Vendors display food for sale at a market in Mowe, Ogun State in southwest Nigeria, on April 19, 2021. – Nigeria’s economy was already struggling with a fall in the price of oil, Nigeria’s major export, and a weak local naira currency, before the global pandemic struck.Now Nigeria’s inflation has soared to a four-year high of more than 18 percent in March 2021, with food prices up 22.9 percent, according to the National Bureau of Statistics. (Photo by PIUS UTOMI EKPEI / AFP)Worried about the effect of the COVID-19 pandemic on the country’s agriculture sector, the organisers of this year’s Feed Nigeria Summit (FNS) say this edition is targeted at resuscitating the country’s disrupted food system.
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SPECIAL REPORT: How prices of rice, other cereals in Nigeria doubled in one year
The rates of widely eaten cereals and legumes rose by a average of 98 per cent in the last one year. 8 min read
The prices of major legumes and cereals in Nigeria rose at an average of about 98.85 and 99.9 per cents respectively in the last one year, a PREMIUM TIMES market survey has shown.
The prices of staples such as rice, beans, groundnut, soybeans, maize, sorghum, and millet were surveyed across some major markets located in different regions of the country. The prices of grains such as rice, maize, sorghum, and millet have risen by 44.4 and 117 per cents respectively.
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ASIA:
China’s economy grew 7.9 percent from April to June, the National Bureau of Statistics (NBS) announced on Thursday. The growth rate was lower than the forecasted 8.1 percent by most market analysts. Chinese economists are aware that the economy is highly resilient after overcoming the coronavirus pandemic fallout. Increasingly, the giant economy is being boosted by rising domestic consumption, roaring external demand for Chinese goods, and the government’s laser-like focus on infrastructure investment, new and high technology investment, and non-stop improvement of 1.4 billion people’s welfare.
The major Asian stock markets had a green day today: