How rising inflation pushes up prices of food, agro commodities

Experts warn Nigerians to prepare for tougher times ahead as inflation continues to rise, making goods and services increasingly unaffordable. The latest inflation report from the National Bureau of Statistics shows a significant increase in food inflation, exacerbating the already dire situation. Adenike Apeji of Renee Golden Multiventures highlights the challenges faced by poultry farms due to high feed costs and insecurity driving farmers away from their fields. Durodola Omolewa Kuteyi of Spectra Industries Limited echoes concerns about raw material scarcity caused by grain exports and suggests banning such exports to stabilize agro-allied industries. Dr. Femi Egbesola of ASBON predicts further economic challenges, including job losses and investor confidence erosion, as inflation and the dollar’s rise persist.      Source: The Guardian

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Nigeria faces worsening inflation and economic challenges, with experts warning of dire consequences for livelihoods and businesses. High food prices and scarcity due to insecurity and grain exports exacerbate the situation. Calls for government intervention to support local farmers and stabilize agro-allied industries through export bans underscore the urgency of the situation. The rising inflation rate, coupled with a depreciating currency, threatens job security, business sustainability, and investor confidence, posing significant risks to the economy.