Amid rising inflation and high food prices exacerbated by market speculations, the United Nations World Food Programme, WFP, has announced it is reviewing its local food procurement and will buy food in Nigeria only in stable market conditions.
A statement by the UN agency on Tuesday reads: “Last week, a WFP monitoring mission in Borno, Yobe, and Kano states confirmed unprecedented inflation rates and high food price rises caused by market speculations. This poses significant challenges for Nigerians, particularly those who are displaced, are unable to farm, and are dependent on markets to access food.”
The statement quoted WFP’s Country Director and Representative in Nigeria, David Stevenson, as saying: “We are aware of traders holding food in their warehouses, pretending it is WFP’s. This is inaccurate, as WFP has limited stock available to continue supporting the most vulnerable Nigerians with critical assistance.”
He added that: “We are undertaking a comprehensive review of our local food procurement. WFP will purchase food in Nigeria only when the market conditions are stable for all.”
According to the statement, high rates of inflation and soaring market prices have eroded the purchasing power of many Nigerian families, especially those in the conflict-affected northeast of Nigeria.
The November 2023 Cadre Harmonisé food security analysis projected that up to 4.4 million people in the northeast states of Borno, Adamawa and Yobe will require food assistance during the June–August 2024 lean season, with over one million people facing emergency levels of hunger.
