Plagued by rising food prices, Nigeria has just recorded its third consecutive month of inflation. This increase in the cost of living is the highest since January 2017. With a 14.5% rise in prices, November stands out as the month with the highest monthly increase since April 2018.

Based on annual data, price inflation for the month of November was 11.85% against 11.61% in October. In mid-October, Governor Godwin Emefiele announced an annual inflation rate of 12%, a consequence of maintaining the current monetary policy.

The Bureau of Statistics has published the food index separately. This revealed an increase of 14.48% in November, while in October, the rate was 14.09%. Was this increase profitable for local producers?

Last August, Nigeria experienced its lowest inflation rate in four years. The same month, the first African economic power had then closed its land borders as part of the fight against the smuggling of rice and other food products. This measure had contributed to the soaring prices.

President Muhammadu Buhari's 2020 budget, which is 10.50 trillion naira, or $34.6 billion, has already been validated. An estimated deficit of 1.52% of GDP has been budgeted, which amounts to about N2.18 trillion. It has been planned that several national and international loans will be used to fill this gap.