Food Inflation: Expert wants FG to Implement Price Control on Farm Inputs
An agronomist and entrepreneur, Dr. Joseph Effiong, has advised the federal government to consider implementing price control on farm inputs, amid rising cost of staple foods in the country.
Effiong, who was speaking at an event in Lagos, recently, said such would go a long way in addressing inflationary pressure on agriculture produce, and by extension tame food insecurity.
As of January 2024, food inflation reached 35.41 percent on a year-on-year basis, some 11.10 percent points higher, compared to rate recorded in January 2023 (24.32 per cent).
Effiong, decried the astronomical rise in cost of raw materials and farm inputs, including feed, seeds, fertilizers, crop protection and operating cost, amongst others.
He stated that this, coupled with low agriculture produce from local farmers due to raging farmers-herders’ crisis were responsible for food crisis, spurring inflation growth.
“The food price crisis in Nigeria has reached alarming levels with essential commodities such as rice, beans, palm oil, and maize experiencing exorbitant price hikes, pushing them further out of the reach of ordinary Nigerians.
“It is disheartening to witness a significant portion of the population being forced into hunger and poverty due to circumstances beyond their control,” he lamented.
As a way out, he advised government to support price of agricultural products first by exercising price control on farm inputs as to prevent nefarious and unscrupulous operators.
He still tasked government to intensify measures against insecurity to be able to enhance local agricultural production.
In addition, he urged establishment of food reserve, investment in storage and distribution as well as a need to promote sustainable agriculture.
“It will do the country further well to stop paying lip service to infrastructure development. FG must as a matter of fact provide food subsidies and promote increased productivity among farmers. This will not only promote self-sufficiency but also stabilise food prices in the long run”, he said.
