Thursday, 22 February 2024 05:05

We can’t buy food in Nigeria due to rising prices - WFP

Rate this item
(0 votes)

The United Nations World Food Programme (WFP) says it is reviewing its local food procurement and will buy food in Nigeria only in stable market conditions.

According to a statement on Wednesday by the international organisation, the decision was made amid rising inflation and high food prices exacerbated by market speculation in Nigeria.

On February 15, 2024, the National Bureau of Statistics (NBS) reported food inflation rate in January this year was 35.41 percent on a year-on-year basis.

This is 11.1 percent points higher compared to 24.32 percent rate recorded in January 2023.

According to the bureau, the rise in food inflation was caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, and fruit.

WFP said it “noted high inflation rates, and food price rises,” during a monitoring mission in Borno, Yobe, and Kano states.

According to the organisation, this presents significant challenges for Nigerians, especially for those who are displaced, unable to cultivate, and reliant on markets for food.

“High rates of inflation and soaring market prices have reduced the purchasing power of many Nigerian families, especially those in the conflict-affected Northeast Nigeria,” WFP said.

‘4.4 MILLION NIGERIANS WILL NEED FOOD ASSISTANCE IN JUNE-AUGUST’

“The November 2023 Cadre Harmonisé food security analysis projected that up to 4.4 million people in the northeast states of Borno, Adamawa and Yobe will require food assistance during the June-August 2024 lean season, with over 1 million people facing emergency levels of hunger (IPC/CH phase 4).

“In 2024, WFP is planning to reach 1.1 million vulnerable people with food and nutrition assistance in Nigeria. In the June–August lean season, when hunger is most acute, WFP will increase its support to reach 1.6 million people a month – dependent on available funding.”

David Stevenson, WFP’s country director and representative in Nigeria, said the organisation is aware of traders holding food in their warehouses pretending it is WFP’s.

“This is inaccurate as WFP has its limited stock only available to continue supporting the most vulnerable Nigerians with critical assistance,” he said. 

“We are undertaking a comprehensive review of our local food procurement. WFP will purchase food in Nigeria only when the market conditions are stable for all.”

Meanwhile, President Bola Tinubu, on February 15, 2024, said he would not establish a price control board or approve the importation of food as measures to address the economic hardship in the country.

Tinubu made this known after Vice-President Kashim Shettima, on February 13, said the federal government plans to set up a commodity board to regulate the soaring prices of food in the country.

 

The Cable

April 26, 2025

Nigerian Stock Market dips after three-day rally

The Nigerian stock market ended its three-day bullish streak on Friday with a 0.3% decline…
April 21, 2025

Tunde Bakare to Tinubu: ‘Stop playing God, embrace humility’

In a fiery Easter Sunday state-of-the-nation address delivered in Lagos, Tunde Bakare, the serving overseer…
April 23, 2025

Don’t wait for the ‘perfect’ time to make big life decisions, says Phoenix mayor

Kate Gallego Kate Gallego knew she wanted to run for mayor of Phoenix, but the…
April 26, 2025

Declassified CIA file about UFO aliens attacking soldiers released

A declassified document posted to the CIA’s website is raising eyebrows with claims of an…
April 26, 2025

COINCIDENCE? Three times trucks have rammed into Christian processions in Gombe, The Cable queries

In Gombe state, there is a disturbing trend: vehicles crashing into processions of Christians during…
April 26, 2025

What to know after Day 1157 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia and Ukraine 'very close to a deal', says Trump US President Donald…
April 25, 2025

Artificial sweetener found in diet drinks linked to brain changes that increase appetite, study finds

A growing body of evidence has increasingly linked diet sodas and other no- or low-calorie…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.