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Nigerians may witness tough times in the new year, as prices of staple foods such as rice, maize, millet, and cereals, are projected to rise in the country and other West African nations.
This was contained in a report titled “West Africa Regional Supply and Market Outlook,” published jointly by Food and Agricultural Organisation (FAO), World Food Programme (WFP) and others.
The document indicated that prices of staple crops would increase above the five-year average price, occasioned by a reduction in production, trade restrictions, global geopolitical factors and others.
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The report stated: “Staple prices currently remain above the five-year average across the region. This is attributable to a combination of factors, including production deficits, trade restrictions, insecurity in the Sahel, elevated global prices, high transaction costs and currency depreciation in the coastal countries of the Gulf of Guinea.”
Addressing the most populous nation specifically, it stated: “Moreover, Nigeria’s yearly inflation continues to climb, exacerbated by removal of fuel subsidy. Prices are projected to stay above average, owing to limited production performance, sustained demand, constrained humanitarian assistance, continuing trade disruptions, as well as security and socio-economic challenges in the region.”
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