The Centre for the Study of the Economies of Africa (CSEA), a leading think-tank organization with special focus on economic development trends in Africa, has charged the President Muhammadu Buhari-led government to frontally tackle the increasingly worrisome insecurity rate in the country in order to guarantee food security for Nigerians.
The research firm, in its just published Nigeria Economic Update Issue No 35 sourced by our correspondent on Wednesday, noted that the worsening insecurity in food crops producing regions in the country had exacerbated the challenge of food insecurity as prices of commodities continue to rise, thereby becoming unaffordable for ordinary Nigerians.
Using the Nigeria Bureau of Statistics (NBS) latest data to anchor there findings on the food insecurity challenge in the country, analysts at the CSEA stated that there had been a significant increase in the price of several food items.
The experts further clarified: “The average price of one dozen of a medium sized egg increased by 21.82 percent year-on-year and 3.79 percent month-on-month, recording a price of N577.55 in July from N556.47 in June.
“Also, the average price for a single medium sized egg increased year-on-year by 24 percent and month-on-month by 2.95 percent, recording a price of N52.73 in July from N51.22 in June. The price of other food items, including tomato also increased by 36.45 percent year-on-year, and yam increased by 20.39 percent year-on-year.
“The increase in food prices can be attributed to declining levels of production due to farmers-herders’ crisis and banditry. Further, the trade embargo placed on agricultural products had exacerbated the situation as a result of lower supply levels. This raises concern over living standards and the welfare of Nigerians most of whom are living in poverty”, the experts added.
To ameliorate the hardships of the citizens, the CSEA researchers, therefore, maintained that “by providing adequate security for farmers and providing a long-lasting solution to the farmers-herders crises, there will be a rise in aggregate supply which would have positive effects on food prices and living standards.”