The World Food and Trade Expo
will be one of the portfolios of food/trade exhibition that will promote local,
continental and international dishes from food vendors, chefs and professionals
that are passionate and creative in food production around the globe.
The program will come with
lots of profitable features and business opportunities such as B2B business
meeting (interactive section between exhibitors and buyers), among others.
The world Food and Trade Expo
is powered by Trade Nigeria in partnership Globe Chamber of Commerce and
Industry.
Nigerians are finding unique
ways to cope with the rising cost of goods and services that have atrociously
eroded their purchasing power.
Coping mechanisms are
critical to surviving the increasing hardship synonymous with galloping
inflation. Nigeria’s recent inflation report shows that the country is
still plagued with double-digit inflation, implying that prices have increased
massively from last year when the economy was engulfed with panic buying,
border closures and lockdown restrictions. As economists scramble to find
solutions, the citizens are left to figure out their survival.
Unlike other macroeconomic phenomena, Inflation does not discriminate and its effects are distributed to every individual in the economy. While few may be capable of absorbing the effects, most Nigerians would see this as a painful stroke as the country remains the poverty capital of the world.
Nigeria’s inflation rate
reduced to 17.75% in June 2021, down from 17.93% the previous month May 2021.
Inflationary pressures have fallen for the third time in a row, but the decline
is still not enough to have any huge effect on the economy.
According
to the SBM report for Q2 2021, the
average cost of preparing a pot of Jollof rice for a Nigerian household was
N7,124 in March 2021, but it rose to N7,618 in June 2021, representing a 6.93%
rise in just three months.
The report raised concerns
about the prevalence of stunting in children under the age of five which climbed
to 36.8 from 36.2 in 2012. It also highlighted that the proportion of people
who are undernourished has increased from 7.6 in 2012 to 12.6 in 2020.
“Most
of those interviewed in the low socio-economic strata confessed they could no
longer afford three square meals but had one whole meal daily supplemented with
snacks,” said Report.
Based
on the current Premium Motor Spirit Price Watch report, the average
price paid by Nigerian consumers for a litre of petrol climbed by 28.49 % from
N128.88 in the corresponding period of 2020 to N165.61 in June 2021.
Nigerians
have also seen prices jump in basic consumable such as “Pure water” further checkmating how the common man
satisfies his thirst. Unfortunately, double-digit inflation has been part of
the economy since as far back as 2016 and many Nigerians have gotten used to
the increasing levels of hardship.
Views from some Nigerians
A Supervisor(name withheld) at Amazing Grace restaurant told our reporters that Food prices, in particular, have risen, with no end in sight.
“The
prices of goods are pretty exorbitant. For example, the price of a bag of rice
went from N12,000 to N28,000, a carton of chicken soared from N12000 to N20000,
a bag of pepper rose from N15,000 to N22,000, the worrying thing is that I
can’t foresee when the inflation would slow down.”
Chidera reacted to the
inflation by seeking out less expensive alternatives to the things he regularly
consumes.
He
said, “The varying pricing of items allows us to choose other goods that
are less expensive to consume. For example, the cost of imported rice has risen
to the point where we must purchase local rice. We favour pounded yam over
poundo yam, although we do more poundo yam due to the increase in yam prices in
the market. We use goya oil instead of royal oil in frying, which has caused
the market price to rise.”
An architect (name withheld)
at Bcreative design consult said the cost of building items was the most
impacted by inflation.
He said, “Because of its importance in the construction industry, I would say cement has been affected the hardest by inflation. A bag of cement we were buying for N2,600 climbed to N3,900 in just two years, which is a big increase.”
A scholar also stated that inflation would fall only if the government intervened significantly.
“I believe that if the government intervenes in some way, we may see a decrease in prices, which will help bring down the cost of building as well as the cost of houses rented or owned.”
According
to John Maynard Keynes said, “The ideas of economists and
political philosophers, both when they are right and when they are wrong are
more powerful than is commonly understood.” Hence, high
inflation can be seen as the shortcomings of Nigerian economic policies.
Nigerians would have to
endure the escalating economic agony until the problems are remedied. It should
be emphasized that inflation can cause social disruptions such as a rise in
crime and political upheaval.
However, Nigerians have
demonstrated tenacity in the face of adversity, signifying once again, the
citizenry’s resourcefulness. Nevertheless, if this situation endures, only time
will tell how Nigerians will respond.
Abuja
Edo House, Fifth floor, Suite 5-05
Central Business District, FCT.
09074484983
09033131552
Rivers State
#6 Omerelu street, GRA, Phase 1,
Port Harcourt.
2348161261262
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2349080088327
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