Food Inflation in Nigeria: Causes and the way forward
A Lecture delivered by Engr. Mac-Eteli Happiness
Focal Points
- The Context of Inflation
- The Drivers of Inflation
- Inflation Types
- The Impact of Inflation
- Food Inflation statistics in Nigeria
- GDP Per Capita versus Inflation Potentials
- The Way Forward
Food Inflation Statistics In Nigeria
- Food is the N0.1 need of man.
- Using Rice, a staple eaten all over Nigeria, as a proxy, in 2000, a 50kg bag of rice averaged ₦2,500 (FAO, 2021).
- In 2014, a 50kg bag of rice averaged ₦10,000, (NBS, 2015)
- According to surveys by SBM Intelligence, at the end of June 2020, a 50kg bag of rice went for an average of ₦26,000.
- In two decades, the price of the most widely consumed staple food in Nigeria (and the world, according to the Food and Agricultural Organization) has gone from ₦2,500 to ₦26,000. A 1000% increase in 20 years.
Way Forward
- Human Capital Development
- Monetary Policies
- Infrastructures for smooth production and supply operations
- Waste to wealth culture
- Food preservation technologies
- Look inward but appreciate outward.
To have access to the audio and complete power point from the seminar kindly send a mail to seminar@haofoundation.com