Flooding: Expert Forecasts Hike in Food Prices

Ayodeji Ake

Following the flood recorded in some parts of the country that resulted in loss of lives, properties and destruction of farmlands, business expert has said there would be pressure on prices of food going forward. 

Speaking with newsmen recent at the opening ceremony for World Investors Week in collaboration with Security and Exchange Commission (SEC) Nigeria, themed “Investor Resilience and Sustainable Finance”, the Chief Operating Officer, Afex Nigeria, Akinyinka Akintunde, noted that the flooding has affected farmlands consequently given a low farm produce which may come at a cost.

He urged the government for swift intervention on construction of dams.

“For the flooding we are experiencing, I think food prices would come under pressure but if we have appropriate government response on time it will help. From a broader perspective, the concern is that this is not the first time we are having a flood issue. There have been outcomes from years back and I believe building of dams will help reduce the issue of flooding in Nigeria,” he said.

Speaking on the importance of the annual event , Akintunde emphasised on the need for Nigerians to be financially savvy for a different economic approaches.

Also speaking on the World Investors Week, the Managing Director of Forthright Securities, Charles Egbunonwo, who is also a member of the Financial Literacy Committee, said that there is a need for financial education to unlock potential in the commodities market.

“It is important to create awareness on financial literacy to unlock the potential in the commodities space. If we are looking to diversify our economy, commodities are one of the key products to consider and develop. I am happy we are putting hands together to propagate the investment culture in the commodities market,” he said.