The December 2024 inflation report by the National Bureau of Statistics (NBS) offers a stark reminder of the worsening food inflation crisis in Nigeria. With food inflation surging to 39.84%, up from 33.93% in December 2023, millions of Nigerians are feeling the pinch as basic commodities become increasingly unaffordable.
Staple foods such as yam, water yam, sweet potatoes, rice, and guinea corn have seen sharp price increases. Even beer and dried fish—products many consider luxuries—are contributing to the inflation spike. This relentless rise in costs reflects deeper systemic issues, including inadequate agricultural output, insecurity disrupting farming activities, high logistics costs, and unstable policies on food imports.
The report also highlights disparities in food inflation across states. Sokoto leads with a staggering 57.47% year-on-year food inflation, followed by Zamfara and Edo. These figures underscore the vulnerability of states where local production cannot meet demand. Meanwhile, some states like Yobe and Kano recorded month-on-month price declines, likely due to localized factors such as seasonal harvests or state-level interventions.
Rising food prices not only threaten household budgets but also exacerbate poverty and malnutrition. Nigeria, already grappling with high unemployment and stagnant wages, cannot afford a crisis of this magnitude. Addressing the issue requires a multi-pronged approach.
First, Nigeria must prioritize agricultural reforms. Investments in mechanized farming, improved irrigation systems, and affordable fertilizer subsidies are essential. Encouraging private sector participation in agriculture could also boost productivity and reduce dependence on imports.
Second, the government must tackle insecurity in rural areas. Armed conflicts and banditry have driven many farmers off their lands, reducing food production. Restoring security would allow farmers to return to work and stabilize food supply chains.
Third, there is an urgent need to improve food logistics. Poor roads, high fuel costs, and inadequate storage facilities contribute significantly to price surges. Establishing efficient transportation and storage networks would reduce post-harvest losses and bring prices down.
Finally, state governments should explore localized solutions tailored to their unique challenges. For instance, community-driven urban farming initiatives can help cities like Sokoto and Zamfara supplement food supply and reduce reliance on distant markets.
The alarming rise in food prices demands swift, decisive action. If Nigeria hopes to safeguard the well-being of its citizens, combating inflation and ensuring food security must remain a top priority.
