The United Nations World Food Program (WFP) has stated that it is reviewing its local food procurement and will only buy food in Nigeria when the prices become stable.
The organisation disclosed this in a news release where it stated that a monitoring exercise in Borno, Yobe and Kano states revealed the skyrocketing inflation in food prices posing greater stress on displaced population who are unable to farm.
David Stevenson, WFP’s Country Director and Representative in Nigeria said that the group has limited stock of food to continue its operations and will only purchase food for local markets in Nigeria when prices become stable.
He stated, “We are aware of traders holding food in their warehouses pretending it is WFP’s. This is inaccurate as WFP has its limited stock only available to continue supporting the most vulnerable Nigerians with critical assistance.
“We are undertaking a comprehensive review of our local food procurement. WFP will purchase food in Nigeria only when the market conditions are stable for all.”
The group stated it targeted reaching 1.1 million people across Nigeria and hopes to increase to 1.6 million during between June–August- a period known as “the lean season”.
Backstory
Nairametrics earlier reported that food producers- Olam Agric and Nigeria Flour Mills had stopped purchasing grains such as maize and sorghum over the rapid increase in prices and to allow the market to become stable. Soaring inflation and market prices have diminished the purchasing power of numerous Nigerian families, particularly in the conflict-stricken Northeast region of the country.
The world bank projected in its Food security report that seven states across Northern Nigeria will witness severe food crisis. Also, the Food and Agricultural Organisation (FAO) warned that around 26.5 million Nigerians will face hunger in 2024.
These projections seem to be manifesting now as increase in food prices prevent many from having a decent meal. To find a temporary solution to the food security crisis, the federal government has decided to release grains from the national reserve as a measure to crash prices of the commodities.
