The International Monetary Fund says that Nigerians should brace up for higher food prices/ risks in 2023 due to recent floods and high fertilizer prices.
The National Bureau of Statistics says food inflation hit 23.72 percent on a year-on-year basis in October 2022, with inflation on certain food items rising to between 50 – 100 per cent.
The IMF added that the volatility in the value of the naira, the Federal Government’s continued dependence on the Central Bank of Nigeria for financing its budget deficit, and climate change were also risk factors.
The Washington-based lender says the effects of recent flooding and high fertilizer prices could become more entrenched impacting negatively both agricultural production and food prices in 2023.
