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Nigeria
April 14, 2024
AgroNigeria
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Sky-high Food Prices Now Necessitating Meticulous Financial Planning – Olufemi

Nigeria currently faces a severe challenge of increasing food prices, and the impact is felt heavily by individuals and families across the nation, necessitating meticulous financial planning.

In an interview with AgroNigeria, Miss Monioluwa Olufemi, a recent graduate who manages Premas farm in Ogun State, sheds light on the experiences of those directly affected.

Monioluwa shared her firsthand experiences with the rising food prices. She highlighted the challenge’s ubiquitous nature, affecting both affluent and disadvantaged households alike.

“There’s been a recent surge in food prices, and I believe it affects everyone, regardless of income. What used to cost 100,000 naira now costs almost four times that amount. People everywhere are lamenting, and it’s evident that everyone is struggling,” she said.

“The price of every essential food item has increased. Rice, beans, garri, noodles, corn – you name it. Just four days ago, a bag of rice sold for 85,000 naira, which is far above the minimum wage.”

For Monioluwa, the impact goes beyond mere inconvenience. Rising food prices disrupt daily routines, necessitate meticulous financial planning, and require extreme care when spending.

“As a recent graduate, I still live with my parents and witness firsthand how things have changed compared to the past,” she stated. “Even two years ago, things weren’t like this. Now, I have to meticulously manage my food and money. It requires serious budgeting and planning to survive. There’s no room for impulse buying; everything needs to be budgeted.”

While acknowledging widespread awareness of the issue, she expressed frustration with the constant discussion, suggesting it might contribute to unnecessary anger.

“Talking about the current situation only fuels unnecessary anger among people who are already aware of the challenges. Everyone faces this struggle and is trying to find ways to cope. You can’t complain forever; you just have to find ways to survive,” she lamented.

“Some families and individuals now skip breakfast and have only lunch and dinner.”

Monioluwa identified the increased cost of transportation as a primary factor. She attributed this to rising fuel prices and associated logistics expenses.

“In my honest opinion, a major factor is the cost of transportation, which encompasses fuel prices, vehicle spare parts, labor costs, and so on. By the time suppliers factor in these expenses, they’re forced to raise their prices.”

As the cost of basic necessities continues to rise, households face increased financial strain, requiring strict budgeting and careful spending. Addressing the root causes of this food inflation, particularly the increased costs of petrol and transportation, is crucial.

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