The Business NG - BusinessNg

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Editorial Focus: Nigeria’s Food Inflation Crisis Nigeria’s worsening food inflation has reached a critical point, eroding household purchasing power and deepening economic hardship. Data from the National Bureau of Statistics show that staple food prices are now between four and ten times higher than in 2016, highlighting the scale of the crisis. When one egg today costs the equivalent of six eggs eight years ago, and a kilogram of yam equals the former price of ten, the implications for nutrition, productivity, and social stability are profound. This surge is not driven by a single factor. Currency depreciation, rising transportation costs, insecurity in food-producing regions, weak supply chains, and structural inefficiencies in agriculture have combined to push prices beyond the reach of millions. For businesses, the impact is equally severe: higher input costs, shrinking consumer demand, and increased pressure on wages. Addressing this crisis requires more than short-term palliatives. Nigeria needs sustained investment in agriculture, improved logistics, stable macroeconomic policies, and targeted support for vulnerable households. Without decisive action, food inflation will continue to undermine growth, widen inequality, and threaten economic resilience.