Why prices of spices are on the rise

Spice prices in Nigeria, including ginger, turmeric, chili pepper, garlic, and cloves, have skyrocketed, making them unaffordable for many. Demand surged during the COVID-19 pandemic due to their recognized medicinal benefits. Prices have spiked significantly, with ginger rising from N50,000 to N265,000 per bag. Factors driving these increases include exportation, Naira devaluation, and poor ginger yields due to pest attacks. Additionally, cloves are mostly imported, adding to the cost, though there are efforts to start local production.
Source: Daily Trust

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The skyrocketing prices of spices like ginger, turmeric, chili pepper, garlic, and cloves in Nigeria are affecting the entire agricultural value chain. Driven by increased demand during COVID-19, export pressures, and economic challenges like the devaluation of the Naira, these price hikes are making spices unaffordable for many.
Farmers face reduced profitability due to higher costs and poor yields, worsened by pest attacks. The reliance on imported cloves further strains the market. To address this, there is a pressing need for improved agricultural practices, local production of cloves, and strategic investments to stabilize prices and ensure sustainable growth.