By Jemimah Wellington, JKNewsMedia Reporter
FOOD PRICES in Nigeria have risen sharply, climbing by 60.88 percent since May 2023, despite substantial investments and loans aimed at boosting food production across the country.
Data from the National Bureau of Statistics (NBS) actually reveals that food inflation, which stood at 24.82 percent when President Bola Tinubu assumed office, surged to nearly 40 per cent by November 2024.
Moreover, this steep increase is causing severe hardship for Nigerians, as many households struggle to afford basic staples.
Items such as rice, bread, and beans have also seen their prices skyrocket, leaving families to make tough choices about daily meals.
President Tinubu’s administration secured $3.334bn in multilateral loans and attracted over $4.3bn in investments to enhance food production and combat hunger.
The government also committed to cultivating 500,000 hectares of farmland. However, the rising cost of living has cast doubt on the effectiveness of these measures.
Experts have pointed to inflationary pressures and gaps in policy execution as significant factors driving the crisis.
While government initiatives focus on agricultural development, the benefits have yet to trickle down to everyday Nigerians.
Many now question whether economic strategies are addressing the core issues of food security and affordability.
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