By Busola Bamidele
In a striking illustration of Nigeria’s economic challenges, the price of yam, a staple food, has soared dramatically over the past few years. Once available for as little as N500 per tuber, yams now cost between N3000 and N4000 each, causing significant strain on household budgets.
By yesterday, the same quantity had risen to N20,000. This rapid inflation highlights the broader economic issues facing the nation, including currency devaluation, increased cost of production, and supply chain disruptions.
Several factors have contributed to this surge in prices.
Yam has long been a crucial part of the Nigerian diet, known for its nutritional value and versatility. Historically, a single tuber of yam could be purchased for about N500. This period marked a time of relative economic stability, where agricultural products were affordable for the average Nigerian family.
However, the situation has drastically changed. Reports from various parts of the country indicate a sharp increase in yam prices. For instance, one consumer shared on ‘X’ that last week, they bought five tubers for N15,000.
Inflation has been a persistent problem in Nigeria, exacerbated by fluctuating exchange rates and rising fuel costs. Additionally, the agricultural sector faces challenges such as poor infrastructure, limited access to modern farming techniques, and climate change impacts, all of which hamper productivity and increase costs.
Despite these efforts, the public remains concerned. Many Nigerians have not been able to afford yams for months due to the prohibitive prices. This situation underscores the urgent need for effective and timely interventions to ensure food security and economic stability.
The hope is that with comprehensive and sustained efforts, the price of yams and indeed, other staple foods will stabilize, making them affordable once again for the average Nigerian family.
