The Founder and Executive Director of the Temmy Helping Hands and Youth Empowerment Foundation, Mrs. (Pastor) Elizabeth Bakare, on Saturday unveiled the Ibadan Food Bank Project during the foundation’s 2024 annual convention in Ibadan.

The initiative tagged “Let Nobody Go to Bed Hungry,” aims at tackling food insecurity and hunger among Nigeria’s most vulnerable populations”.

Mega Icon Magazine recalled that a recent survey by the National Bureau of Statistics (NBS) has highlighted the severe economic challenges faced by Nigerian households, revealing that two-third of the population struggle to afford healthy and nutritious meals.

The survey titled “Nigeria General Household Survey – Panel (GHS-Panel) Wave 5 (2023/2024)”, noted the worsening multidimensional poverty and the erosion of purchasing power due to the persistent rise in the cost of goods and services.

According to the report, approximately 63.8% of households have been forced to eat only a few kinds of food due to financial constraints. About 62.4% of respondents admitted worrying about food insufficiency, while 60.5% ate less than they thought they should.

“The situation has deteriorated significantly since the last survey, as the proportion of households expressing food insecurity concerns rose from 36.9% in the previous wave to 62.4% in the current one”, the report reads further.

Speaking at the unveiling in Ibadan, during the 2024 annual convention of the foundation, Mrs. Bakare described the alarming rise in hunger caused by the nation’s economic challenges, including the removal of fuel subsidies and the increasing exchange rate, which have led to soaring food prices.

She noted that these conditions have placed immense strain on widows, single parents, orphans, and other underprivileged groups, making it imperative to act swiftly.

The Ibadan Food Bank is set to provide food support to 2,500 individuals monthly, with plans to expand its reach to 30,000 beneficiaries annually by 2029 and 105,000 per annum by 2034.

The initiative incorporates several interventions, such as the free distribution of essential food items, a food subsidy programme offering discounted staples, and a mobile kitchen service providing one free meal daily.

Continuing, it includes outreach to prisons, orphanages, IDP camps, and leprosy centers, as well as educational meal subsidies for schools and centers for people with disabilities. The project also encourages self-reliance through a home farming initiative that offers seeds, tools, and training, and through food processing training to empower beneficiaries with sustainable livelihood skills.

Since its establishment in December 2023, Temmy Helping Hands has already made significant strides in alleviating hunger and poverty. Past achievements include food distributions during World Food Day celebrations and financial support for widows.

Bakare also announced an upcoming initiative, “Make This December One to Remember,” which will provide assistance to 500 vulnerable individuals during the festive season.

She called for partnerships to expand the scope and reach of the Ibadan Food Bank, urging individuals, organizations, and corporations to support the initiative through food donations, financial contributions, and volunteering.

Highlighting various ways to collaborate, she appealed for sponsorship of families or meals, establishment of endowment funds, employee volunteer programs, and media campaigns to raise awareness.

According to Bakare, such contributions would not only transform lives but also demonstrate a strong commitment to corporate social responsibility and sustainable development.

She thanked the awardees for their dedication to humanitarian service, urging everyone to join in the fight against hunger.

“Together, we can ensure that no one in Ibadan goes to bed hungry. Every act of kindness matters,” the Founder added.

The keynote address at the occasion was delivered by Dr. Ibraheem Okunlola Akinwale, an Assistant Director at the National Orientation Agency (NOA), who spoke on strategies for coping with the economic hardship in the country.

Speaking on behalf of other beneficiaries, Princess Oyedele Bolatito, from Oyo State WAZOBIA Widows commanded Temmy Helping Hands and Youth Empowerment Foundation for the laudable initiative, urging others to emulate such kind gesture.

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This revelation follows recent data from the Nigerian Bureau of Statistics (NBS), which reported a current inflation rate of 31.7 percent in February, up from 29.9 percent recorded in January.

“Inflation is cooling in most Sub-Saharan African economies but remains high,” the World Bank stated. “The median inflation in the region is projected to fall from 7.1 per cent in 2023 to 5.1 per cent in 2024 and 5 per cent in 2025–26.”

The report highlighted various factors contributing to this decline, including the normalization of global supply chains, a steady decline in commodity prices, and the effects of monetary tightening and fiscal consolidation.

While acknowledging the reduction in inflation across most African countries compared to 2023, the report emphasized that it remains high compared to pre-pandemic levels.

It noted that 14 countries in the region still experience persistently high levels of inflation, with a median inflation rate dropping modestly from 25.9 percent in 2023 to 24.8 percent in 2024.

Nigerians open one million bank accounts monthly, NIBSS reveals

The World Bank also reaffirmed its projection of 3.3 percent economic growth for Nigeria in 2024, with a slight adjustment in the projections for 2025 to 2026. It stressed the importance of macroeconomic and fiscal reforms in driving sustainable growth, particularly in the non-oil sector.

Continuing, the report highlighted the challenges of poverty reduction in the region. It stated that the speed of poverty reduction has decreased significantly since 2014, with Nigeria and the Democratic Republic of Congo accounting for a significant portion of those living in extreme poverty.

To address these challenges, the World Bank noted the need to tackle structural inequality, stating that the region can accelerate growth and poverty reduction substantially by addressing this issue.

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The CPI, tracking the fluctuation in prices of goods and services, illustrates a notable increase from the previous month’s 28.20%, underscoring the pressing concerns surrounding the nation’s economic stability.

In a recent report, the Statistics Office revealed a notable uptick in the headline inflation rate for December 2023, marking a 0.72 percentage point increase from the previous month’s figure in November 2023.

On a year-on-year basis, the National Bureau of Statistics (NBS) highlighted a significant surge, with the December 2023 rate standing at 7.58 percentage points higher compared to the corresponding period in 2022.

December 2022 witnessed an inflation rate of 21.34 percent, underscoring the economic dynamics at play.

“This shows that the headline inflation rate (year-on-year basis) increased in December 2023 when compared to the same month in the preceding year (i.e., December 2022),” NBS said.

In a further revelation, the bureau disclosed that the month-on-month headline inflation rate for December 2023 experienced a 2.29 percent surge, surpassing November 2023 by 0.20 percent. This indicates a swifter rise in the average price level compared to the preceding month.

The report highlighted a concerning acceleration in food inflation, reaching 33.93 percent on a year-on-year basis for December 2023. This marked a substantial 10.18 percent points increase from December 2022’s rate of 23.75 percent. The data underscores the persistent upward trend in food prices, a trend exacerbated by various government policies, including the removal of subsidies on petrol.

Notably, in July 2023, President Tinubu declared a State of Emergency on food insecurity to address the escalating food prices. Taking decisive action, the President mandated that issues related to food and water availability and affordability fall under the jurisdiction of the National Security Council, recognising these as essential livelihood items in need of urgent attention.

In Monday’s inflation report, the National Bureau of Statistics (NBS) detailed the key contributors to the year-on-year increase in the headline index. The leading factors include food & non-alcoholic beverages at 14.98 percent, housing water, electricity, gas & other fuel at 4.84 percent, clothing & footwear at 2.21 percent, and transport at 1.88 percent.

Additional contributors encompass furnishings & household equipment & maintenance (1.45 percent), education (1.14 percent), health (0.87 percent), miscellaneous goods & services (0.48 percent), restaurant & hotels (0.35 percent), alcoholic beverages, tobacco & kola (0.31 percent), recreation & culture (0.20 percent), and communication (0.20 percent).

The report highlighted a substantial 24.66 percent change in the average Consumer Price Index (CPI) for the twelve months ending December 2023 over the previous twelve-month period. This represents a significant 5.81 percent increase compared to the 18.85 percent recorded in December 2022, indicating ongoing inflationary pressures in the economy.

Food Inflation

In a concerning trend, the food inflation rate for December 2023 surged to 33.93 percent on a year-on-year basis, marking a substantial 10.18 percent points increase from the same period in 2022, when the rate stood at 23.75 percent.

The National Bureau of Statistics (NBS) attributed this rise in food inflation to notable increases in the prices of various essential items. Key contributors include bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, meat, fruit, milk, cheese, and eggs.

These price hikes collectively contributed to the intensified strain on consumers, highlighting the complex dynamics driving the upward trajectory of food prices.

“On a month-on-month basis, the Food inflation rate in December 2023 was 2.72 percent, this was 0.30 percent higher compared to the rate recorded in November 2023 (2.42 percent),” it said.

Clarifying the dynamics behind the recent uptick, the National Bureau of Statistics (NBS) explained that the month-on-month increase in food inflation for December 2023 was spurred by a heightened rate of escalation in the average prices of oil and fat, meat, bread, and cereals, potatoes, yam, and other tubers, as well as fish and dairy products like milk, cheese, and eggs.

“The average annual rate of food inflation for the twelve months ending December 2023 over the previous twelve-month average was 27.96 percent, which was a 7.02 percent points increase from the average annual rate of change recorded in December 2022 (20.94 percent),” the report added.

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Nigeria’s inflation rate rose to 26.72% in September 2023 amid soaring food prices and harsh economic realities occasioned by the removal of fuel subsidy in May.

This was according to the September 2023 Consumer Price Index (CPI) and Inflation Report released by the National Bureau of Statistics (NBS) on Monday.

The CPI, which measures the changes in the prices of goods and services, rose from 25.80% in August 2023 with an increase of 0.92% points.

“In September 2023, the headline inflation rate increased to 26.72% relative to the August 2023 headline inflation rate, which was 25.80%,” the report partly read.

“Looking at the movement, the September 2023 headline inflation rate showed an increase of 0.92% points when compared to the August 2023 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 5.94% points higher compared to the rate recorded in September 2022, which was 20.77%.”

Also, the report said the food inflation rate in September 2023 was 30.64% on a year-on-year basis, which was 7.30% points higher compared to the rate recorded in September 2022 (23.34%).

“The rise in food inflation on a year-on-year basis was caused by increases in prices of oil and fat, bread and cereals, potatoes, yam and other tubers, fish, fruit, meat, vegetables and milk, cheese, and eggs.

On a month-on-month basis, the Food inflation rate in September 2023 was 2.45%, this was 1.41% lower compared to the rate recorded in August 2023 (3.87%).

The decline in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of potatoes, yam and other tubers, bread and cereals, fruits, and fish,” the report added.

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The  National Bureau of Statistics (NBS), says Nigeria’s headline inflation dropped for the second consecutive month in May, but the prices of food have continued to surge.

NBS’s latest  data published on Tuesday revealed that the Consumer Price Index (CPI), which measures inflation, increased by 17.93 per cent (year-on-year) in the fifth month of the year 2021.

While, according to the data, this is 0.19 per cent points lower than the 18.12 per cent recorded in April, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

On a month-on-month basis, the headline index increased by 1.01 per cent in May, representing higher percentage points of 0.04 than the rate recorded in the previous month (0.97 per cent).

The report read, “The percentage change in the average composite CPI for the 12 months period ending May 2021 over the average of the CPI for the previous 12 months period was 15.50 per cent, showing a 0.46 percent point rise from 15.04 per cent recorded in April 2021”.

Also, the urban inflation rate rose to 18.51 percent (year-on-year) in May from 18.68 per cent recorded in April, just as the rural inflation rate stood at 17.36 per cent in May from the 17.57 per cent previously reported.

The urban index rose to 1.04 per cent in May – up by 0.05 per cent points (on a month-on-month basis) – compared to the rate recorded in April (0.99 per cent), while the rural index rose to 0.98 per cent in May – up by 0.03 points – compared to the 0.95 per cent recorded in April.

The report further added that the corresponding 12-month year-on-year average percentage change for the urban index is 16.09 per cent in May – higher than the 15.63 per cent reported in April while the corresponding rural inflation rate in May is 14.94 per cent compared to the 14.48 per cent recorded in the previous month.

The composite food index, however rose by 22.28 per cent in May as against the 22.72 per cent reported in April.

This rise in the food index, according to the NBS, was as a result of increases in prices of bread, cereals, milk, cheese, eggs, fish, soft drinks, coffee, tea and cocoa, fruits, meat, oils and fats, and vegetables.

It disclosed that the food sub-index increased by 1.05 per cent in May from the 0.99 per cent recorded in April, on a month-on-month basis.

“The average annual rate of change of the Food sub-index for the 12-month period ending May 2021 over the previous 12-month average was 19.18 per cent, 0.60 percent points from the average annual rate of change recorded in April (18.58) per cent,” the report said.

The core inflation, also known as ‘all items less farm produce’, which excludes the prices of volatile agricultural produce, stood at 13.15 per cent in May as against the 12.74 per cent recorded in April.

On a month-on-month basis, the core sub-index increased by 1.24 per cent in May 2021, up by 0.25 per cent when compared with the 0.99 per cent recorded in the previous month.

NBS noted that the highest increases were recorded in prices of pharmaceutical products, garments, shoes and other footwear, hairdressing salons and personal grooming establishments, furniture and furnishing, as well as carpet and other floor coverings.

Others are motor cars, hospital services, fuels and lubricants for personal transport equipment, cleaning, repair and hire of clothing, other services in respect of personal transport equipment, gas, household textile and nondurable household goods.

The average 12-month annual rate of change of the index was 11.50 per cent for the 12-month period ending in May – representing 0.25 per cent points compared with the 11.25 per cent recorded in April.

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This, according to the report, reflects a 4.59 percent increase in voice subscription quarter on quarter.

“Telecoms data for Q2 and Q3 2020 reflected that a total of 196,242,456 and 205,252,058 subscribers were active on voice as against 189,282,796 in Q1 2020. This represented a 4.59% increase in voice subscriptions QoQ.

“Similarly, a total of 143,636,816 and 151,512,122 subscribers were active on the internet as against 136,203,231 in Q1 2020. This represented a 5.48% growth in internet subscriptions QoQ. Lagos State has the highest number of subscribers in terms of active voice per State in Q3 2020 and is closely followed by Kano and Ogun States respectively while Bayelsa and Ekiti States have the least number of subscribers,” the NBS explained.

The report also revealed that Lagos State recorded the highest number of subscribers in terms of active voice and internet in the quarter under review with MTN having the highest share of subscriptions.

This was closely followed by Kano and Ogun States respectively while Bayelsa and the Ebonyi States had the least number of subscribers.

MTN had the highest share of subscriptions. This is closely followed by GLO, AIRTEL, and EMTS respectively.

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The latest Consumer Price Index (CPI) report released on Tuesday revealed that the over two-year high is largely due to the supply disruption of goods and services caused by the COVID-19 pandemic.

The NBS added that on a month-on-month basis, the headline index increased by 1.34% in August 2020.

“The Consumer Price Index, (CPI) which measures inflation increased by 13.22 percent (year-on-year) in August 2020. This is 0.40 percent points higher than the rate recorded in July 2020 (12.82 percent).

“The percentage change in the average composite CPI for the twelve months period ending August 2020 over the average of the CPI for the previous twelve months period was 12.23 percent, representing a 0.18 percent point rise from 12.05 percent recorded in July 2020,” the report read .

The report also showed that food inflation hit the 16% mark in the month in review from the 15.48% recorded in July, signaling the impact of rising prices of basic food items.

“This rise in the food index was caused by an increase in prices of bread and cereals, potatoes, yam, and other tubers, meat, fish, fruits, oils and fats, and vegetables.

It added that “On a month-on-month basis, the food sub-index increased by 1.67 percent in August 2020, up by 0.15 percent points from 1.52 percent recorded in July 2020”, it added.

Meanwhile, core inflation which excludes the prices of volatile agricultural produce stood at 10.52 percent in August 2020, up by 0.42 percent when compared with 10.10 percent recorded in July 2020.

The report further revealed  that urban inflation rose to 13.83% year on year from the 13.40% recorded in July, but on a month on month basis, the index climbed 1.42%, while rural inflation stood at 12.65%.

It added that inflation was highest in Kogi (17.29%), Bauchi (15.77%), Ebonyi, and Yobe (14.71%), while Lagos (11.45%), Kwara (11.22%), and Abuja (11.17%) recorded the slowest rise in headline Year on Year inflation.

The Central Bank had predicted that inflation is likely to rise up to 14.15% at the end of December due to supply shocks as a result of the coronavirus pandemic, which has curtailed economic activity and created disruptions.

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Mrs. Zainab Ahmed, who is the Minister of Finance, Budget and National Planning, briefed Journalists on Wednesday after the Federal Executive Council (FEC) meeting in Abuja, adding that recent figures from the Nigeria Bureau of Statistics (NBS) were noticed since September.

The Minister informed that the increase in food inflation witnessed in September and October is linked to the increase in prices of food, propelled by the border closure.

“Headline inflation declined for several months before we noticed an uptake in the last two months and now headline inflation is at 11.61 percent as at the end of October.

“The slight increase between September and October is due to increases in food inflation ascribed to increase in prices of cereals, rice, and fish.

“Part of the reason is the border closure; the closure is very short and temporary and the increase is just by 2 basis points,” she explained.

Mrs. Ahmed pointed out that discussions with neighbouring countries on the border closure have advanced and the Federal Government is expecting every party to respect the protocols they are all committed to.

She stressed that the government is making sure that the economy does not suffer once the African Continental Free Trade Area Agreement (AfCFTA) comes into effect.

“The border closure is temporary; we have really advanced on the discussion between ourselves and our neighbours and we expect that the outcomes of those discussions and agreement are that each party will respect the protocols that we all committed to and then the borders will be open again.

“What we are doing is important for our economy as we signed on to the AfCFTA, we have to make sure that we put in place, checks to make sure that our economy is not overrun as a result of the coming into effect of the AfCFTA and that’s why we have this border closure to return to the discipline of respecting the protocols that we are all committed to.”

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According to the  report,  the average price of one kilogramme of tomatoes reduced from N317.67 recorded in June 2018 to N226.07 in June 2019, representing a 28.84 per cent decrease.

It added that the price of one kilogramme of tomatoes reduced from N249.52 recorded in May 2019 to N226.07 in June, also representing a 9.40 per cent reduction.

NBS,  in its report, also revealed that the average cost of one kilogramme of rice (imported high quality sold loose) decreased from N373.47 in June 2018 to N352.82 in June 2019.

The price of one kilogramme of rice, according to it, reduced from N361.39 recorded in May 2019 to N352.82 in June 2019, representing a 2.37 per cent decrease.

The bureau explained that fieldwork was done solely by more than 700 NBS staff in all states across the country,

It added that the fieldwork was supported by supervisors who were monitored by internal and external observers.

NBS hinted  that the prices were collected across all the 774 local government areas, as well as the Federal Capital Territory (FCT) from over 10,000 respondents and locations, stressing that they reflect actual prices households said they actually bought the items.

It said the average of all the prices was reported for each state, adding that the average for the country was the average for the state.

“Selected food price watch data for June 2019 reflected that the average price of 1 dozen of Agric eggs medium size decreased year-on-year by -8.23% and increased month-on-month by 6.55% to N495.32 in June 2019 from N464.87 in May 2019, while the average price of piece of Agric eggs medium size (price of one) decreased year-on-year by -5.01% and month-on-month by -8.20% to N39.30 in June 2019 from N42.82 in May 2019.

“The average price of 1kg of tomato decreased year-on-year by -28.84% and month-on-month by -9.40% to N226.07 in June 2019 from N249.52 in May 2019.

“The average price of 1kg of rice (imported high quality sold loose) decreased year-on-year by -5.53% and month-on-month by -2.37% to N352.82 in June 2019 from N361.39 in May 2019.

“Similarly, the average price of 1kg of yam tuber decreased year-on-year by -36.27% and month-on-month by -15.68% to N182.15 in June 2019 from N216.03 in May 2019″, the report reads.

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According to the latest data released by the National Bureau of Statistics (NBS) on Tuesday revealed that the headline index fell to 1.07 percent on a month-on-month basis, indicating a decline of 0.04 percent points from the rate recorded in May.

“The consumer price index, (CPI) which measures inflation increased by 11.22 percent (year-on-year) in June 2019. This is 0.18 percent points lower than the rate recorded in May 2019 (11.40) percent.

“On a month-on-month basis, the Headline index increased by 1.07 percent in June 2019, this is 0.04 percent rate lower than the rate recorded in May 2019 (1.11) percent.”

Also, the urban inflation rate fell to 11.61 percent year-on-year in the month under review, while the rural inflation rate eased to 10.87 percent from 11.08 percent.

“The urban inflation rate increased by 11.61percent (year-on-year) in June 2019 from 11.76 percent recorded in May 2019, while the rural inflation rate increased by 10.87 percent in June 2019 from 11.08 percent in May 2019.

“On a month-on-month basis, the urban index rose by 1.10 percent in June 2019, up by 0.05 from 1.15 percent recorded in May 2019, while the rural index also rose by 1.05 percent in June 2019, up by 0.02 from the rate recorded in May 2019 (1.07) percent.”

The composite food index stood at 13.56 percent in June, compared to the previous months 13.79 percent as increases were recorded in prices of bread and cereals, meat, fish, vegetables and fruits among others.

“The composite food index stood at 13.56 percent in June 2019 compared to 13.79 percent in May 2019.”

This rise, according to the report, was caused by increases in prices of Bread and cereals, Meat, Oils and fats, Potatoes, yam and other tubers, Fish, Vegetables and fruits.

“On a month-on-month basis, the food sub-index increased by 1.36 percent in June 2019, down by 0.05 percent points from 1.41 percent recorded in May 2019.

“The average annual rate of change of the Food sub-index for the twelve-month period ending June 2019 over the previous twelve-month average was 13.42 percent, 0.05 percent points higher from the average annual rate of change recorded in May 2019 (13.37) percent.”

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