Lagos, Nigeria – The prices of essential food items including rice, garri, beans, and yam have skyrocketed by over 130 percent in April 2024 compared to the same period last year, exacerbating Nigeria’s economic challenges.
The National Bureau of Statistics (NBS) revealed these alarming figures in its selected food prices watch for April, recently published on its website.
According to the report, the price of a one-kilogram bag of rice surged by 155.93 percent to N1,399.34 in April 2024 from N546.76 recorded in April 2023. On a month-on-month basis, the price rose by 3.47 percent from N1,340.74 in March.
Similarly, the average price of 1kg of garri jumped by 134.98 percent year-on-year to N851.81 in April 2024 from N362.50 in April last year. Month-on-month, the price increased by 13.59 percent from N749.89 in March 2024.
The report also highlighted significant increases in the prices of tomato, beans, and yam tubers, attributing the surge to ongoing economic challenges and policy decisions.
Financial experts have pointed fingers at President Bola Ahmed Tinubu’s administration’s policies of fuel subsidy removal and naira devaluation for the rise in food prices. The recent decision by the Central Bank of Nigeria to raise the interest rate to 26.25 percent is aimed at taming inflation, but some analysts remain skeptical about its effectiveness.
Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, remarked that previous rate hikes by the Central Bank have not historically impacted the country’s inflation.
As Nigeria grapples with soaring food prices and high inflation rates, concerns mount over the economic well-being of its citizens and the effectiveness of government policies in addressing these challenges.
