How 10,000mt of grains will cushion effect of rising food prices

The announcement by the federal government that it will release 10,000 metric tonnes of grains from the nation’s 26 strategic grains reserves across the country comes to many as a relief. If released, the grains will make available food in the market thereby forcing down the prices, which go up daily in grains markets across […]

The announcement by the federal government that it will release 10,000 metric tonnes of grains from the nation’s 26 strategic grains reserves across the country comes to many as a relief.
If released, the grains will make available food in the market thereby forcing down the prices, which go up daily in grains markets across the country.
Many Nigerians in the last few months have been grappling with the rising food prices in the country.
The scarcity of forex makes food import difficult – and the ones that come in are sold at exorbitant prices making it extremely difficult for the poor Nigerians who constitute over 60% of the population to afford.
The fall in the quantity of food import, which made the country almost a dumping ground, has given rise to the demand for locally produced grains like rice, maize (used by both poultry farmers and flour mills in the country); wheat for flour also used by bakery houses that are managing to survive in the business, and sorghum that has already substituted barley in malt making by breweries companies.
Already, some poultry farmers are complaining that the rising cost of maize and soya beans is forcing many farmers to shut down their farms.
Currently, a measure of imported rice has gone up to N500 as against the N350 sold early in 2015.
The local rice that was sold between N180 and N200 depending on the quality now goes for between N280 and N350 in many markets across the country.
By this release, poultry farmers in the country and food manufacturers will now have access to affordable inputs which will in turn reduce the prices of these food stuffs in the nation.
Although details of what types of grains to be released are not available, whatever is released at this critical time will certainly cushion the suffering of many Nigerians.