Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), has said that the country’s rising food inflation is due to insecurity, a lack of infrastructure, and transportation costs.
He disclosed this on Tuesday while presenting the 290th Monetary Policy Committee (MPC) meeting press briefing.
Food inflation in Nigeria spiked to 24.35% in February 2023 , which was 7.24% points higher than the rate recorded in February 2022, according to the latest data from the National Bureau of Statistics.
The CBN Governor, in his statement, said that the continued upward pressure of food inflation is pioneered by the scarcity of PMS, the removal of fuel subsidies, the lack of farm infrastructure, and the security challenges faced by farmers.
The governor said that while the bank was making significant interventions in the agricultural sector, insecurity was limiting supply to the market. Emefiele urged stakeholders to collaborate with the federal government to tackle the challenge. He also attributed the hike in petrol pump prices, electricity tariffs, and Naira depreciation to inflation. Emefiele assured that the CBN would continue to use its interventions to boost food security in the country.
