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Home Economy Finance

How Lagos State Government Tackles High Food Prices

Establishes Three More Department

by Adetunji Tobi
July 18, 2024
in Finance
0
Food inflation in Nigeria and Interest Rate
Inflation in Nigeria

Inflation in Nigeria

UBA
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Lagos State is implementing measures to address the issue of rising food inflation, focusing on the increasing prices of garri, maize, and other staples.

Prices of food items such as rice, eggs, beans, fish, garri, yam, sweet potato, plantain, maize and others have seen an over 100 per cent increase year-on-year according to the National Bureau of Statistics (NBS).

Speaking in Lagos on Wednesday, Ms Abisola Olusanya, the State Commissioner for Agriculture and Food Systems, highlighted the long-term measures, including supporting farmers in cluster settlements to produce and sell food products at affordable prices through food hubs, improving distribution networks, and investing in infrastructure that supports food supply chains.

These efforts, according to her, aim to ensure that inflation remains under control, which is crucial for the overall economic stability and welfare of the state’s residents.

Olusanya noted that  rising food costs has become a significant source of concern for the  government  as many Nigerians are having to alter or sacrifice as rising food costs nip at their wallets.

She stated that the support for cluster farming aims to reduce transaction costs and encourage farmers to make use of food hubs for the affordable distribution of products.

For instance, the Mushin Agro Food Hub in Idi-Oro, Mushin, according to her, has provided data showing the potential for the government to collaborate with farmers and decrease food prices.

Since its opening last December, she said the hub has generated N918 million in food transactions within 40 days of weekend trading.

The Commissioner, who expressed delight at the warm reception of the food hub by Lagosians, said 339 vendors had registered at the hub, and elaborated on the plans to construct more Agro Food Hubs across the State.

She emphasised that food processing serves as the growth engine of the agriculture sector and highlighted the interconnectedness of the fortunes of the agriculture and food processing sectors.

She stressed the necessity of establishing food hubs to tackle issues such as food spoilage and wastage, food security, inflation, and declining farm incomes.

She emphasised the need to revamp the state’s agriculture sector to meet global standards through the implementation of integrated food hubs equipped with facilities like multi-temperature cold storage, food processing units, retail markets, sorting and packing areas, enabling farmers to enhance the value of their produce and sell directly to consumers.

The presence of Mushin Agro Food Hub, Idi-Oro Mushin, she  added , can revolutionise agricultural marketing and open the gateway for farmers of any size and dispensation.

Olusanya noted that Lagos has become the fastest growing large economy.

Going forward, she  said, the government was partnering states in the Southwest to produce cassava, maize  and other staples to combat  rising food prices and l keep inflation under check and also ensure economic growth.

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Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

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Tags: Food inflation
Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

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