Russia And Ukraine War, COVID-19 Cause For Rising Food Prices – Nigerian Gov’t

August 5, 2022
Buhari Mourns Isaac Sagay, Former Nigeria’s Ambassador To The Holy See

Despite rising insecurity affecting farmers in Northern Nigeria, the Minister of Agriculture, Mohammad Abubakar, said COVID-19 and the war between Russia and Ukraine caused prices of foods to skyrocket.

Prime Business Africa had previously reported that food inflation rose from 19.5% in May, to 20.6% in June 2022. The hike was driven by increased price of bread and cereals, food product;, potatoes, yam, and other tubers, meat, fish, oil and fat, and wine.

Join our WhatsApp Channel

Bandits have been attacking farmers in north-west and north-central regions, preventing them from accessing the farms. The attack has affected production and transport, raising cost of production and moving the food from farm to market.

“Truly, if they cannot completely access farms all over the country, you will expect a drop in production but right now we are doing everything possible to make sure both production is maintained through that security provision.” Abubakar said after the ministerial briefing.

He explained that the government has provided security, known as Agro-Rangers, to protect the farmers, hence, food production not dropping significantly, “It is a concern for the government but if you notice, despite that, production has not dropped to any significant level.”

However, Abubakar stated that the rise was due to the aftermath of the COVID-19 and the Russian and Ukraine war that followed after, “When COVID came, it affected a lot of things including food production and the after effect of that is what we are still facing and that will lag for some time before it is stabilised.

“I believe the price of rice has dropped a little bit and we are still working on it.” The Minister said.

Abubakar further explained, “The whole world is currently reeling out of COVID and now battling the consequences of the war in Ukraine and Russia, but things will stabilise and the ministry of agriculture is doing everything possible in terms of addressing the problem; we are not relenting, so that the prices will come down faster.”

+ posts

Featured Stories

Latest from Business

Stock Market Rally Halted As Demand For Ecobank, PZ Cussons Shares Dropped  

ALEX Leads NGX Gainers’ List, Guinea Insurance Among Losers

At the end of trading in the Nigerian stock market on Monday, December 22, the capitalisation of the Nigerian Exchange (NGX) Limited closed at N97.19 trillion. Also, the all-share index (ASI) of the NGX stood at 152,459.07 ASI.Join our WhatsApp Channel Equity
Naira Appreciates, Ends Week Positive Across Official, Black Markets

Dollar Rate Drops In Black Market, Stable In Official Window

In the parallel market on Monday, December 22, the United States dollar (USD) traded for N1,476.95 per $1, compared to the N1,489.01 per USD recorded on Friday, December 19. According to Naira Rates, a black market rates aggregator, the foreign exchange (FX)
Dangote Cement's Revenue Soars, But Production Costs Rise 45% In Tandem

Dangote Cement Posts Strong Profit Growth Despite Flat Volumes

Dangote Cement Plc recorded a sharp increase in profit and earnings in the first nine months of 2025, despite largely flat sales volumes across its Nigerian and Pan-African operations, according to the company’s latest operating review, Prime Business Africa reports. The cement
Previous Story

X-raying The Intellectual Odyssey Of Ambassador Eloho Otobo With Oseloka Obaze

“Declare Your Wealth Source” – Alibaba Dares Nollywood Actors
Next Story

“Declare Your Wealth Source” – Alibaba Dares Nollywood Actors

Don't Miss

Economic Hardship: Borrow A Leaf From Zimbabwe, Obasanjo Advises Nigerian Govt

Economic Hardship: Borrow A Leaf From Zimbabwe, Obasanjo Advises Nigerian Govt

Former President Olusegun Obasanjo has advised the Nigerian government to
Odu'a Investment Company Limited

Odu’a Investment Company Limited Undergoing Transformation Into A World-Class Conglomerate

Odu’a Investment Company Limitedis undergoing restructuring to enhance its performance,