|Join Nairaland / LOGIN! / Trending / Recent / New|
Stats: 2,885,112 members, 6,931,225 topics. Date: Saturday, 25 June 2022 at 12:30 AM
Peter Obi: FG's GDP Growth Meaningless With Rising Poverty / Nigeria’s Rising Poverty Will Worsen Insecurity, Economic Instability – Experts / Blockade: Meat Scarcity, High Food Prices Persist In Lagos, Ibadan, Others (2) (3) (4)
|RISING POVERTY: No End In Sight To High Food Prices— MAN, Others by abouzaid: 10:19am On Jun 20, 2021|
*Cite disruption of raw materials to
food manufacturing segment by
insecurity as a problem
*‘Huge losses suffered as a result of
By Tunde Oso
There is no end in sight to high food
prices as long as the conflict
between crop growers and northern
cattle herders seeking grazing
pasture in the South continues,
economic experts have said.
Costs started increasing in 2019
when the Federal Government shut
Nigeria’s borders to curb the
smuggling of rice and other products.
Food prices rose 17.4 percent in
October from a year earlier, the
biggest increase in three years.
As prices rose, the United Nations, in
late 2000, warned that violence had
compounded food production
challenges arising from factors such
as climate change and the
coronavirus pandemic that placed
Nigerians at risk of famine.
The World Bank, in a report, had said,
last week, that high food prices had
pushed about seven million Nigerians
into poverty in 2020.
“Food prices accounted for over 60%
of the total increase in inflation.
Rising prices have pushed an
estimated 7 million Nigerians below
the poverty line in 2020 alone,” its
report published last Tuesday said.
The World Poverty Clock, which uses
UN, IMF and World Bank data to
monitor progress against poverty,
reports Nigeria had 41 percent of its
population or nearly 87 million
people living in extreme poverty on
less than $1.90 per day.
“Nigeria faces interlinked challenges
in relation to inflation, limited job
opportunities, and insecurity,” said
Shubham Chaudhuri, the World Bank
Country Director for Nigeria.
“While the government has made
efforts to reduce the effect of these
by advancing long-delayed policy
reforms, it is clear that these reforms
will have to be sustained and
Nigeria needs urgently to reduce
inflation by promoting inclusive
growth and job creation and helping
small and medium businesses gain
access to finance, Chaudhuri said.
The Covid-19 pandemic and the oil
price crash have hammered Nigeria’s
economy, which gets 90 percent of
foreign exchange earnings from
petroleum exports, pushing it into its
second recession in four years.
As well as inflation, a rise in
joblessness has left a third of
Nigeria’s workforce unemployed at
the end of 2020, according to the
Sunday Vanguard spoke to economic
experts on the way forward.
Food inflation not surprising – Ajayi-
Kadir, MAN D-G
Segun Ajayi-Kadir, Director General
of the Manufacturers Association of
Nigeria MAN, said the association is
not surprised that inflation, especially
in the food sector, continues to spiral
“The manufacturing sector has
remained in recession even after the
technical exit of the country’s
economy”, Ajayi-Kadiri said.
“As you are probably aware, the
manufacturing sector posted a
growth rate of -1.51 percent in the
Q4 2020 from -1.52 percent in Q3 of
the same year.
“The current inflationary condition is
a major contributor to the low-export
penetration of goods manufactured in
the country, some of which are
largely in the agricultural sector of
the economy into the international
“Note too, the disruption by
insecurity of the feeder i.e. supply of
raw materials to the food
manufacturing segment of our
The MAN boss urged government to,
among others, pursue consumer
price stabilization measures that will
stimulate growth in agricultural
output; deliberately support the
manufacturing sector to guarantee
improved output that can engender
the reduced intensity of too much
money chasing after fewer goods;
further diversify the country’s
revenue sources; action a CBN
sustainable plan to improve the
external reserves to a defensive
capacity that will raise the months of
imports of Nigeria to a dependable
These, he said, can be achieved by
deliberately and sincerely partnering
the productive sector to grow non-oil
Ajayi-Kadir said: “In particular, the
Export Group of the association
clearly suffered huge losses due to
logistics issues occasioned by the
closure of the borders as it takes an
average of eight weeks for the
carriers to ship and move goods
within countries in the same region
vis-à-vis moving the goods through
the land border, which takes an
average of seven to 10 days.
“Nigeria, as the largest economy in
West Africa and one of the largest in
Africa, needs to step up in engaging
her neighbors meaningfully in order
to improve our trade balance, curb
smuggling and stop the trend where
other countries are having free lunch
at the expense of the Nigerian
“Government should sensitise
citizens to patronise and consume
locally produced goods, imbibe the
benefit of consuming local goods
and government should set a good
example by patronising local
products in all government
Food trucks & items should be tax-
free – John Isemede, ex-DG,
Dr. John Isemede, a former Director
General of Nigerian Association of
Chambers of Commerce, Industry,
Mines and Agriculture (NACCIMA),
said what is fuelling inflation are
weak production base, lack of value
addition, lack of export culture; more
money in circulation and fewer
goods /perishable goods without
storage silos and cold room etc.
Isemede, a United Nations Industrial
Development Organization (UNIDO)
consultant on value chains, added
that if government is saying it is
diversifying into agriculture, there
ought to be substantial government
interventions to move the farming
community away from the old worn-
out and archaic subsistence farming
to commercial and large scale
He went on, “Subsistence farming is
what we have been relying upon. We
are a country that doesn’t have
commodity boards compared to what
we have in Cote d’Ivoire and some
other West African countries; how
can we feed ourselves? Where are
the silos for storage?
“Government should also look at
centralizing the taxation system. You
can imagine the number of taxes a
food truck coming from Jos,
Maiduguri, Makurdi – the North – will
pay to revenue agencies before
arriving in the southern market.
“This is part of the reason food
prices are escalating. Government
should find a way of harmonizing and
centralizing tax collection by these
revenue collecting organs of
“In fact, government should
completely exempt food trucks or
locally-grown, produced food items
from tax or levies.
“Government interventions have been
wrong-headed: like the closure of
borders. It breached ECOWAS
“Government ought to have used
tariffs to discourage Nigerians’
unbridled appetite for imported
goods and re-invest the gains in its
diversification efforts into agriculture.
“Before the ban too, government
ought to have taken the organized
private sector into confidence so as
to prepare them for the policy
whereby they can fully look at
reaping the gains: growing local
capacity and production.
“Any time government bans any
product, it should discuss with
private sector concerns that could
maximize and reap from such a
“Ban here and there without local
capacity, no plans in place /trend to
be self-sufficient unknown – is
“Low production of such goods after
ban would automatically jerk up both
price and lead to hoarding.
“We are a nation that is import-
based not export-thinking”.
Funds can never be enough for
agripreneurs – Gimba
Ahmad Suleiman Gimba, lecturer at
College of Administration,
Management, & Technology,
(CAMTECH) Potiskum, Yobe State,
said the report released by the World
Bank is alarming and most disturbing
to realize that additional seven
million “Nigerians have plunged into
poverty. Therefore this is an
indication that the poverty ratio has
risen once more”, Gimba said.
“Both the private and public sectors
need to take agricultural business as
a priority and inject funds
substantially”, he added.
“The agric products, whose
production has collapsed in the last
two years, are the consequences of
the agric products that have vanished
perhaps ten or more years ago.
“Because of successive governments
neglect, food crops first like wheat,
maize, cassava and some few have
suffered with consequential low
output. “Mostly, farmers view their
expenses, other challenges and
difficulties; then they migrate to a
more profitable farming venture with
“Cash crops have suffered a similar
issue. Nigeria has lost wheat, barley,
cotton among others.
“Farming output has diminished and
has completely changed the
agricultural environment. Therefore,
the Nigeria society has to reflect the
“Some of the effects that can be
seen generally are the cumulative
rise in prices attached with increase
in the cultivation of rice, soya, sweet
potato, millet and few other crops.
“This clearly attributes the practical
increase of their quantities with their
“But all these are caused by the
systematic high prices of fertilizer,
farm inputs, implements and tools,
surrounded by very poor agric
“Food prices in Nigeria have been
rising every day without control,
regulation or soft pedaling because
government cannot stop spending on
the critical agricultural sector.
“In fact, governments in advanced
countries have continued to provide
subsidies to farmers and
“Furthermore, those perishable food
items cannot be given clear
explanations because of its poor,
local and unimproved methods of
storage, transportation and handling.
Their prices vary depending on the
everyday market, i.e. daily price
“When the market becomes
uncontrolled in manner and
attributes, it is government that can
dominate it and bring it to under
control; otherwise it may take longer
than expected for it to stabilize.
“As a follow-up, the Federal
Government needs to ensure that
local governments are functional
especially in agricultural services.
“As a matter of fact, the National
Assembly needs to amend the local
government services and make them
fifty percent agricultural. This will
indeed help Nigeria out of food
crises in the medium and long term”.
|Re: RISING POVERTY: No End In Sight To High Food Prices— MAN, Others by SLAP44: 10:24am On Jun 20, 2021|
This news shouldn't concern zombies, they have a special market where they buy everything at subsidized rates
|Re: RISING POVERTY: No End In Sight To High Food Prices— MAN, Others by risos(m): 11:02am On Jun 20, 2021|
Food price dey go up people wey dey produce the food sef no dey cash out.
E mean say mA everything price dey go up
|Re: RISING POVERTY: No End In Sight To High Food Prices— MAN, Others by checkmatez: 11:06am On Jun 20, 2021|
In other words.... We are finished
|Re: RISING POVERTY: No End In Sight To High Food Prices— MAN, Others by abouzaid: 11:10am On Jun 20, 2021|
risos:agricultural inputs and implements are also rising in prices be it tractors, diesel, fertilizers, sprayers etc, the prices of this things have doubled, tripled, quadrupled since Buhari came to power, also insecurity is rife so the areas cultivated have drastically reduced leading to lower quantity of food been produced.
|Re: RISING POVERTY: No End In Sight To High Food Prices— MAN, Others by fitzmayowa: 11:11am On Jun 20, 2021|
Well the mantra for our darling daddy for second term in office was next level, we are simply enjoying the dividend of the promise of next level....
We should in fact thank our darling daddy for fulfilling his next level promises....
|Re: RISING POVERTY: No End In Sight To High Food Prices— MAN, Others by fitzmayowa: 11:13am On Jun 20, 2021|
Yes since they were the one championing next level, in case you don't know there are designated markets for our zombies where they would be required to flash their zombies Identity to buy things at highly subsidised rate....
|Re: RISING POVERTY: No End In Sight To High Food Prices— MAN, Others by fitzmayowa: 11:15am On Jun 20, 2021|
Our darling daddy promised change and next level during his first term and second term campaign and I'm pleased to inform you that what you stated above is our darling daddy delivering on his campaign promises....
|Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health |
religion celebs tv-movies music-radio literature webmasters programming techmarket
Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 128