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BMO knocks Bloomberg over report on surging food prices in Nigeria

food items in the market nigeria

The Buhari Media Organisation (BMO) Monday discredited a report by an international media organization, Bloomberg in which it claimed that there was a further surge in food prices as a result of the Federal government’s decision to curb spending on food imports.

The pro-Buhari group also accused Bloomberg of not conducting wide-ranging interviews to back up its position that the new policy could threaten food supplies and push up prices.

The group further accused the media organization of only interviewing those who would confirm pre-conceived story ideas.

BMO, in a statement by its Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, said: “A cursory look through the news item showed that the reporter preferred to speak to an Abuja-based trader who sells imported rice and wheat, so it is not entirely unexpected that she would lament that ‘food will be scarce and very very expensive’.

“We know for a fact that the umbrella body of small business owners in Nigeria has hailed the decision to place food on the Central Bank of Nigeria’s foreign exchange exclusion list, but there was no reference to this important group which has since indicated its readiness to cash in on the situation.

“What is even more preposterous about the publication is that Bloomberg quoted a history lecturer at one University in Cameroon who may not know so much about Nigeria and may not even have visited the country this year.

“The lecturer claimed that ‘many families have abandoned their farms and the crops on them have been stolen, destroyed by war or abandoned’. The question is which part of Nigeria is the supposed authority talking about where farmlands have been destroyed by war?

“There is a part of the country known as the food basket of the nation and the last time we checked, there is no war in the area and even the farmers-herdsmen crisis that was referenced has virtually disappeared in the entire geopolitical zone

“While we are not saying that there is no security challenge in some parts of the country, only an outsider would give the impression that a large chunk of farmland in a country as large as Nigeria is in a desolate state. And this is the authority the Bloomberg reporter deemed fit to quote,” it added.

BMO also wondered why the reporter did not bother to make an on-the-spot visit to some farming communities or even attempt to balance the story and give his readers the opportunity to make up their minds on the new policy direction.

“In the haste to paint a doomsday scenario, we were told that the food price index in Nigeria has risen almost 80% since the start of 2015 and that it has pushed inflation above the Central Bank’s target.

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“We wonder where the reporter got her food price figure from, because they do not reflect the reality in many parts of the country. Only a few days ago, the influential Business Day reported that the prices of staple food such as rice tomato and beans have been on the decline in the last few weeks, especially as the harvest season has started.

“In fact, it is the third month running that food prices have dropped, according to data from the National Bureau of Statistics (NBS)

“It is on record that inflation is on a steady decline and the last figures released by the NBS showed a near one-year low of 11.08%.The CBN had projected that the inflation rate would rise to 12% this year before moderating, but the bank is now looking forward to a single digit rate soon.

“So we are advising the Bloomberg team in Nigeria to travel round the country and speak with more people with facts and figures rather than depend on an Abuja-based dealer in imported rice, or a lecturer in Cameroon to form an opinion on issues beyond their paygrade”, the group said.

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Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.

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