Business News

World Food Program (WFP) to stop buying food in Nigeria until prices become stable

The United Nations World Food Program (WFP) has stated that it is reviewing its local food procurement and will only buy food in Nigeria when the prices become stable.

The organisation disclosed this in a news release where he stated that a monitoring exercise in Borno, Yobe and Kano states revealed the skyrocketing inflation in food prices posing greater stress on displaced population who are unable to farm.

David Stevenson, WFP’s Country Director and Representative in Nigeria said that the group has limited stock of food to continue its operations and will only purchase food for local markets in Nigeria when prices become stable.

Naijaonpoint earlier reported that food producers- Olam Agric and Nigeria Flour Mills had stopped purchasing grains such as maize and sorghum over the rapid increase in prices and to allow the market to become stable. Soaring inflation and market prices have diminished the purchasing power of numerous Nigerian families, particularly in the conflict-stricken Northeast region of the country.