President Bola Tinubu has attributed the high cost of food items in Nigeria to the loss of 60% to 70% of food produced due to external factors such as bad roads, banditry, and terrorism. His remarks were conveyed by his spokesperson, Ajuri Ngelale, during a meeting with the National Assembly delegation in Lagos.
Tinubu emphasized the critical role of infrastructure in food distribution, stating that without good roads to transport food, the significant losses incurred mean higher prices for consumers, despite farmers’ efforts.
He stressed the urgent need to combat banditry and terrorism to enable farmers to cultivate their lands freely and bring their produce to market. Tinubu acknowledged the pervasive poverty and challenges nationwide, urging Nigerians to confront these issues proactively.
Additionally, Tinubu highlighted the economic impact of vandalism on infrastructure such as rail tracks and electric cables, urging a shift in mindset towards productivity and away from activities that sabotage economic growth.
Nigeria is currently grappling with severe economic hardships, marked by inflation exceeding 30%, the highest in decades. The latest data from the National Bureau of Statistics indicates a rise in inflation to 33.95% in May 2024, driven by factors including insecurity and high import duties on food items.
In response to these challenges, Tinubu emphasized the collective responsibility to transform the country’s economic landscape by fostering a productive mindset and combating economic sabotage.
