By Obi Nwakanma
A terrible time has fallen on Nigeria. There is no hiding it. Hunger is not just rampant; it is now an epidemic. There is a food crisis, and it is inevitably leading towards massive national food riots. However, a few weeks ago, a minister in the current government said that there was no scarcity of food in Nigeria.
Well, I’m not quite certain about this minister, since most of Tinubu’s cabinet is made up of second rate, mediocre, provincial types – but elementary economics theory of scarcity connects with a price theory which is determined by the dynamics of supply and demand. Equilibrium occurs when the rise in supply meets the rise in demand. But disequilibrium happens too. This, when the demand for the resource outstrips the supply, and it leads both to exclusion, and to scarcity.
