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

CBN, Policy Shifts and Economy

By Arize Nwobu The Central Bank of Nigeria (CBN) has worked dedicatedly alongside the federal government and implemented policy shifts towards the

Latest from Business

CBN, Policy Shifts and Economy

By Arize Nwobu The Central Bank of Nigeria (CBN) has worked dedicatedly alongside the federal government and implemented policy shifts towards the reconfiguration of the economy to foster stability and sustainable growth, increase overall economic efficiency and improve living standard. CBN policy
Nigerian Stock Market Record Highest Level In 15-years, Equity Cap Up N59.90bn

Nigerian Stock Market Rebounds With N30.45bn Gain

The all-share index (ASI) increased by 0.23 percent on Friday, January 16, leading to the market capitalisation of the Nigerian Exchange (NGX) rising by N30.45 billion. It was gathered that the ASI expanded by 72.21 basis points, from 166,057.29 index recorded on

Sterling Bank Steps Up Environmental Sustainability Efforts

Nigerian banks are increasingly prioritizing environmental sustainability and climate action, with Sterling Bank leading the charge. The bank, in collaboration with Sterling One Foundation, Sunbeth, and government agencies, organized a nationwide Environmental Cleanup and Beach Adoption exercise, covering 17 states and engaging
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

Senate President Ahmed Lawan 1

Senate President Lawan Sets Wednesday As Deadline For Budget Defense

SENATE President, Ahmed Lawan, has urged all subcommittees to come
Women farmers

16 Niger Women Cooperatives To Get SMEDAN N5.2m Start-up Grants

In its quest to boost women entrepreneurship, the Small and