As Nigerians rejoice that they can finally produce our agricultural products for the main purpose of exportation, it seems that there might be a price to pay till a balance can be made by the government to ensure that food prices don’t rise. Amid exportation of yam to Europe, the National Bureau of Statistics (NBS) on Monday, said that the price of yam increased in June.
The data released by the bureau for June 2017, tagged ‘Selected Food Price Watch’ revealed that the average price of 1 kilogram of yam tuber increased by 32.84% between June 2016 and June 2017. This is coming after the federal government began exporting yams to Europe and the United States, as part of moves to diversify its oil-dependent economy and earn much-needed foreign exchange.
There was also a 4.62% increase in the price of yam between May and June, as the price of 1 kilogram jumped to N292.06 from N279.15 in May. According to the UN Food and Agricultural Organization, Nigeria accounts for 61% of the world’s total yam output, and the minister said not all of it was consumed, leading to waste.
But many Nigerians had expressed fears about the policy, saying it could hit consumers in the pocket, especially in the midst of food shortages in conflict-hit parts of the northeast and food inflation pegged around 20 per cent.