Barely a month after the closure of the borders by the Federal Government, inflation rate in the country increased by 0.22 percent.
The Consumer Price Index released by the National Bureau of Statistics (NBS), on Tuesday showed inflation index rose to 11.24 percent in September compared to the 11.02 percent recorded in August.
Prices of food items have been on a steady increase since August when the Federal Government closed Nigeria’s borders to the neighbouring countries.
The NBS report stated that increases were recorded in all the divisions that determined the index. It said the food index rose by 13.51 percent in September compared to 13.17 per cent in August.
It said the rise in the food index was caused by increase in prices of bread and cereals, oils and fats, meat, potatoes, yam and other tubers, fish and vegetables.
The report reads in part: “The consumer price index, which measures inflation increased by 11.24 per cent year-on-year in September 2019.
“This is 0.22 per cent points higher than the rate recorded in August 2019 (11.02) percent.On month-on-month basis, the headline index increased by 1.04 per cent in September 2019; this is 0.05 per cent rate higher than the rate recorded in August 2019 (0.99) percent.”
President Muhammadu Buhari insists that the border closure was an effort to support farming, fisheries and livestock sectors.
The President, stated this on Tuesday during the second National Unity Food Fair 2019 organised by the National Council of Women Societies in collaboration with Travel Marketing Partners (Nigeria) Limited.
The President, who was represented by the Vice Chairman of National Food Security Council and Governor of Kebbi State, Abubakar Atiku Bagudu, said he was not aware of protests against the closure of the nation’s borders, adding that the decision had been embraced by farmers who were already happy over it, as demand for locally produced foods had increased.