By Adeboye Ado

The Federal Government has been urged to implement lasting solutions to the astronomical prices of food items in the market.

Dismayed by the unabated increase in prices, some residents who spoke to The Hope in an interview called on the Federal Government to address the issue decisively to curb the lure of ill-gotten wealth and other forms of societal decadence.

A trader, Mrs Arohumolase Titilayo, stated that a measure of rice now sells for N4,000, lamenting that she can no longer afford to purchase a bag of rice due to the consistent rise in price.

The middle-aged woman noted that she had previously bought a bag of rice for N90,000, but this later rose to N110,000, stressing that the sharp increase had drastically reduced her daily sales.

“I sell rice to consumers, but recently the patronage has reduced because a measure now costs N4,000. Rice is the most demanded food item, but now people don’t buy as much as before.

“I used to buy a bag for N90,000, but now it is N110,000. I am begging the Federal Government to kindly come to our aid. We may not be able to trade anymore if the price increases further,” Arohumolase said.

Corroborating the trader’s concerns, a food vendor, Olorundare Omowunmi, attributed the rise in food prices to the hike in petrol prices.

The vendor, who specialises in selling pounded yam, said she recently bought five tubers of yam at the Oba-Akoko market for N8,000, adding that her customers have complained about the smaller wraps of pounded yam now selling for N500.

“The price of petrol is responsible for the costly tubers of yam. When we ask the farmers selling to us, they say the high cost of transportation from their farmlands to the market is to blame.

“I believe that if the government helps reduce the price of petrol, the prices of food items will come down,” she explained.

A grocery store owner, Oladele Aina, also lamented the rising costs of beans, rice, and garri, warning that the economic downturn could have negative social consequences.

“The prices of all food items have increased. Can you imagine that spaghetti now costs N1,200, compared to N700 I sold it for before?

“Don’t be surprised if the current hardship caused by high food prices is why many youths and others are resorting to corrupt practices just to survive.

“This issue is beyond the state government. We urge the Federal Government to support the agriculture sector to boost food production and reduce prices.”

However, economist Olajide Okeowo identified several factors contributing to the crisis, including low supply, naira devaluation, and insecurity.

He said, “The soaring prices of food items are unfortunate because Nigeria is a consuming nation rather than a producing one.

“No nation whose consumption exceeds its production will escape a surge in food prices.

“Some of the factors responsible for the increase in food prices include low supply relative to demand, the devaluation of the naira, insecurity preventing farmers from accessing their farms, government policies, and the removal of the petroleum subsidy, among others.”

Proposing solutions, Okeowo said, “The government must take actionable steps, including tackling insecurity, encouraging youths to embrace agriculture, providing soft grants to farmers, building and maintaining storage facilities, and effectively monitoring monetary policy to stabilise the naira.

“In summary, the monopolistic nature of our economy and its dependence on oil, coupled with the removal of the fuel subsidy, has badly crippled the economy. Once our refineries are revived and begin functioning optimally, food prices will likely decrease.

“Additionally, less emphasis should be placed on white-collar jobs. Instead, agriculture should be promoted among youths.”