Comrade Adeola Adegoke, National President, Cocoa Farmers Association of Nigeria (CFAN) has said that maintaining one hectare of farm of any agricultural crop has increased by 50% in comparison to the earlier existing production cost as a result of the current inflation rate.
Adeola made this known on Thursday during an interview with AgroNigeria, while reacting to the recent statistical report by NBS on inflation headline increase to 31.52 per cent
According to him, the high inflation rate is greatly affecting agricultural operations, production and sustainability, especially considering smallholder farmers.
“The cost of pesticides and fertilizers have gone beyond the reach of the smallholder farmers where the cost of Government as policymakers must continue to subsidize agricultural production in order to safeguard food insecurity”, he lamented.
He identified that the increase in prices of commodities in Nigeria has a greater impact on agricultural practices including the cost of machinery, pesticides and fertilizers, which have gone higher than the average.
In his words: The implication is very obvious considering the disruptive implications on the economy where individuals and corporate planning and budgetary provisions are involved in any business transaction.
“ The wider implications are the high input and machinery, fertilizer and pesto costs that further widen the cost of production vis-a-vis output (productivity).
“The citizens have continued to feel the negative impacts of the high inflation rate through the skyrocketing high prices being experienced across the agricultural value chain.
He therefore called for government intervention, saying: “there must be a deliberate effort by governments at all levels to work towards sustainable food production in as much that agriculture falls within the concurrent list which makes it a collective responsibility of the Government at all levels.”