Nigerians Spend 60% Income on Food
…..Influenced by the Skyrocketing Prices of Food
by Mahmud Abdulsalam
A recent market survey obtained by the NewsDigest has revealed that Nigerians spend the most on food in relative terms- 60 percent of their household budget is expended on purchasing food items at exorbitant prices.
Meanwhile, despite recent inflation turmoil, and years of flattening wages, prices of food items in the United Kingdom is the cheapest.
The study further disclosed that Britons spend just an average of 8 percent of their total household expenditure on food to eat at home. This is less than any other country apart from the US and Singapore, according to a data from market research firm Euromonitor.
Different shopping patterns and technology boost were identified as reasons why Britons spend less and less of their income on food.
Nigeria prides itself as the largest nation in sub-Saharan Africa with perhaps the largest acre of land mass.
Even more importantly, its vast arable lands are fertile and absolutely suitable for both subsistence and commercial agriculture.
Yet, it remains an irony that the prices of most food crops are beyond normal and affordable.
Though, the priority attention given to agriculture by the President Muhammad Buhari-led federal government is aimed at diversifying the economy, it was also targeted at checking the threat of food insecurity.
However, findings by experts have revealed that, compared to several other countries, there is a growing rise in the prices of staple food commodities in most Nigerian markets.
As a matter of fact there are major factors hindering the growth of the agricultural sector. These chief factors have negatively affected government’s diversification drive, resulting in exorbitant prices of food items.
Those with crystal balls had earlier predicted that Nigeria will have about 100 percent inflation in prices of foods by the end of 2018 due to some challenges facing farmers across the country.
The age-long issue of land tenure system which constrains access to land (1.8 hectare/farming household) is a prominent challenge which regularly affect the level of farmers’ cultivation, and thereafter affects the prices of limited harvested crops.
Absence or ineffective irrigation system, limited adoption of portent research findings and latent technologies, high costs of farm inputs, poor access to credit, and inefficient fertilizer procurement and distribution, are other worrisome factors.
The rest others include inadequate storage facilities, and poor access to markets have all combined to keep agricultural productivity low (average of 1.2 metric tonnes of cereals per hectare) with high post-harvest losses and waste.
Already, foodstuff prices in the market have gone too high for the average Nigerians to buy. For instance, a big basket of tomato now sells for as high as #23, 000 at the popular Wuse Market in Abuja, while a river of yam goes for #1, 500 and above.
Food transporters who spoke to NewsDigest, said with bad roads, which compound their problems, they lose lives and goods worth between #250 million and #300 million every week.
These, they say have affected the prices of food items in the markets.
They stated that most of the roads connecting farms in rural centres to cities are in bad shape, stressing that unless government starts massive rehabilitation, the prices of food will continue to soar.
