Nigerian Foodstuff Market
Highlight

Escalating food prices: FG to inaugurate commodity board soon

728

With the steady rise in the prices of staple foods in Nigeria, the Federal Government says it will soon establish a National Commodity Board.

The board, according to Vice President Kashim Shettima, is expected to arrest escalating food inflation in the country.

Shettima made this known on Tuesday during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization held at the Banquet Hall of the Presidential Villa, Abuja.

He said the board will be tasked with the mandate to assess and regulate food prices, as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items.

Persecondnews reports that over the past two months, prices of basic food items in Nigeria have surged by at least 40 percent.

As of Monday, February 11, 2024, staple foods such as rice, beans, garri, groundnut oil, tomatoes, and bread have experienced a dramatic spike in prices, soaring by over 40 percent from December 2023 to February 2024.

A market survey revealed frightening figures: a 50kg bag of rice escalated to N65,000 from N35,000; beans surged to N1,600 per mudu measurement from N800; and a 50kg bag of garri skyrocketed to N39,500 from N22,000.

Additionally, the cost of a carton of Super Pack-sized noodles surged to N11,140 from N6,000, while 25 litres of groundnut oil shot to N57,000 from N34,000.

Similarly, the price of a crate of eggs surged to N3,700 from N2,500, and the price of a 50-kg bag of sugar jumped to N85,000 from N40,000.

The cost of a 900-gramme loaf of bread surged to N1,200 from N600, while a 1-kg pack of semovita rose to N1,400 from N900.

Even tomatoes, measured in small dustbin baskets, surged to N4,000 from N1,500, among other significant increases.

Leave a comment

Related Articles

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Nigerian youths essential to repositioning Africa, says VP Shettima

Vice President Kashim Shettima has reaffirmed the federal government’s commitment to youth...

Just in: Simon Ekpa ‘ll be extradited to Nigeria to face charges – Defence Headquarters

The Nigerian Defence Headquarters, Abuja, has announced plans to extradite Simon Ekpa,...

NPA’s CEO Dantsoho Makes History as First Nigerian Chairman of PMAWCA

In a groundbreaking achievement, Dr. Abubakar Dantsoho, Managing Director of the Nigerian...

Save for rainy day, Federal Accountant General urges state govts, emphasizes transparency, accountability

In a bid to ensure financial stability during adverse situations and economic...

Sacked UNIZIK VC Odoh to Tinubu: You can’t fire me through press release

Sacked Vice-Chancellor of Nnamdi Azikiwe University (UNIZIK), in Awka, Anambra State, Prof....

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

Olopade assumes office as NSC DG, promises new lease of life for Nigerian sports

Bukola Olopade had assumed office as the Director General of the resuscitated...

Amid High Inflation Rate, IMF Pledges Support for Nigeria’s Economic Reforms

International Monetary Fund (IMF) President Kristalina Georgieva and her team met with...

Nigeria’s Super Falcons Ajibade, Nnadozie, Nominated for 2024 CAF Women’s Player of the Year

The Confederation of African Football (CAF) has announced the nominees for the...

Just in: FG announces reshuffle of governing councils at FUOYE, Kogi varsity

The Federal Government has made changes to the governing councils of Federal...

Exclusive: Eguavoen Opens Up on Declining NFF Contract Extension, Reveals Reasons

Super Eagles Coach, Austin Eguavoen, has revealed why he declined the Nigeria...

Boost for Nigeria’s Oil Production As NNPC’s Utapate Crude Grade Hits Global Oil Market

In a major boost for Nigeria’s crude oil production, revenue generation, and...

Just in: FG sacks varsity Pro-Chancellor for misconduct

The Minister of Education, Dr. Tunji Alausa, has announced the removal of...

Just in: INEC presents Certificates of Return to Ondo Gov. Aiyedatiwa, deputy

The Independent National Electoral Commission (INEC) has presented Certificates of Return to...

Breaking: Senate sacks Danladi Umar, Code of Conduct Tribunal chairman  

Following proven allegations of gross misconduct and unacceptable behaviour, the Senate on...

Just in: South Africa takes over G20 Presidency from Brazil, first African nation to lead the bloc

South Africa has taken over the presidency of the G20 from Brazil,...

Tinubu submits 3 INEC REC, federal commissioner-nominees for Senate’s approval

President Bola Tinubu has sent the name of Ondo Resident Electoral Commissioner,...

Just in: After a night in custody, DSS in Ogun releases Ladi Adebutu

Mr. Ladi Adebutu, the 2023 People’s Democratic Party (PDP) governorship candidate in...