AVERAGE PRICE OF 1KG OF YAM TUBER DECREASED TO N211.61 IN DEC. 2017 FROM N212.27 IN NOV 2017 – NBS

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The National Bureau of Statistics, NBS, on Wednesday said that the price of yam decreased in December 2017, amidst exportation of the foodstuff to Europe.

Data released by the Bureau for December 2017 , tagged ‘Selected Food Price Watch’ revealed that the average price of 1 dozen of Agric eggs medium size increased year-on-year by 12.40% and month-on-month by 6.76% to N494.43 in December 2017 from N463.11 in November 2017 while the average price of piece of Agric eggs medium size(price of one) increased year-on-year by 4.88% and month-on-month by 1.24% to N41.32 in December 2017 from N40.82 in November 2017. 

The development came after the Nigerian government began to export yams to Europe and the United States, as part of moves to diversify its oil-dependent economy and earn much-needed foreign exchange.

Agriculture minister, Audu Ogbeh, who flagged off the first consignment of the fibrous tuber from the port in June 2017, said, “Oil and gas cannot employ millions of people just like agriculture so we must work hard to move from oil to earning foreign exchange from agriculture.”

“To make yam competitive, we will work on the packages and the right types of trucks to be used for transportation of the produce,” he had added.

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

Brand Spur Nigeria on Tuesday reported that the NBS disclosed that the food inflation rate in Nigeria was lowest in Kogi, Bauchi, and Benue as recorded in the month of December 2017 on a year-on-year basis while Kwara (24.46%), Nasarawa (22.77%) and Yobe (22.60%) have the highest rate in the country. The rise in the index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, coffee tea, and cocoa, milk cheese and eggs, fish and oils and fats.

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Further analysis of the report showed that the average price of 1kg of tomato increased year-on-year by 3.51% and decreased month-on-month by -3.56% to N276.18 in December 2017 from N286.39 in November 2017.

Also, the average price of 1kg of rice (imported high quality sold loose) decreased year-on-year by -9.58% and increased month-on-month by 2.88% to N371.21 in December 2017 from N360.83 in November 2017.

Similarly, the average price of 1kg of yam tuber decreased year-on-year by -3.67% and month-on-month by -0.31% to N211.61 in December 2017 from N212.27 in November 2017. 

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