Buhari gives reasons for high food prices in Nigeria

President Muhammadu Buhari on Friday revealed the reason behind the high prices of food in the country.

Buhari speaking during his nationwide broadcast in commemoration of the 61st independence anniversary of Nigeria said the hike in food prices is caused by middlemen who ‘buy and hoard these essential commodities for profiteering.’

He said: “The agricultural sector remains key to our economic diversification efforts as the sector has been a consistent driver of the non-oil sector contributing 22.35% and 23.78% to the overall GDP in the first and second quarter of 2021,” the president said.

“We have seen significant private sector investments in almost all areas of the agricultural value chain. And these have continued even during the COVID-19 pandemic.

“Unfortunately, as our food production capacity has increased, food prices have been going up due to artificial shortages created by middlemen who have been buying and hoarding these essential commodities for profiteering.

“To address this, I am hereby directing the Ministry of Agriculture and Rural Development to rehabilitate the National Food Reserve Agency and also work with security agencies, the Nigerian commodity exchange, and the national assembly to find a lasting solution to these disruptive and unpatriotic hoarding activities.”