experiencing rising prices. The surge in food inflation, which was at 27% at its peak, is attributed to various factors including insecurity, border closure, forex scarcity, naira devaluation, extreme climatic events, Covid-19 disruption, and high demands. These factors have negatively impacted local food production, leading to a situation where food prices have doubled while household income remains stagnant. The situation is particularly dire in northern Nigeria, where up to 13 million people are projected to face acute food insecurity by August, with Borno State being the most Concerned area due to heavy humanitarian access constraints and ongoing conflict.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The prices of major legumes and cereals in Nigeria rose at an average of about 98.85 and 99.9 per cents respectively in the last one year, a PREMIUM TIMES market survey has shown. The prices of staples such as rice, beans, groundnut, soybeans, maize, sorghum, and millet were surveyed across some major markets located in different regions of the country. The prices of grains such as rice, maize, sorghum, and millet have risen by 44.4 and 117 per cents respectively. Likewise, the survey showed that the prices of essential cowpeas such as beans and soybeans increased by 159.3 and 76.7 per cent, while prices of groundnuts rose by 63.64 per cent from what they were being sold for last year. Nigeria’s food inflation reached 27 per cent in February 2021, according to the National Bureau of Statistics, making it the highest since at least 2005. The aftermath of the rise has been evident in the prices of all classes of food, as prices continue to skyrocket almost on a daily basis, leaving ...

Source: Premiumtimesng