Nigeria Employers Consultative Association, NECA, has given insight into why Nigeria is facing increasing high cost of food items.
Reacting to the Federal Government concerns over upsurge in food prices which it described as a threat to the nation’s food security, the umbrella body for employers in Nigeria argued that the stoppage of rainfall during the planting season, especially in the southern part of the country, as well as rising insecurity from herdsmen clashes, kidnapping and flash flooding experienced in the northwestern and northcentral regions are among the causes.
Speaking through its Director-General, Dr. Timothy Olawale, NECA said “A research carried out by the U.S. Department of Agriculture (USDA) revealed that Nigerians spend about 60 percent of their household income on food, the highest in the world. It is, therefore, apt to note that rising food inflation is a threat to the nation’s security.
“Going by the latest Consumer Price Index that monitors inflation figure, released by National Bureau of Statistics (NBS), prices of food in the country have shot through the roof while the composite food index rose by 15.48% in July 2020.
“The stoppage of rainfall during the wet planting season, most especially in the southern part of the country as well as rising insecurity from herdsmen clashes, kidnapping and flash flooding experienced in most part of the northwestern and north-central regions of the country, are parts of the causes of scourge in the prices of food products’’.
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