Bean bag hits N 100,000 as inflation escalates
More Nigerians will be hit by hunger and malnutrition as food prices continue to climb, Peoples Gazette market research indicates that a bag of beans now sells for up to N 100,000.
On a monthly basis, food prices appear to be increasing in major cities in Nigeria. For example, the prices of beans have increased in the past month compared to previous months.
A bag of beans sold at N 30,000 at the beginning of September now costs between N 50,000 and 100,000 at the beginning of October.
Peoples Gazette’s market research in Abuja, Lagos, Port Harcourt, Bauchi and Bayelsa has shown that bean prices have doubled in recent weeks.
The price of a large bag of beans, the ‘oloyin’ variety, ranges from N88,000 to N100,000, while ‘plastic rubber’ costs between N3,500 and 5,500. Another variety of beans, the ‘ drum âcosts between 80,000 and 95,000 N, whileâ plastic rubber âcosts 3,000 or 3,500 N. A large bag of white beans costs between 50,000 and 60,000 N, while the price ofâ plastic rubber â Can be 2,500 or 3,000 N.
The prices of other staples such as rice, yams, eggs, garri, peanuts and corn are also on the rise. Peanut oil costs 27,000 N for 50 kg and 5,400 N for 5 kg. A bag of rice costs N30,000 and N4,000 for âplastic rubberâ. A bag of garri was priced at N16,000.
In August, food inflation reached 21.03 percent due to the rise in local food products. Rising inflation and the depreciation of the naira against the dollar have put pressure on the prices of basic commodities consumed by Nigerians, with food prices constantly changing.
Current realities are pushing many households to sink deeper into hunger and malnutrition.
Nigeria’s national minimum wage is N 30,000 per month, mainly applicable to civil servants (federal and state). However, many state governments have failed to pay the new minimum wage citing poor finances. The private sector pays as little as 10,000 N.
Over 40% of the population lives in poverty.
On October 1, Independence Day, President Muhammadu Buhari accused middlemen of buying and storing food.
Worsening insecurity, especially in the north, is seen by many as the driving force behind the food crisis, as many farmers flee their farms out of fear for their lives while bandits, Boko Haram and other criminals are unleashed.
Last week, the House of Representatives set up a special committee to investigate rising prices for food and other commodities, just as Buhari asked the Agriculture Ministry to address the problem.