GOODNEWS For Hungry Nigerian As FG Moves To Make Rice, Garri, Other Foodstuffs, Prices Fall Like Rain
Nigeria is grappling with a severe food security crisis, characterized by a 40. 5% food inflation rate and a projection that approximately 31 million people will face acute food insecurity during the lean season in August. Over the pasxar, staple food prices, Marly grains, have surged by
The price of rice, for instance, has seen a dramatic increase of about 169% over the past year, reaching nearly N90, 000 per bag around March and April this year. However, a Nairametrics report later indicated a nearly 20% drop in rice prices.
Rice prices have seen a dramatic increase, rising by about 169% in the past year and reaching nearly N90, 000 per bag around March and April. However, a recent report by Nairametrics indicated that rice prices have since dropped by almost 20%. Despite this reduction, rice millers in Nigeria are struggling with an insufficient supply of rice for processing. This shortage hampers their ability to meet market demands and stabilize prices.
The potential approval for the importation of rice paddy is seen as a critical measure to boost the supply of rice in the markets, which could help drive prices down. Governor Babajide Sanwo- Olu of Lagos State highlighted this issue, noting that the Imota rice mill has not achieved significant production due to the inadequate supply of rice paddy. He has promised to petition the federal government to permit the importation of rice paddy to support the mill’ s operations.
This situation underscores the broader challenges facing Nigeria’ s agricultural sector, where local production struggles to meet demand, exacerbating food insecurity and inflation. The federal government’ s response to requests for importing rice paddy will be pivotal in addressing these supply issues and stabilizing food prices in the country. As the lean season approaches, effective measures are urgently needed to mitigate the impending food crisis and ensure adequate food availability for the population.