When will prices begin to come down? The question presupposes that Naira devaluation alone was responsible for rising prices. The investigation reported below shows otherwise.
However, investigations in Akure, the Ondo state capital, reveal limited corroboration, according to my team of investigators. The team investigated prices in various markets and stores, including three popular food markets ; Supermarkets ; and various Household goods stores for electronics, electrical wares, plumbing, and furniture.
Another interesting finding from the investigations is that the value of the Naira is only one of several factors responsible for rising prices. Another major factor is the high cost of fuel, following the removal of fuel subsidy. Fuel is needed for transporting goods to the market and for powering generators in the absence of regular power supply.
There is yet another problem affecting the costs of foodstuff. Desertification and climate change are affecting farmers’ productivity in the so-called food basket zone, including Benue, Kogi, and Nassarawa states. In Benue State, for example, dry season farming is no longer profitable. A recent report in Premium Times shows how a previously fertile land has turned arid due to extreme heat, caused by climate change .
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