Nigeria Faces High Inflation of Food Prices

The prices of poultry products in Nigeria are at their highest levels ever as the country faces its worst food inflation in at least 15 years, traders, consumers and producers in the sector have told PREMIUM TIMES.

Food inflation reached 27 per cent in February 2021, according to the National Bureau of Statistics, making it the highest since at least 2005. The rise has seen the prices of all classes of food skyrocket almost on a daily basis, leaving Nigeria’s large population of poor citizens struggle to get food and key ingredients.

A bag of rice that sold for about N7,000 around 2016 now sells as much as N40,000 for some brands. A sachet of tomato that sold for N50 now sells for N150, while a loaf of bread has risen from N250 to N400.

One food sector that has been particularly hit is poultry, which millions rely on for protein needs. A kilogramme of chicken that previously sold for N800 now sells for N2000, while a crate of egg that sold for N700 now sells for N1500.

A PREMIUM TIMES examination shows how several factors have contributed to the rise in poultry prices, and how the government’s efforts have yielded little or no impact in solving the problem.

In several interviews, poultry farmers, livestock feed processors and marketers said the rise in the prices of key ingredients for poultry feeds is the major reason for the hike in prices of poultry products in the country.

Source - Premium Times