Brace up for higher prices of commodities, economist warns Nigerians

Senior Economist and Partner, SPM Professionals, Paul Alaje, has predicted a higher price of commodities and consumption in the Nigeria. 

He said this is as a result of the aftermath of the recent floods across the country that destroyed Rice farms and made inaccessible, linking roads to convey fuel.

Alaje, who stated this in an interview on a national TV monitored by our reporter, said that families with reduced purchasing power would be compelled to consume less rice during the festive season.

“What people usually eat during Christmas and New Year celebration is rice; and I can tell you that the price if rice increased from N27,500 to N33,000 at Factory price. At the market price from N28,500 to about N35,000 in some markets and as far as N40,000 in other markets. What changed? Not the price of Diesel, it remained at over N800 per litre, not to price of logistics. 

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Alaje further stated that the flood situation had also led to increase in fuel prices, especially in the North, as major link roads between the North and the South have been submerged in water.