FG Moves to Set Prices of Rice, Yam, Garri, Other Items as Food Crisis Worsens

• The Nigerian government has said it would set the prices of food items in the country as food inflation spirals out of control
• The minister of Agriculture and Food Security, Abubakar Kyari, disclosed this recently and said more lands have been cultivated
• The minister further stressed that about 150,000 hectares of land have been cultivated in Jigawa state

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The Nigerian government has announced that it has concluded plans to determine the prices of food items in the country.

The minister of Agriculture and Food Security, Abubakar Kyari, disclosed this in Abuja and hinted at the Nigerian government's projects and initiatives to reduce the rising cost of food in Nigeria.

FG begins the cultivation of wheat

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Kyari stated that farmers have been registered for summer farming via the National Agricultural Growth Scheme and AgroPocket (NAGS-AP), saying that the 120,000 hectares of wheat have been cultivated in Jigawa state under the African Development Bank (AfDB) 50% free agriculture scheme.

He said:

"Over 150,000 hectares would be farmed under the rice, maize and crops programme where approximately 300,000 farmers would be added while world Non-profit organisations would provide funds to lower prices."

The minister stated that foreign food exports would be listed on national borders to stop illegal migrants, stressing that exporting food benefits Nigeria but is harmful when the government does not benefit from it.

ThisDay reports that Kyari stated that the ministry has ordered the distribution of 42,000 tonnes of grains to low-income individuals to reduce the challenges of rising food prices and shortages.

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Food prices rise amid high inflation

Per the minister, agriculture will be balanced to raise the amount of food produced, and the post-harvest losses will be reduced.

The development comes amid a surge in the prices of goods and services across the country following surging inflation.

The Nigeria Bureau of Statistics (NBS) said that the nation's headline inflation stood at 29.90% for January 2024.

The NBS said food inflation contributed over 30% to the general inflation figures.

The increase in food inflation every month was due to a rise in the growth rate in the average prices of potatoes, yams and other tubers, bread and cereals, fish, meat, tobacco, and vegetables.

An analysis of the NBS report of the consumer price index shows that food and non-alcoholic beverages contributed primarily to the increase, rising by 15.49%, followed by housing, water, electricity, gas, and other fuel, which rose by 5 per cent.

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The cost of rice to further increase by 32%

Legit.ng reported that the AFEX Wet Season Crop Production Report for 2023 has revealed that the cost of rice saw a 37% increase this year alone.

According to the report, this was caused by various factors, including supply chain interruptions, increased global demand, and the long-lasting consequences of the 2022 floods, contributing to the substantial gap between price and output increases.

It highlighted that the increasing rice consumption in Nigeria has led to a supply gap of about 2 million metric tonnes.

Source: Legit.ng