Economist Warns: Nigeria Faces Food Inflation Crisis As Beans Disappear From Shelves

Economist Bismarck Rewane has forecasted an increase in food inflation in Nigeria over the coming weeks. He specifically highlighted the soaring prices of beans, attributing the rise to various factors, including devastating floods that have ravaged numerous farms, elevated transportation costs, and a spike in petrol prices from approximately ₦600 to ₦1,000.

Rewane shared these insights during an appearance on Channels Television on Thursday. He noted that while certain food items like onions and rice have experienced slight price drops, beans have seen a significant increase, making them increasingly unaffordable.

“Onions have sharply declined to ₦115,000, and rice has also reduced to ₦110,000, down from a peak of ₦120,000. However, beans have become extremely scarce and unaffordable,” he stated.

The economist linked the soaring prices of beans to recent flooding in food-producing regions, including Borno, Bauchi, and Sokoto, which has severely impacted crop yields.

“Flooding has devastated a large portion of the agricultural output,” Rewane added.

Despite the grim outlook, he expressed hope that the federal government’s implementation of duty waivers on food items will eventually help stabilize market prices.

“Currently, we anticipate that inflation will continue to rise. Specifically, food inflation is expected to increase, with overall headline inflation projected to reach 34%. However, this is a temporary situation. As the imported goods benefiting from the duty waivers start arriving, we expect prices to begin to decrease,” Rewane concluded.