Rising food prices in Nigeria are linked to global inflation, with a man revealing he paid N35,000 for a tuber of yam in Japan.
Ray Momoh, a Nigerian who resides in Japan, has illuminated one of the factors that contribute to the surging food costs in Nigeria.
Momoh, in a recent social media update, pointed out that the soaring prices of food items in Nigeria are attributed to exporting Nigerian delicacies overseas for larger profits.
Momoh recounted how he spent 3,500 Japanese yen to acquire a yam tuber in Tokyo, equivalent to roughly 35,000 naira. He further highlighted that a meager quantity of garri costs about 500 yen or approximately 5,000 naira.
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He stressed that the combined cost of both items was 7,500 yen, which is approximately equivalent to 75,000 naira.
It has become clear to me why there is a rise in food prices in Nigeria. Many African exporters of food are exporting more for higher profits, thereby contributing to the scarcity and costliness of local supplies.
“I have just purchased these yam tubers for the prices listed below.”
One yam tuber costs 3500 Japanese yen, which is equivalent to 35,000 Nigerian naira.
A small bag of garri costs 500 Japanese yen, which is equivalent to 5,000 naira per bag.
The cost of both yam and garri is equivalent to 7500 Japanese yen, which roughly translates to 75,000 Nigerian Naira.
