The Federal Government has officially attributed the continuous surge in food prices across the country to a combination of global and local factors, primarily the adverse impacts of climate change and the ongoing Russia-Ukraine war. These issues, according to the government, have disrupted food production and supply chains, leading to inflation in food costs nationwide.
According to reports, the Minister of Agriculture and Food Security, Abubakar Kyari, admitted that his previous pledge to stabilize and reduce food prices within a 180-day period last year was significantly impacted by these unforeseen global and economic challenges. He noted that while the government had put various measures in place to ensure food security, external factors beyond its control have worsened the situation.
Speaking during an interview on Arise News on Friday night, Kyari elaborated on the multiple reasons behind the rising food prices, emphasizing that beyond the Russia-Ukraine conflict and climate change, the aftereffects of the COVID-19 pandemic also played a crucial role in driving up costs. He highlighted that supply chains were severely disrupted during the pandemic, leading to shortages that are still affecting global food markets, including Nigeria’s.
“Well, let me just put it into perspective. When you examine food prices across the nation, you will find varying costs in different locations. In some areas, prices are lower, while in others, they are considerably higher. However, when you expand the analysis to include neighboring countries, you will notice that food prices are even more expensive in some of these places. This issue is not unique to Nigeria; it is a global phenomenon. The inflation in food prices began with the effects of the COVID-19 pandemic and was further worsened by climate change, the ongoing Ukrainian war, and several other factors,” Kyari explained during the interview.
The Minister further elaborated on the role of supply and demand in determining food prices, stressing that even if food production increases, other economic factors must align for prices to decrease significantly.
He reassured Nigerians that the government is implementing various strategies to combat rising food prices. According to him, the government is focusing on boosting agricultural production to increase the availability of food products. He explained that the logic behind this approach is based on economic principles—if the supply of food increases while demand remains stable, prices will naturally decline. Kyari emphasized that this remains the key direction of the government’s intervention in tackling food inflation.
“So, I understand the concerns of many Nigerians, and I want to assure them that the government is actively working on solutions. Our primary focus is to ramp up production. When food availability increases but prices remain high, it is often a case of supply and demand imbalances. If we significantly increase food supply while demand remains the same, prices will naturally decrease. That is the strategy we are working on, and we believe it will yield positive results in due time,” he added.