They explained that structural and economic challenges, such as high production and processing costs, poor logistics, expensive transportation and exchange rate depreciation, contribute to high food prices, creating the disconnect between increased food imports and access. It further noted declining purchasing power, high food inflation and seasonal food stock depletion as factors contributing to the situation. “Income of Nigerians has remained low over the years, and food prices have consistently increased. Structural challenges such as power, logistics and cost of funds will increase the price,” Yusuf said. The seasoned economist further noted that high transportation costs and poor infrastructure contribute to rising food prices, often doubling the cost of food between the farm and the market.

Source: Punch March 22, 2026 11:09 UTC