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Published 1 June 2021
Life has become increasingly difficult for many Nigerians as the rising cost of food and the naira’s seemingly unctrollable downward trend continue to reduce their purchasing power, ADEPEJU ADENUGA writes
Food prices in Nigeria have continued to surge in the last one year, with the latest data from the National Bureau of Statistics showing that the composite food index rose by 22.72 per cent in April 2021 from 15.03 per cent in April 2020.
The NBS said the rise in the food index was caused by increases in prices of coffee, tea and cocoa, bread and cereals, soft drinks, milk, cheese and egg, vegetable, meat, oils and fats, fish and potatoes, yam and other tubers.
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Our manufacturing Purchasing Managers’ Index (PMI), the first in Nigeria, made a good recovery from 44.5 to 53.0 in February. Our partner, NOI Polls, collects the data. An index is produced in advanced economies such as by the Institute for Supply Management (ISM) in the US, larger EMs such as Brazil, China and Russia, and a large number of frontier markets. It is based upon manufacturers’ responses to set questions on core variables in their businesses. In our case, it is not seasonally adjusted. Our highest reading to date has been 68.7 in December ’17 and our lowest 43.3 during lockdown in May ’20. In our unweighted model (that of the ISM), respondents are asked whether output, employment, new orders, suppliers’ delivery times and stocks of purchases have increased over the previous month, are flat or have declined. A reading over 50 (ex 100) denotes expansion for the sector.
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