Food Prices In Nigeria Increased in the Month of  February, 2023

According to the Food Price Watch of the National Bureau of Statistics (NBS) for February 2023, prices per kilogram (kg) of a few different food items grew significantly on an annual basis. According to reports, the price of 1 kg of boneless beef was N2,445, up 1.12 percent from N2,418 in January 2023 and up 27.43 percent from N1,922 in February 2022. Similarly, the average cost of one kilogram of tomatoes was N468.09, up 19.08 percent from N393.08 in February 2022.

The National Bureau of Statistics’ (NBS) Food Price Watch for February 2023 shows that the costs per kilogram (kg) of a few different food items climbed significantly on an annual basis. One kilogram of boneless beef allegedly costs N2,445, up 1.12 percent from N2,418 in January 2023 and 27.43 percent from N1,922 in February 2022. Similar to how one kilogram of tomatoes cost an average of N468.09, up 19.08 percent from N393.08 in February 2022.

Therefore, it is urgently necessary to address this situation of growing food prices. This can be done by providing farmers with strategic support, such as financial and insurance resources, while also guaranteeing proper monitoring and successful intervention implementation. The removal of supply chain bottlenecks like bad roads and shady middlemen can similarly boost food availability and improve access to markets, just as the availability of fuel can reduce transportation costs. SOURCE: Center for Study of the Economies of Africa (CSEA)