Despite the nation’s current foreign exchange crisis, food and beverage imports for households increased by 71.12% between the third quarter of 2018 and the equivalent period of 2022, according to data from The PUNCH.
The development happened in the midst of the country’s current foreign exchange crisis.The overreliance on imported goods, according to the International Monetary Fund, has made the food crisis that is currently destroying Nigeria and other sub-Saharan nations worse.
According to the Consumer Price Index data issued this month by the National Bureau of Statistics, “Nigeria’s headline inflation has continued to grow this year, reaching a new high of 21.47% from 21.09% in October 2022.
Additionally, the price of food climbed to 24.13 per cent on a year-on-year basis, a 6.92 per cent higher compared to 17.21 per cent recorded in November 2021. The World Bank recently said Nigeria might have one of the highest inflation rates globally in 2022, with increasing prices diminishing the welfare of Nigerian households.