Inflation Crisis: Nigeria takes measures to tackle soaring food Prices

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With the onset of the rainy season, the Nigerian Army has deployed troops in several northern states to protect farmers.

This deployment, announced by the Director of Defence Media Operations, Maj. Gen. Edward Buba, focuses on the North West and North Central regions.

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According to Buba, the presence of troops has enabled farmers to access their lands and proceed with a smooth planting season, aiming for a bumper harvest.

 

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This measure comes as Nigeria battles food shortages and soaring food inflation, which the National Bureau of Statistics (NBS) reports at over 40 percent. Inflation in Nigeria peaked at 34.19 percent in June 2024, slightly decreasing to 33.40 percent in July, based on the NBS’s Consumer Price Index.

 

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The NBS highlighted that the average annual rate of food inflation for the year ending June 2024 was 35.35 percent, marking an 11.31 percent increase from June 2023. Core inflation, excluding volatile agricultural produce and energy prices, reached 27.40 percent in June 2024, up from 20.06 percent in June 2023.

 

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The NBS attributes the rise in food inflation to increased prices of items such as millet, garri, guinea corn, yams, water yams, coco yams, groundnut oil, palm oil, and various types of dried fish.

 

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Edo State recorded the highest year-on-year food inflation at 47.34 percent, followed by Kogi at 46.37 percent and Cross River at 45.28 percent. Conversely, Nasarawa (34.31 percent), Bauchi (34.78 percent), and Adamawa (35.96 percent) saw the slowest rise in food inflation.

On a month-to-month basis, June 2024 food inflation was highest in Yobe (4.75 percent), Adamawa (4.74 percent), and Taraba (4.12 percent), while Nasarawa (0.14 percent), Kano (0.96 percent), and Lagos (1.25 percent) recorded the slowest rise.

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Experts attribute these challenges to insecurity, lack of equipment, and other issues affecting food production in Nigeria.

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In response, the Federal Government has implemented measures to curb the crisis, including suspending duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas for 150 days.

Additionally, the government has approved the procurement of 2,000 tractors and 1,200 trailers and established a committee to address the ongoing food crisis.

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