At N90,000 per bag, rice the staple food that sustains millions of Nigerians has now turned into a luxury, far beyond the reach of most households. This price tag isn’t just an economic figure; it’s a silent scream of a nation in crisis. Nigeria’s economy, though yet to be officially diagnosed by the government as ailing, displays symptoms that are impossible to ignore. Inflation is perhaps the most glaring. It’s a disease that eats away at the purchasing power of everyday citizens, and it’s no longer just a distant concept. It’s at the dinner tables, where meals have become meager. It’s in the markets, where conversations about prices often end in despair.
The world has been reeling from the effects of COVID-19, with global economies contracting by as much as 5%. The ongoing war in Ukraine has only worsened matters, sending shockwaves through the supply chains that once fueled nations. Nigeria, being part of the global economy, cannot escape these tremors. Yet, our challenges run deeper than the global context.
The ban on rice importation, meant to spur local production, has backfired in the face of a country unprepared to meet its own demands. The basic laws of supply and demand have not been repealed, and without adequate domestic production, scarcity was inevitable. Nigeria, for all its agricultural potential, has faltered in the one area where it could have made a difference, feeding its own people. Insecurity plagues our rice-producing states, leaving vast farmlands uncultivated. With each lost harvest, the nation slips further into hunger.
And yet, there’s another enemy at play. A more insidious one. Greed. The wickedness of those who hoard rice, creating artificial scarcity, cannot be overlooked. In a nation where millions starve, there are those who see only opportunity in the misery of others. They buy, they hoard, and they wait knowing full well that desperation will drive prices higher and their profits will soar. This isn’t just economics; it’s a moral failing, a reflection of the kind of society we have allowed to thrive, where selfishness eclipses empathy.
Insecurity and economic fragility create a fertile ground for such greed to flourish. With middlemen capitalising on scarcity and exploiting the vulnerability of consumers, the cycle of exploitation deepens. We must ask ourselves: why have we allowed this to become the norm? What systems are in place that enable such practices? Beyond individual greed, there is a need to examine the structural failures that permit the manipulation of prices and the suffering of ordinary citizens.
The rainy season adds another layer to this bleak picture. As farmers await the new harvest, market shelves remain sparse. Perhaps when the crops come in, prices may ease if, and only if, middlemen don’t snatch up the produce to fuel their greed.
The devaluation of the naira has also made matters worse. Nigerian products, once a source of sustenance, have become attractive to foreign buyers. Smugglers, undeterred by closed borders, sneak rice across neighboring nations, draining our already scarce supply.
This is Nigeria today, a nation struggling to feed itself, where a bag of rice can determine the fate of a family. It is a stark reminder that economic health is more than just numbers on a report; it’s about the real lives of citizens. As long as rice remains unaffordable to the average Nigerian, we must confront the reality that we are failing our people. The hunger that grips this nation is not just physical; it is a hunger for change, for policies that work, for leaders who care, and for a society where greed does not reign supreme.
The domino effect of Nigeria’s economic challenges has deeply impacted the country, starting with the depreciation of the naira. President Bola Tinubu’s administration, which began in May 2023, aimed to overhaul the currency system to attract investments. However, the naira’s value plummeted following two currency devaluations within seven months, causing widespread economic repercussions.
As the naira weakened, inflation surged across the country. Businesses and households alike faced mounting pressures, with the inflation rate climbing steadily. From 22.79% in June to 28.92% by December 2023, the cost of living spiraled upward. Food inflation, a critical indicator of everyday financial strain, jumped from 25.25% to 33.93% over the same period. These rising costs reflect the escalating hardship faced by millions of Nigerians.
The weakened naira set off a chain reaction, commonly referred to as cost-push inflation. The depreciation made imported goods and raw materials more expensive, driving up production costs. To cope, businesses were forced to raise the prices of goods and services, pushing more of the financial burden onto consumers. The removal of petrol and electricity subsidies exacerbated this situation, particularly in the fuel sector, where pump prices skyrocketed from N185 to N900, a staggering 386.49% increase.
In response to these economic challenges, the Central Bank of Nigeria (CBN), under Yemi Cardoso’s leadership, introduced new guidelines aimed at stabilising the foreign exchange market. These regulations sought to control the foreign currency exposures of banks and promote a more balanced approach to managing exchange rate risks. However, despite these efforts, the naira continued to face downward pressure, raising concerns about the effectiveness of these interventions.
The consequences of this economic turmoil extended beyond inflation. Major multinational companies, like Procter & Gamble and GlaxoSmithKline, exited Nigeria, citing unfavorable business conditions, which led to significant job losses. This, combined with falling tax revenues, further strained the government’s ability to meet its financial obligations.
The ripple effect of naira depreciation and inflation has therefore woven a complex web of economic distress, touching every part of Nigerian life, from businesses and households to employment and government revenue. The dominoes continue to fall, illustrating the far-reaching consequences of a single economic shift on the entire nation.
We cannot afford to turn a blind eye to the suffering around us. The hunger that grips Nigeria is not just a crisis of empty plates it’s a reflection of broken systems and unfulfilled promises. To rise above this, we must demand more from our leaders, but also from ourselves. We must insist on a future where food security is not a distant dream, but a guarantee for every Nigerian. Where greed and exploitation are stamped out, and policies are not just crafted for the privileged, but for the millions who rely on them to survive.
This is not just a call to policymakers; it is a call to every citizen to stand up, to demand better, and to push for a future where no Nigerian goes to bed hungry. Citizens must also make efforts to get involved in agriculture even at subsistence level. The time for complacency has passed.
Stephanie Sewuese Shaakaa
University of Agriculture Makurdi,
Benue State.
