What is Responsible for High Prices of Food Despite Increase in Production – Buhari

What is Responsible for High Prices of Food Despite Increase in Production – Buhari

 

President Muhammadu Buhari has again blamed the activities of middlemen for the high cost of food in the country.

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According to the president, Nigeria’s food production capacity under his administration has increased, but middlemen are creating artificial shortages by buying and hoarding essential commodities for profiteering.

READ ALSO: How to Boost Rice Production in Nigeria (A Must Read)

President Buhari said this in his speech on Friday, to mark Nigeria’s 61st Independence Anniversary celebration.

Buhari, while describing the situation as unfortunate, directed 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 the “disruptive and unpatriotic hoarding activities.”

Buhari stressed that the agricultural sector remains key to Nigeria’s economic diversification efforts, noting that the sector has been a consistent driver of the non-oil sector contributing 22.35 percent and 23.78 percent to the overall GDP in the first and second quarter of 2021.

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To further enhance food production, and attain food security, Buhari said his administration has completed several new dams and is in the process of rehabilitating several River Basin Development Authorities to enhance groundwater supply for rainfed agriculture as well as surface water for irrigation agriculture.

READ ALSO: Good News for Sweet Potato Farmers 

President Buhari also reassured that his goal of lifting 100 million Nigerians out of poverty in 10 years is achievable.

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