Weakening Naira, Rising Food Prices Affecting Nigerians – UN

A combination of high food prices and a strong dollar is negatively affecting people in Nigeria and other developing countries, a report by the United Nations Conference on Trade and Development has revealed.

According to the report, this combination is making many individuals living in these countries make hard choices to make ends meet, such as skipping meals or taking a child out of school.

It said this in its ‘A Double Burden: The effects of food price increases and currency depreciations on food import bills,’ report released in December.

It said, “The price of food has increased everywhere, reaching historic levels in 2022, as stated by the Global Crisis Response Group.

The organisation explained that the world had suffered three major food price spikes in the current century. The first two were in 2007-2008 and 2010-2012, with a third one currently because of the COVID-19 pandemic and the war in Ukraine.

-Punch