The African Exchange (AFEX) projects an unprecedented rise in Nigerian food prices for the 2024/2025 season, driven by low domestic production, increased exports, and higher logistics costs. Key crops like maize, soybeans, paddy rice, and ginger are expected to see significant price hikes, with maize prices forecasted to surge by 48%, potentially reaching up to N1,200,000 per metric ton if no interventions are made. Soybean prices could rise by 95%, while sorghum and ginger are also set for steep increases, indicating severe inflationary pressures on food staples across the economy.
The report, which surveyed over 47,000 farmers nationwide, attributes these price hikes to reduced input access, limited financing, and recent climate impacts, which have damaged thousands of hectares of farmland. With domestic food inflation already at 37.5%, AFEX warns that if immediate steps are not taken, food security will worsen, exacerbating inflation and making staple foods less affordable for households and industries.
AFEX recommends urgent climate adaptation strategies and policy interventions to stabilize supply. However, with international demand for Nigerian crops like cocoa, ginger, and sesame on the rise, the pressures on local availability are unlikely to ease soon. In the absence of decisive measures, AFEX suggests that consumers may continue facing record food costs, further straining the economy in 2025.
