Major Reasons Why Food Prices Are Skyrocketing
In recent times, the surge in food prices across Nigeria has made it increasingly difficult for many citizens to afford basic necessities. According to a report by Vanguard that the factors contributing to this issue are multifaceted, including rising transportation costs, insecurity preventing farmers from accessing their lands, foreign exchange fluctuations, climate change effects, multiple taxation, delayed budget allocations, and skyrocketing inflation. PlayUnmute Fullscreen Key Drivers of Rising Food Prices 1. Transportation Costs: The significant increase in fuel prices has escalated transportation costs, which directly impacts the cost of moving agricultural produce from rural farms to urban markets. For example, the cost of transporting a load of yams has tripled, which in turn raises the market price of yams. 2. Insecurity: Persistent attacks by armed groups have made farming a perilous activity. Farmers in rural areas often face threats from bandits and herdsmen,