Oyedele Reports Nigerians Spend 120% of Income on Food

Oyedele, speaking at Chatham House in London, stated that a government survey indicated that some Nigerian households are spending up to 120% of their income on food. He noted that despite an unemployment rate of about five percent, Nigeria's poverty rate remains above 50%, indicating a significant number of working poor.

Oyedele attributed the pressure on households to high food prices, which are not decreasing as quickly as overall inflation, with food inflation recorded at 19.6 percent in September. He identified several structural issues in agriculture, including low yields, seasonal farming, post-harvest losses, and insecurity, as key factors driving food prices.

To address these challenges, the government is investing in agricultural technology, irrigation, and improved storage facilities, while also providing direct support through a cash transfer program that has reached over 10 million households. Oyedele emphasized the importance of prioritizing agriculture and non-tradable services to increase incomes and reduce reliance on cash transfers.