By Milcah Tanimu

A recent market survey conducted by BusinessDay reveals a staggering 100 percent surge in the prices of staple foods in Nigeria compared to the previous year, exacerbating the already dire impact of inflation on the economy.

Over the past nine months, essential food items such as rice, noodles, spaghetti, and even garri have hit record-high prices, significantly impacting the livelihoods of many Nigerians and leaving them struggling to afford basic meals.

According to observations from Ikotun market in Lagos, nearly all food items have witnessed substantial price hikes compared to May of the previous year. For instance, the cost of a bag of rice, a staple in Nigerian households, has skyrocketed from N33,000-N35,000 to N65,000-N68,000. Similarly, the price of yellow garri has doubled from N25,000 to N50,000, while white garri now sells for N40,000 compared to N14,000 previously.

Other items such as noodles and spaghetti have also seen their prices double, with a carton of noodles jumping from N3,200 to N6,800, and spaghetti rising from N9,000 to N15,000. Additionally, the cost of 10kg of Semolina has surged from N5,000 to N12,000.

The escalating prices have significantly impacted businesses, with some traders contemplating closure due to the instability in the cost of goods. Emeka Andrew, a wholesale trader, expressed frustration over the frequent hikes, stating that it has made business operations increasingly challenging.

Lawal Aisha, another trader, highlighted the decline in sales and the reliance on credit purchases by customers, underscoring the widespread economic hardship faced by many.

In response to the crisis, Mohammed Idris, the Minister for Information and National Orientation, announced government intervention measures, including the release of food items from the National Food Reserves. This initiative aims to alleviate the burden of rising food prices on Nigerians.

The economic challenges, including inflation and soaring food prices, have sparked protests in some states, reflecting the growing frustration among the populace. Despite the reforms initiated by President Bola Tinubu, including the removal of petrol subsidy and the floating of the naira, many Nigerians continue to grapple with economic hardships.

Acknowledging the difficulties faced by citizens, Tinubu has called for patience and understanding, affirming the government’s commitment to steering the country towards stability and prosperity amidst the ongoing financial re-engineering efforts.