In a bid to address the persistent surge in food prices, Lagos State Commissioner of Agriculture, Miss Abisola Olusanya, emphasized the importance of enforcing regulations on food prices within the state.
Speaking at the International Day of Forests event held at the Lekki Conservation Centre, Olusanya underscored the necessity of organized markets and price regulation mechanisms.
Join our WhatsApp ChannelHighlighting the prevailing issue, Olusanya stated, “The question here in Nigeria is, ‘Are we facing a food shortage or food? Affordability is the issue because it is more of an affordability issue.” She emphasized the importance of addressing the affordability challenge, which stems from the lack of market regulation.
Olusanya stressed the significance of organized markets in controlling the flow of food items, thereby mitigating affordability issues.
The Lagos State government is actively working on implementing market organization and price regulation strategies to alleviate the burden of high food prices.
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Olusanya called upon other states to undertake similar initiatives, emphasizing the collaborative effort required to address this pressing concern.
The surge in food prices in Nigeria has been a persistent challenge, exacerbated by factors such as the removal of subsidies and currency devaluation reforms. According to the National Bureau of Statistics (NBS), food inflation has reached 37.92%, driven by increased prices of essential items like bread, cereals, tubers, fish, and beverages.
In response to the escalating crisis, the federal government has declared a state of emergency on food security. President Bola Tinubu directed the Ministry of Agriculture and Food Security to release approximately 42,000 metric tons of maize, millet, and other commodities from the national strategic reserves.
This initiative aims to stabilize food prices and alleviate the burden on consumers.
Despite these efforts, the impact of measures to curb high food prices is yet to be fully realized. With inflation rates soaring and food affordability becoming a growing concern, collaborative efforts between the government and stakeholders are crucial to implement effective solutions.
As the Lagos State government intensifies its efforts to tackle soaring food prices, there is optimism that concerted action and regulatory measures will provide relief to consumers grappling with the affordability crisis.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
