Oluyemisi Obe, the distinguished CEO of Prothrive Astute Heights Ltd and a recognized innovator in food processing has called for urgent government intervention to address Nigeria’s escalating food prices.
With over 9 years of pioneering experience in the food processing industry, Obe delivered a comprehensive analysis highlighting how the high cost of food has become a critical challenge facing Nigerians.
“The prices of food items have continued to skyrocket, making it difficult for many people to afford basic staples,” she explained, drawing from her extensive industry expertise.
The acclaimed food expert, referencing the National Bureau of Statistics (NBS), provided detailed market analysis showing that food inflation has consistently outpaced overall inflation.
“In October 2024, the food inflation rate reached 39.16% YoY, compared to the overall inflation rate of 33.88% YoY,” she detailed.
Obe, whose innovations have transformed local food processing, identified several critical factors driving high food costs, including insecurity, climate change impacts, and inadequate agricultural support systems.
“To tackle this effectively, the government should implement a comprehensive strategy: addressing insecurity, supporting farmers with climate-resistant seeds, releasing grains from strategic reserves, extending credit to farmers and farmer groups, and providing tax holidays to encourage private investment in grains farming,” she outlined.
The industry leader emphasized how addressing these fundamental factors could transform the sector.
“All these factors outlined will reduce the cost of production and make products affordable for end-users,” she explained.
As a pioneering force in the food processing industry, Obe highlighted her organization’s practical contributions to addressing these challenges.
Under her leadership, the company developed Grandios Pap, an innovative, nutritious, and convenient breakfast option made from locally sourced ingredients.
She reinforced the urgency of government intervention in stabilizing food prices across Nigeria.
“Government and other relevant stakeholders must keep supporting farmers. We must keep addressing insecurity, and providing incentives for private investment in grains farming.
The government can help reduce the cost of food and make it more affordable for Nigerians,” she concluded.