Friday, July 19, 2024

Osun State Leads in Food Price Inflation within South-West Nigeria: Implications and Possible Solutions

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Osun Tops South-West in Food Price Inflation, Says Report

Within the South-West region of Nigeria, Osun State has emerged as the area with the highest inflation rate for food prices. Information from StatiSense, a data analytics and artificial intelligence platform, spotlights Osun as leading the ranks not only regionally but also securing the 6th position nationally in this undesirable metric.

According to StatiSense’s analysis, which integrates data from the National Bureau of Statistics (NBS), Osun’s food price inflation rate stands at an alarming 33.32 percent. Following closely are Ekiti and Oyo States, with inflation rates of 32.05 percent and 31.69 percent respectively. Ondo, Ogun, and Lagos states complete the list, exhibiting somewhat lower but still significant inflation rates ranging from 29.21 percent to 30.68 percent.

The distress over escalating food prices has been a recurrent theme among Osun residents, lamenting the sharp uptick in costs of foodstuffs and other essentials. In reflection on the report, Alhaji Sulaimon Araokanmi, former Chairman of the All Farmers Association of Nigeria, Osun chapter, directs the blame towards challenges plaguing local farmers. He openly criticizes the current state administration for neglecting the agricultural sector and not offering requisite support to farmers.

Araokanmi’s concerns highlight the escalating costs of farming inputs and equipment rentals, such as tractors and ploughs, which inevitably feed into the prices of agricultural produce. He urges the state government to step in and assist by providing chemicals and other essential farming tools to help reduce production costs and, consequently, food prices.

Farmers like Alhaji Arowosedo from Olaoluwa local government echo these sentiments, pointing out additional factors like the farmers/herders conflicts that reduce food production efficiency and output. Arowosedo also calls for improved security in farming areas and governmental support in terms of subsidizing farm inputs.

Adding an analytical perspective, Prince Kanmi Ademiluyi, an economist in Osun, interprets the inflation statistic as indicative of successive administrations’ neglect of the agriculture sector. He advocates for enhanced mechanization of farming practices and the establishment of storage facilities to mitigate post-harvest losses and stabilize food prices.

YPP gubernatorial candidate Dr. Ademola Bayonle expressed frustration over the state’s budget priorities, highlighting that agriculture received less than 2% of the total budget allocation for 2024. Bayonle criticized the state’s focus on infrastructure projects like bridges while the agricultural sector, crucial for the state’s food security, languishes from under-investment.

These voices collectively underline a call to action for the Osun State Government to realign its priorities towards agriculture. Addressing issues from mechanization and storage facilities to security and subsidies could pave the way towards stabilizing food prices and uplifting the livelihood of Osun residents.

Alexandra Bennett
Alexandra Bennetthttps://www.businessorbital.com/
Alexandra Bennett is a seasoned business journalist with over a decade of experience covering the global economy, finance, and corporate strategies. With a Bachelor's degree in Economics and a Master's in Business Journalism from Columbia University, Alexandra has built a reputation for her insightful analysis and ability to break down complex economic trends into understandable narratives. Prior to joining our team, she worked for major financial publications in New York and London. Alexandra specializes in mergers and acquisitions, market trends, and economic

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