Rural Nigerians are grappling with escalating living costs as the latest data from the National Bureau of Statistics (NBS) reveals a near-doubling of the Rural Consumer Price Index (CPI) for food over the past three years.
Using November 2009 as its base year (100), the index shows a sharp rise in average food prices, underscoring severe inflationary pressures on rural communities.
From April 2021 to April 2024, average food prices for rural Nigerians surged by 99.22%.
This substantial increase highlights the severe economic challenges facing rural households, where food expenses make up a significant portion of their total spending.
In the third quarter of 2023, the rural unemployment rate rose to 4.0%, up from 2.5% in the previous quarter—a 60% increase in just three months. This surge points to a growing crisis, exacerbated by insecurity in farming regions, which has significantly contributed to joblessness.
The ongoing precarious security situation in Nigeria’s northern states has not only increased unemployment but also severely hampered food production, leading to alarming hunger levels and worsening food inflation.
The Lagos Commodities and Futures Exchange (LCFE) recently reported that Nigeria is facing a food crisis driven by skyrocketing food costs, transportation expenses, insecurity, poor infrastructure, and foreign exchange instability.
