Buhari’s Ex-Aide Explains Why Food Prices Will Rise Again Despite Recent Drop

• After a year of persistent increase in prices of food stuffs, prices have declined slightly in the last few months
• However, a former Special adviser on agriculture has warned that the decline is only temporary
• He hinted at when food prices would go up again, explaining that the drop is induced

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

After months of persistent increases across food prices, Nigerians recently saw a slight decline in prices, but this may not last for long.

A former Special adviser to the immediate past President Muhammadu Buhari, Mr. Dolapo Bright, has explained why the decline in food prices is not sustainable.

Mr. Bright noted that the dry season harvest production in Sokoto, Kebbi, has led to an abundance in items like Onion, tomatoes and pepper, causing prices to decline.

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He hinted that as soon as the dry season is over, Nigerians could expect the price of these food items to surge.

Expert explains why food prices dropped

Mr. Dolapo Bright, while speaking in an interview on Inside Sources on Channels Television, decried the federal government import intervention, which has led to a drop in the prices of grains.

He said;

“We are having problems with grains now in terms of price because the government imported grains from outside the country at zero duty, which, to me, is a disgrace. We must not jubilate; the price of food is still going to go up unless the president will continue to import food.

“We are celebrating the importation of grains from other countries, and these are countries that support their farmers. Thailand supports rice farmers with $1.6bn every year in subsidies. Europe supports farmers generally, $34bn annually, even more than the United States.”

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Recall that in 2024, Nigeria had inflation figures that broke all records going back to the 1980s, and food inflation was the key driver. Experts say that factors like a rise in fuel costs and poor farm yields, among others, drove food inflation.

Mr. Bright noted that the Nigerian government has not provided sustainable help to farmers in Nigeria, adding that even the fertilisers promised in 2024 did not come until late into the planting season in September.

He urged the government to decisively support the farmers to ensure food security for Nigeria’s growing population.

A recent Legit.ng report showed how Nigerians were rushing to stock up on tomatoes and pepper, as prices had crashed up to 90% from last year.

The rebased Consumer Price Index (CPI) report has also shown new dynamics at play, with headline inflation down to 24.48% from 34.8% in December.

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Food inflation also crashed to 26% from the 39.4% reported in December 2024. The CPI report highlights explained that the new figures are for January 2025 compared to January 2024 as the base period.

Survey shows drop in food prices

In related news, a recent Legit.ng survey has shown that food prices have crashed by up to 40%.

A 50kg bag of beans sold for N100,000 in December and now sells for N75,000 and N85,000, depending on the type.

Also, rice prices crashed from N100,000 in December to N52,000 or lower, depending on the brand and location.

Source: Legit.ng