Yam price increases in local markets just as FG begins exportation to Europe

Yam price increases in local markets just as FG begins exportation to Europe

- The price of of yam has increased by 4.62% between the month of May and June

- This is following the exportation of yams to Europe and the United States

- Nigeria started exporting yam as one of the ways to diversify the economy

Amid exportation of yam to Europe, the National Bureau of Statistics (NBS) on Monday, July 17 said that the price of yam increased in June.

NAIJ.com gathered that the data released by the bureau for June 2017, tagged ‘Selected Food Price Watch’ revealed that the average price of 1 kilogram of yam tuber increased by 32.84% between June 2016 and June 2017.

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This is coming after the federal government began exporting yams to Europe and the United States, as part of moves to diversify its oil-dependent economy and earn much-needed foreign exchange.

There was also a 4.62% increase in the price of yam between May and June, as the price of 1 kilogram jumped to N292.06 from N279.15 in May.

According to the UN Food and Agricultural Organization, Nigeria accounts for 61% of the world’s total yam output, and the minister said not all of it was consumed, leading to waste.

But many Nigerians had expressed fears about the policy, saying it could hit consumers in the pocket, especially in the midst of food shortages in conflict-hit parts of the northeast and food inflation pegged around 20%.

According to an earlier report by NAIJ.com, Nigeria officially kick-started the export of Nigerian yam to different parts of the world in fulfillment of the promise of Buhari's administration to diversify the economy.

The Nigeria Yam Export was launched at Lillypond Container Terminal, Ijora, Lagos on Thursday, June 29, by the minister of agriculture, Chief Audu Ogbeh.

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Speaking at the event, Ogbeh said: “The yams we export will in no way diminish the quantity we have at home. Indeed, most of the yams we produce, rot away.

In the video below, NAIJ.com TV asked some Nigerians if they still think Nigeria is the giant of Africa. Watch responses.

Source: Naija.ng

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