By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    UN Secretary-General Launches Report To Break “The Cycle Of Debt Distress”
    1 day ago
    Israel-Iran War: South Africa Wants United Nations To Step In
    6 days ago
    G7 finance leaders seek non-tariff consensus in Canada, may face US pushback
    Ahead G7 Summit, Finance Ministers Seek Non-tariff Consensus In Canada, May Face US Pushback
    1 month ago
    Over 28,000 Women And Girls Killed In Gaza Since October 2023
    1 month ago
    Global Aid Cut
    New Report Reveals How Global Aid Cuts Affecting Women’s Organisations Aiding Women In Crises
    2 months ago
  • Africa
    Africa
    Show More
    Top News
    South Africa: North West Health Denies Reports Of Severe Medication Shortages In Facilities
    3 years ago
    United Nations Tasks Ghana Govt On Mental Health Care
    2 years ago
    Africa Climate Change Finance, Time For Private Sector Support
    2 years ago
    Latest News
    Ooni’s Wife, Olori Temitope Enitan-Ogunwusi Takes Ile Ife Royalty To ADWIN Launch In Cote d’Ivoire
    2 weeks ago
    Independent UN Body Finds Systemic Racism Against Africans And People Of African Descent
    2 weeks ago
    Public Exit: Why South Africa Businesses Are Moving To Private Cloud
    3 weeks ago
    Cameroon Tops List Of World’s Most Neglected Displacement Crises
    4 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Tinubu: Abdulmalik, Olonisakin, Buratai, Others Visit Lagos, Meet Lagos Speaker
    2 years ago
    Olopade celebrates Daniel’s APC Victory In Ogun
    2 years ago
    Democracy In Africa In Crisis, Afrobarometer Warns
    2 years ago
    Latest News
    Lagos LG Poll: Tunde Disco/Ganiyu Obasa Intensify Campaign In Agege
    1 day ago
    PHOTOS: Vinod Obasa Joins Other Lagos APC LG Candidates At Sanwo-Olu’s Reception
    4 days ago
    Lagos Lawmaker Praises Tinubu For Helping Nigeria Breathe Again
    3 weeks ago
    LG Election: Stakeholders Appeal To APC Not To Allow Chairmen Run For 3rd term
    2 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    1 year ago
    Latest News
    D2D Satellite Comms: Nigeria’s Space Research Agency Signs MoU With Chinese Firm, Galaxy Space
    1 week ago
    Substance Use Prevention In Focus As NDLEA, UNODC Unveil 2025 World Drug Day Activities
    2 weeks ago
    Benue: Stop the Killings, CAPPA Demands Immediate Action
    2 weeks ago
    Court Orders Flouted Again as Armed Men Escort Attempted Takeover Of Lekki Property
    2 weeks ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Whiskey: Burna Boy’s Story On Pollution, Flood And Negligence
    3 years ago
    XPression With CDO Train To Hit Nigerian Campuses Soon
    2 years ago
    Asake Out With 14-track ‘Work of Art’ Album
    2 years ago
    Latest News
    The Drama Returns As BBNaija ‘No Loose Guard’ Reunion Premieres June 23
    6 days ago
    You Can’t Fake it — James Omekwe On MultiChoice’s Impact On African Filmmaking
    2 weeks ago
    Jkenova and Ellacentric Exit Nigerian Idol Season 10 In Emotional Farewell
    3 weeks ago
    MultiChoice Africa x African Storytelling: How Local Content Shapes Local Culture
    3 weeks ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    Lagos To Celebrate Annual Yoruba Culture Last Week Of September
    1 year ago
    Glame Attires Steals The Show At Warri Fashion Lifestyle Festival
    2 years ago
    2nd International Conference for Event Ushers Holds In Ibadan
    4 months ago
    Latest News
    Noble Call to Service: Inside the Induction of 104 New Knights of St. Mulumba
    2 weeks ago
    Joining The Knighthood Brings You Closer To God -Sir Eva Njemanze
    2 weeks ago
    Africa Tech Festival Unveils Strategic Themes For 2025 Event,
    2 weeks ago
    Lagos SWAN Joins UN To Celebrate World Nutrition Month At Unilag Confab
    1 month ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    NNPCL Board Accused Of Planning Lavish Party In Rwanda Amidst N210tn Financial Scandal
    1 week ago
    Can the African Energy Bank Transform the Continent’s Refining and Downstream Future?
    2 weeks ago
    Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu
    1 month ago
    Afreximbank
    Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations
    1 month ago
    Pan-African Payment & Settlement System
    Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost
    2 months ago
  • Health
    Health
    Show More
    Top News
    Marburg Virus: Ghana Records Third Death
    3 years ago
    Ilera Eko Social Health Plan Extends Scope To More Benefits For Lagos Govt Staff
    2 years ago
    Boyfriend Gives Mother And Child HIV
    2 years ago
    Latest News
    Online Education Can Enhance Clinical Guideline Use By Over 50% 
    2 weeks ago
    The Hidden Lifeline – Blood Security And Africa’s Health Agenda By Dr Allan Pamba
    2 weeks ago
    Apepa or Arterial Blockage? The Urgency of Self-Care After 45 By Babafemi Ojudu
    3 weeks ago
    Roche Launches Diagnostics Operations In Nigeria,
    4 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: The Agony Of Inflation: A Call for Urgent Action In Nigeria By Babafemi Ojudu
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Opinion > The Agony Of Inflation: A Call for Urgent Action In Nigeria By Babafemi Ojudu
Opinion

The Agony Of Inflation: A Call for Urgent Action In Nigeria By Babafemi Ojudu

Last updated: 2024/06/17 at 7:01 PM
1 year ago
Share
SHARE

Recently, an agitated acquaintance reached out to me with a heartfelt plea: “Pass this information on to your friends in government; we are suffering,” he said. “I had to buy my seven-year-old son N1,000 worth of pounded yam. This doesn’t even include meat or any protein. I have four kids. How am I supposed to feed them if one meal for four kids costs me N10,000?” To underscore his point, he sent photos of N200 and N1,000 portions of pounded yam to prove his claim.

The situation is dire. A basket of tomatoes has surged from N25,000 to N130,000; the same is true for Tatase and Rodo peppers. Twenty-five kilograms of Garri now cost N30,000. People have resorted to eating things like congealed cow blood and cassava shafts, which are typically animal feed.

- Advertisement -
Ad imageAd image

Since my adolescence, I have seen Tatase sold cheaply. It used to be one of the most affordable farm produce. Today, in my area, it sells three for N5, meaning it would cost nearly N5,000 to buy the pepper for a pot of soup for five people. This does not include tomatoes, onions, and other condiments, not to mention protein. Similarly, according to friends and sources, a single tomato now costs N500 in most southern markets, with only slightly lower prices in the northern parts.

Talking about protein, smallholders in the poultry sector are abandoning their pens. The same goes for fish farmers. The feeds are no longer affordable. Where a farmer is able to buy, they are turning up losses. A lot of fish feed, which used to be N13,000, has doubled to N26,000.

The challenges are compounded by inconsistent rainfall this year. In Ekiti, where I am based and where I farm, I have seen fields of corn and rice suffering from lack of rain. Many farmers have replanted their fields three times this season, yet the drought persists. In a good year, the markets would have been filled with maize and yam by now. Not so this year.

Approximately 80% of farming in Nigeria is rain-fed, and irrigation practices are rare. Where irrigation exists, fertilizers have become unaffordable, contributing to a nearly 500% increase in food prices. We should all expect an unprecedented food crisis to come next year.

All farm inputs have taken a jump. Last year, one could till a hectare of land for N25,000; today, one will be lucky to have someone do it for N75,000.

Transporting produce to the market has become exorbitantly expensive due to the high cost of diesel and PMS. For example, transporting a trailer of tomatoes from the north to the south now costs around N1.5 million, compared to N500,000 previously. Spare truck parts have also skyrocketed in price due to the exchange rates, and the cost of clearing new vehicles at the port has surged.

All of this has had an adverse effect on moving goods and animals across the country. A relatively big cow is sold for between N600,000 and N700,000, while the well-fed and robust one is now selling for upwards of one million. This time last year, one could still take N300,000 to the market and pick a cow big enough for one’s purpose. It is no longer the case.

For those celebrating Eid, the Muslim festival that demands sacrificing rams, it’s been frustrating for the believers. Rams go from between N350,000 and N700,000.

The public outcry is growing. Parents of newborns struggle to afford baby food and diapers, while those dependent on medications for critical ailments are in despair. It is not a bearable time to suffer from diabetes, cancer, asthma, etc. A relative of mine, who suffers from high blood pressure, used to spend N25,000 monthly on medication. Now, he needs N75,000. With a monthly income of less than N50,000, the increased cost feels like a death sentence. Even when the expense was N25,000, he relied on the generosity of friends and relatives to afford his medication.

The soaring prices, particularly for imported food items and drugs, have led to widespread adulteration and counterfeit products. The National Agency for Food and Drug Administration and Control (NAFDAC) must intensify efforts to protect citizens from these dangerous fake products. There is an alarming increase in counterfeit medications, baby formulas, beverages, and alcoholic drinks, pushing us toward a health emergency.

This is not the time for political squabbles or finger-pointing. It is a time for collective action and solutions. The government must acknowledge the severity of this crisis and declare an emergency in the food and drug sectors.

In conclusion, the inflation crisis in Nigeria demands urgent and concerted action from the government, citizens, and the private sector. By addressing these issues head-on, we can alleviate the suffering of millions and stabilize the economy for a more sustainable future.

You Might Also Like

CELEBRATION OF LIFE: A Birthday Bash For Dr Joseph Obasanya

Flag Football: Shattering Limits and Empowering Nigerian Athletes (Part 3) By Phemmy Adetula

Democracy, Conviction, And The True Meaning Of Honor By Babafemi Ojudu

The Hidden Lifeline – Blood Security And Africa’s Health Agenda By Dr Allan Pamba

A Message To My Dear Esan People On June 12 Democracy Day By Idumonza Isidahomhen

TAGGED: Food crisis in Nigeria
INadminNG June 17, 2024 June 17, 2024
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article U-16 Star Youth Football League: Teams Emerge For Super 8 In Ikorodu
Next Article Nigeria Ex Internationals Cup: FC Ikpeba, Ugbade Others In Round Of 16
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?