Economic Hardship in Nigeria Worsens Amid Rising Food Prices and Planned Protests.

Nigerians' already dire economic situation has worsened due to planned nationwide protests and a sharp increase in prices for staples such as garri, beans, yams, and tomatoes, which rose by at least 180% in June 2024 compared to the same month the previous year.

This information was revealed in the National Bureau of Statistics' June Selected Food report, which was made public on Wednesday.

Prices for basic items such as potatoes, yams, tomatoes, garlic, and beans were taken into account in the research. The data demonstrated that food prices rose both annually and monthly.

One kilogramme of garri (white) increased by 181.66 percent on an annual basis from N403.15 in June 2023 to N1,135.51 in June 2024, according to the specific food item analysis. On a monthly basis, there was an increase of 1.86 percent.

Additionally, the cost of one kilogramme of brown beans (sold loose) was N2,292.76, which is a 252.13 percent YoY increase from the N651.12 price reported in June 2023. Similarly, from N510.77 in June 2023 to N2,021.55 in June 2024, the price of 1 kilogramme of yam tubers climbed by 295.79 percent on an annual basis. It grew by 52.87 percent month-over-month from N1,322.36 in May 2024 to N2,021.55 in June 2024.

Additionally, the cost of a kilogramme of tomatoes grew Year-over-Year (YoY) by 320.67 percent, from N547.28 in June of the previous year (2023) to N2,302.26 in June 2024. The research also stated that the price of Irish potatoes increased noticeably from N623.75 in June 2023 to N2,423.27 in June 2024, a year-over-year increase of 288.5 percent.

Based on a state-by-state analysis, Adamawa recorded the lowest price of N1,100.00 for a 1kg tuber of yam, while Lagos State recorded the highest price at N3,376.54. The highest average price of N1,619.27 for 1 kg of loose white garri was observed in Gombe, while the lowest was N900 in Taraba.

This occurs at a time when food and core inflation rates for June were 40.87 percent and 34.19 percent, respectively. This implies that more Nigerians' purchasing power will keep falling, worsening the misery index.

This development comes as Nigerians prepare for a national demonstration set for August 1, 2024. President Bola Ahmed Tinubu has urged the populace to postpone the planned protests. He claimed that it would take time for the government's policies—including raising the minimum wage to N70,000—to have a positive effect on Nigerians. The administration is pleading for discussion to put an end to the planned demonstration, as Nigerian ministers and governors aim to do.