Price Of Garri, Guinea Corn, Bread, Yam, Palm Oil, Others Reason For Increasing Inflation Rate – NESG

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Naijanews July 19, 2024 4:57 p.m.

Price Of Garri, Guinea Corn, Bread, Yam, Palm Oil, Others Reason For Increasing Inflation Rate – NESG

“We cannot afford not to scale the food system to respond to the demand needs of Nigerians,”he said, adding that the government must equally be ready to scale up cultivation in dry season farming.

“We have a system problem where we are cultivating far less and the agricultural contribution to the GDP is very low, and the system is not producing enough food,”Adeoju said.

He posited that the recent policy implemented by the federal government to waive the importation of food was a reactive measure to address the prevalent issue of hunger in the country, yet the response has been deemed insufficient.

He noted that the policy was effectively implemented due to the country’s inability to produce sufficient food domestically, as evidenced by the low rates of local cultivation.

Furthermore, the report indicated a food inflation rate of 40.87% on a year-on-year basis, marking a 15.62% increase from the rate observed in June 2023 (25.25%).

The surge in food inflation was attributed to the escalating prices of various food items, including Millet Whole Grain, Garri, Guinea Corn, etc.

Aduloju emphasized the necessity for the country to revitalize its food system through large-scale agricultural practices, which he believes can be achieved by states capitalizing on their unique advantages..

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