By Samuel Oyejola
A new report released by the National Bureau of Statistics revealed that prices of some selected food increased compared to 2017 in spite the claim that Nigeria has exited recession.
The report, Selected Food Price Watch was released by NBS earlier last Wednesday this week.
The new report contradicts claims by the Minister of Finance, Kemi Adeosun and the 2017 report of the NBS that Nigeria has exited recession.
Less than three months after Adeosun’s comment, the bureau in a report confirmed the announcement by the federal government that Nigeria has exited recession.
The NBS announced that the country has escaped from recession as a result of recorded growth of 0.55% in the third quarter of the year.
Recalled that Nigeria slipped into recession in 2016 in the wake of the crude oil price crash in the international market and strict restrictions on FOREX which was aimed at boosting the naira, according to the government.
This led to increase in the prices of imported commodities especially food across the country.
The Statistician General, Yemi Kale in 2017 had told Nigerians that the effect of exiting recession would be gradual yet seven months after the announcement food prices remain high.
Twenty-six had increased price compared to 2017. Some of the food with increased prices are eggs(medium size) 6.45%, beans (brown) 10.64%, (bean white) 9.65%, bread (sliced and unsliced)3.34% and0.33% respectively.
The report also indicated that chicken wings increased by 3.94%, evaporated tin milk (carnation) 5.78%, mudfish(fresh)2.98% catfish (fresh)2.14%, iced sardine (13.38%), tilapia fish(fresh) 6.26%, titus (frozen) 15.48%.
Yam tuber, Irish and sweet potatoes, tomatoes, onions, plantain, maize grains (yellow) oil(groundnut, vegetable and palm) and wheat all experienced increased prices compared to 2017.
Some food like maize grain (white), garri(yellow and white), frozen chicken, both local and imported rice all experience a significant drop in price.