An economist and policy analyst, Dr Muda Yusuf, has called for increased support to farmers through supply of inputs such as fertilisers, improved seedlings, machinery and irrigation schemes to make food available and affordable to Nigerians.

Yusuf, who is the founder of the Centre for the Promotion of Private Enterprise (CPPE), in a chat with The Guardian, said though some of the interventions were ongoing, they are not yet sufficient.

He emphasised that sub-national governments must play a more active role in tackling structural and productivity issues rather than leaving the responsibility to the Federal Government.

He said: “I admit that the prices are still high. It’s not as if those prices have come to levels that they were before the reform. So, there’s also that challenge there.

“We must also admit that the situation between then and now, I’m talking about between 2023 and now, the situation is gradually improving. However, the point to make here is that government needs to do a lot more to address the cost of living issues, even while we acknowledge that some progress has been made. We need to look at some fundamental issues, which are basically structural issues in nature.

“We talk about insecurity and the impact on agricultural production, for instance. We talk about logistics and the impact on the distribution of food and other items across the country. These are structural issues.”

Yusuf stated that while Nigeria has recorded signs of relief from price pressures since the start of the current administration’s reforms in 2023, the cost of living for citizens remains high and requires stronger structural interventions from government at all levels.

He explained that the economic reforms introduced in 2023 had a “very significant impact” on household welfare, particularly in the areas of feeding, basic goods and general living expenses. According to him, although the early months of the reforms were marked by intense pricing pressure, the situation has begun to ease gradually.

The analyst noted that inflation had been decelerating over the period, describing the trend as “disinflation,” and added that some commodities were already experiencing outright price drops, which he classified as “deflation.”

He pointed to food items as example, saying certain food prices have fallen compared to the previous year.

Yusuf cited rice as a major indicator, explaining that a bag, which sold for over N100, 000 around this time last year, now sells between N60, 000 and N80, 000 depending on the brand and quality. He added that the moderation in the exchange rate had contributed to the drop in prices of imported goods, with volatility in the market reducing compared to previous years.

Despite the improvements, he stressed that prices were still high and had not returned to pre-reform levels. He maintained that while progress had been recorded, Nigerians were still dealing with significant hardship, making it necessary for government to intensify efforts to address the cost of living crisis.

According to him, many of the challenges were structural and required long-term solutions. He identified insecurity and its impact on agricultural production, logistics constraints affecting the movement of food and goods, and high import costs as key drivers of persistent price pressure. He suggested that government may need to review import duties on certain items, particularly manufacturing inputs, to support local production.

The analyst further highlighted rising energy costs, including cooking gas prices, and said these areas required “targeted, specific policy intervention” to reduce the burden on households.

He noted that addressing these entrenched issues could not be achieved within two years, given the ‘legacy challenges’ inherited by the administration.

With states now receiving higher allocations, he said he expected more of them to introduce measures such as subsidised transportation to cushion the impact of the remaining hardship on citizens.

He concluded that while gradual progress had been made, “a lot more needs to be done” to ease price pressures for ordinary Nigerians.