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Monday, May 16, 2022

Most Nigerians cannot afford food due to high cost ~Report

Nigeria is now regarded as the second poorest country in the world in terms of food affordability, according to a new report by the Institute of Development Studies, a UK-based think tank.

The report was compiled through a publicly available global cost-of-living database, Numbeo, and is used in creating a ‘cost of food basics’ analysis that compares the monthly minimum recommended spend on food per adult and monthly average wage in 107 countries across the world.

The minimum recommended amount of food is based on 12-14 basic items that together would account for 2,100 calories per adult per day which is the level recommended by the World Health Organisation (WHO) for energy needs.

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The Cost of Food Basics found that, more than one year since the outbreak of COVID-19, there is vast disparity between countries in terms of the proportion of average wages needed to afford enough food.

The report listed the top 10 countries where basic food is least affordable as Syria, Nigeria, Ethiopia, Philippines, Sri Lanka, Ghana, Indonesia, Algeria, Iran and Uzbekistan.

Basic food is least affordable in Syria, where the minimum recommended monthly spend would account for 177 percent of average wage income per adult, followed by Nigeria where 101 percent of the average wage is spent on food.

A report last year by data firm Statista, pegged the average living wage in Nigeria at N43,200 which is 30.60 percent higher than the minimum wage set at N30,000; a figure which several states are yet to meet up with.

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