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Nigerians Still Struggling Amid High Food Costs Despite Inflation Drop
The National Bureau of Statistics (NBS) recently announced that Nigeria’s inflation rate dropped to 23.18% in February 2025 from 23.51% in the previous month. While government officials and supporters welcomed the news as a sign of economic recovery, many Nigerians continue to face high food prices and increasing transportation costs, making basic necessities challenging to afford.....KINDLY READ THE FULL STORY HERE▶
In his Ramadan message, President Bola Tinubu expressed optimism, stating that his administration’s policies are yielding positive results, with a gradual stabilization of the foreign exchange rate and a reduction in food prices. However, Naija News investigations reveal that, although some food items are now cheaper than in December 2024 and January 2025, prices remain significantly higher compared to when President Tinubu assumed office.
Food Price Comparison:
- A bag of rice: ₦70,000 – ₦75,000 (previously ₦82,000 – ₦85,000)
- A bag of beans: ₦80,000 – ₦85,000 (previously ₦102,000)
- A tuber of yam: ₦3,000 (previously ₦4,000 – ₦5,000)
- A bag of garri: ₦38,000 – ₦40,000 (previously ₦48,000)
- 25 liters of palm oil: ₦48,000 (previously ₦60,000)
- 25 liters of groundnut oil: ₦60,000 (previously ₦90,000 – ₦100,000)
Despite the slight reduction in prices, many commodities remain unaffordable, leading to skepticism regarding the official inflation data, as it does not translate into noticeable economic relief.
Reasons for Persistently High Food Prices Speaking to Naija News, Global Affairs Analyst Gbenga Onifade explained that, despite the decline in inflation, the cost of food remains high due to market dynamics and economic uncertainty. Onifade noted that traders often maintain high prices as they anticipate potential future increases. Furthermore, Nigeria’s persistent security challenges and supply chain disruptions contribute to the price stagnation.
Addressing the Root Causes of Inflation Onifade emphasized the need for long-term solutions, including policy reforms and investment in agriculture. He acknowledged recent government palliatives but stressed that short-term financial aid alone would not resolve underlying economic issues. Strengthening infrastructure and providing farmers with financial support are crucial steps toward stabilizing food prices.
While the NBS data indicates economic improvement, most Nigerians are yet to experience meaningful relief. Addressing the root causes of inflation remains essential to bridging the gap between official statistics and everyday realities.
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