Stakeholders Predict Food Price Hike as Imports Rise by 51%

 Economic and agricultural experts have raised concerns over a potential spike in food prices following a significant 51% increase in food imports into Nigeria. The rise, which has been recorded over the past year, highlights the country’s growing dependency on foreign agricultural products, despite efforts to boost local food production.

The surge in food imports has been attributed to multiple factors, including insecurity in key farming regions, inadequate infrastructure for storage and distribution, and the impact of climate change on local agriculture. Many farmers in states like Benue, Kaduna, and Zamfara—known as Nigeria’s food baskets—continue to struggle with bandit attacks, forcing them to abandon farmlands. Additionally, inflationary pressures on farming inputs such as fertilizers and machinery have made local food production increasingly expensive.

Economists warn that the reliance on food imports not only drains the country’s foreign reserves but also exposes the economy to global supply chain disruptions. Recent fluctuations in the exchange rate have made imported goods more expensive, which directly affects food prices in the local market. The situation could worsen if urgent measures are not taken to address the underlying challenges in the agricultural sector.

Stakeholders in the agricultural and financial sectors are calling on the government to ramp up support for local farmers by providing subsidies, access to credit, and security in rural farming areas. They emphasize that without strategic interventions, the food price crisis could deepen, leading to increased hardship for Nigerians, particularly those in low-income households.