Food Prices May Rise Again as Insecurity and Global Conflicts Threaten Supply — LCCI Warns
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Food Prices May Rise Again as Insecurity and Global Conflicts Threaten Supply — LCCI Warns
The Lagos Chamber of Commerce and Industry (LCCI) has raised concerns that ongoing global tensions and the increasing rate of herdsmen-farmers clashes in Nigeria could drive up food prices in the coming months.
Dr. Chinyere Almona, Director-General of the LCCI, issued this warning on Tuesday in Lagos while reacting to the latest inflation report released by the National Bureau of Statistics (NBS), which shows that Nigeria’s headline inflation rate fell slightly to 22.97 percent in May from 23.71 percent in April.
Almona described the modest drop as a welcome development after months of rising inflation. She linked the slight improvement to tighter monetary policies by the Central Bank of Nigeria (CBN), including higher interest rates and efforts to control liquidity.
However, she cautioned that the gains might not last due to worsening security conditions, climate-related challenges and global supply risks.
She warned, “The recent spate of herdsmen-farmers clashes in the Middle Belt and flooding disasters are negative signals capable of limiting food harvests this year. Logistics and supply chain risks also loom due to current escalations in the Middle East and the deadlocked ceasefire talks between Russia and Ukraine.
Importing fuel and other products may become more expensive as oil prices have risen due to ongoing tensions and trade wars.
These shocks pose significant risks to food availability and prices, which can drive food inflation—an essential component of the headline inflation index in the third and fourth quarters of 2025.”
Almona urged the federal government to act quickly by addressing insecurity, improving agricultural infrastructure, and ensuring better coordination of economic policies.
She emphasized the need for a well-balanced mix of fiscal and monetary reforms, particularly in the oil and gas sector, which has previously helped slow down rising fuel prices.
With food being a major driver of inflation in Nigeria, experts warn that ignoring these risks could worsen the economic burden on millions of Nigerians already struggling with high living costs.
