Ekiti: NBS Report Proof of Effectiveness of Oyebanji’s Agriculture Initiative

Gbenga Sodeinde in Ado Ekiti

The Government of Ekiti State yesterday welcomed the National Bureau of Statistics (NBS) August 2025 Consumer Price Index (CPI) report, which showed a moderation of food prices in the State.

The NBS, in its monthly CPI for August, noted that food prices, often the driver of state-level inflation, actually eased significantly during the period.

According to the report, food index dropped by 6.8 percent month-on-month, while annual food inflation at 16.8 percent, is currently below the national average.

The significant improvement, though still far from the target set by Oyebanji, was as a result of concerted efforts and the administration’s huge investment in agriculture development, he said.

The administration’s approach to agriculture is anchored on youth involvement as well as the Government’s strategic partnership with the private sector. This has led to more youth involvement in agriculture with attendant food surplus and drop in cost of food items.

In addition, the price moderation reflects the impact of Ounje Ekiti, an initiative of the Ilu Eye Trading Company, which now undertakes strategic intervention in boosting food supply.

However, the Government also noted the NBS report, which indicated that the State had the highest inflation rate for August. According to the NBS release, the State recorded an all-item inflation rate of 28.2 percent year-on-year.

The report indicated that inflation in Ekiti is powered by non-food categories such as housing, transport, electricity and other services.