scenario is not about to get better anytime soon. Available reports allude the root cause of this obvious threat to food security to a potpourri of factors. For one, it has been alleged that panic buying from federal agencies, multinationals, and merchants from neighboring countries is a major cause of the inflationary spiral in food demand and supply chain. It is also alleged that this is because of an anticipated food scarcity.
Another factor suspected to be responsible for the astronomical rise in food prices is the imagined fall in the value of the nation’s currency-the Naira which has made it so cheap that middlemen could purchase substantial quantities of produce to be resold later at absurd prices. This, he explained, has led to food inflation which the government is working hard to address. According to the President, “apart from the destruction caused to rice farms by floods, middlemen have also taken advantage of the local rice production to exploit fellow Nigerians, thereby undermining our goal of supporting local food production at affordable prices.”
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