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Addressing Food Insecurity in Nigeria: Lessons from Jurisdictional Experiences
No full textThe challenge of food security transcends national or regional boundaries, and indeed became a global concern in 2015 when the Sustainable Development Goals (SDGs) were set. Goal 2 targets zero hunger by 2030, and that is, to end hunger, achieve food security and improved nutrition, and promote sustainable agriculture. While the entire world is not in shortage of food, there are wide disparities in food sufficiency and food security across nations, regions and continents. The SDG No. 2 is a 5x1 matrix of five targets and three actions as summarised in Table 1. The targets are five critical elements of food security and the actions or activities that will enable nations to achieve those targets. For example, to end hunger requires scaled investment in food production, agricultural infrastructure, inclusive economic growth and efficient food logistics
Food Security Strategy in Nigeria: Is there Need for a Shift in Paradigm?
No full textThe paper highlights the problem of food security in Nigeria under a rapidly increasing population and declining crop productivity and sheds light on strategies that can guarantee self-sufficiency, wealth, and employment generation.
The paper concludes that policy thrust must be on production, processing and storage to minimise post-harvest losses and enhance farmers’ incomes, foreign exchange earnings and achieve food security objectives
Socio-Economic and Environmental Issues: Implications for Food Security in Nigeria
No full textSocio-economic activities within the agricultural sector have witnessed significant changes in recent times. Two major factors account for this recent development. Available evidence shows that over the last four decades, environmental challenges (such as pollution, extreme weather, fire disaster and deforestation, among others) have been on the increase in Nigeria. This is complicated by a weak institutional framework to stem the tide (Egbetokun et al., 2018; 2020). Also, the information from Nigeria Meteorological Agency (NIMET) shows that the annual mean climatic conditions (that is rainfall and temperature) in Nigeria have witnessed huge variation (NIMET, 2020; Egbetokun et al., 2020), which have possible implications for food security.
Also, the Coronavirus (COVID-19) pandemic and attendant socio-economic challenges, such as lockdowns and restriction of movement and other social and economic activities, have further affected food production and supply resulting in food security concerns in Nigeria. Other burning issues in the Nigerian economy, such as rising insecurity, farmer-herder conflicts, and rising unemployment, particularly among the youthful population, among others, have also made food insecurity a growing concern (Osabuohien, 2021; Popoola, 2021)
Averting the Looming Food Crisis: A Clarion Call to Immediate and Near-term Policy Action
No full textNigeria suffers from food insecurity and poverty. It is estimated that the number of hungry people in Nigeria is over 53 million, which is about 25.0 per cent of the country’s total population of about 212 million. Also, about 43.0 per cent of Nigerians live below the poverty line. These statistics are worrisome, given that Nigeria, in the 1950s and 1960s, was not only self-sufficient in food production, but was also a net exporter of food to other regions of the continent (Ajayeoba, 2010). A nation is food secure when food is available and accessible in sufficient quantity and quality for a productive livelihood for every individual. The increasing issue of food insecurity, particularly in Africa has been greatly attributed to wars, conflicts, natural disasters, and bad governance (Umar, 2014)
An Alternative Class of Ratio-Regression-Type Estimator under Two-Phase Sampling Scheme
No full textIn this study, a new exponential ratio-regression estimator is developed using an auxiliary variable for estimating the finite population mean under a two-phase sampling system. The Bias and Mean Square Error (MSE) of the proposed estimator are derived and compared with some of the estimators in extant literature. Thus, the conditions under which the proposed estimator is better than some existing estimators are provided. Empirically, using four real datasets and simulation study, the proposed estimator performs better than the classical ratio, classical regression, exponential ratio, and exponential regression cum ratio estimator when compared using the criteria of bias, mean square error and percentage relative efficiency. The proposed estimator can be used to estimate the averages of economic variables such as inflation, exchange rate, and standard of living for policy formulation
Fluctuations of Macroeconomic Variables and Manufacturing Output: issues, challenges and prospects of the growth of manufacturing output in Nigeria
No full textThe study examined the impact of fluctuations of macroeconomic variables such as exchange rate, lending rates and inflation rates on the manufacturing output in Nigeria. The paper used descriptive analysis to investigate the relationship between manufacturing output and macroeconomic stability in Nigeria. The findings revealed that macroeconomic instability impacted negatively on the manufacturing output. The paper therefore recommended that policies that will streamline the multiple and volatile exchange rates, interest rate and inflation control should be designed and implemented to ensure their predictability to aid planning and attract both domestic and foreign investors to the, manufacturing sector. This is expected to increase manufacturing output in Nigeri
Keynote Address
No full textThe theme for this year’s edition, “Food Security in Nigeria: Options for Policy” is apt and in tune with the existing realities of both the global and domestic economies, which have suffered heavily from the impact of the COVID-19 pandemic. In fact, the theme could not have come at a better time than now when issues of insecurity, climate change, and COVID-19 related disruptions are challenging food production and supply, not only in Nigeria but also globally. As a matter of fact, food security is critical for national security, economic stability and sustainable development
Asymmetric Trade Flows, Monetary and Business Cycle Asynchronization Among ECOWAS Member Countries: feasibility of ECOWAS monetary union formation beyond 2020
No full textThe formation of the West African Monetary Union which was initially slated for 2003 was postponed severally in 2005, 2009, 2015 and 2020. This raises the curiosity of investigating the possibility of its formation beyond 2020. It is against this backdrop that this paper investigated asymmetric trade flows, monetary policy and business cycle asynchronization among ECOWAS member countries: Feasibility of ECOWAS Monetary union formation beyond 2020. The objective was addressed using Pearson correlation analysis on computed zscores and the seemingly unrelated regression estimation (SURE). The finding shows that the flow of trade within ECOWAS member countries were highly asymmetric indicating that these economies rely more on transaction with other developed economies. Therefore, the harmonization of the regional trade flow to enhance business cycle synchronization that will transmit into common currency formation has not been achieved simultaneously by all ECOWAS member countries. Also, the findings revealed that it is difficult to achieve primary and secondary convergence criteria simultaneously among the West African Monetary Zone ﴾WAMZ) and West Africa Economic and Monetary Union (WAEMU) member countries. On this basis, the paper recommends that, countries that is highly symmetric under WAMZ like Nigeria, Ghana and Guinea and WAEMU like Burkina Faso-Mali, Cote d\u27Ivoire-Guinea Bissau, Cote d\u27Ivoire-Mali, Cote d\u27Ivoire-Senegal, Cote d\u27Ivoire-Togo, Guinea Bissau-Mali, Guinea Bissau-Senegal should form the West African Monetary Union beyond 2020 and subsequently others that meet the criteria can catch up
Averting the Looming Food Crisis: A Clarion Call to Immediate and Near-term Policy Action
No full textFood is defined by Britannica, a web-based encyclopaedia, as any substance consisting of protein, carbohydrate, fat, and other nutrients used in the body of an organism to sustain growth and vital processes, and to furnish energy.8 In a similar definition, Wikipedia described food as any substance consumed to provide nutritional support for an organism; adding that food is usually of plant, animal or fungal origin, and contains essential nutrients. The above definitions explain why food is viewed as an essential need of life. However, the production of food has been declining in recent times for some reasons, including the adverse impacts of climate change. In this dialogue, we argue that the world may be heading for a terrible food crisis in a short while if this trend is not averted. Thus, the paper focuses on some of these issues and provides recommendations to avert the looming food crisis
Activity series of the Central Bank of Nigeria\u27s development finance interventions
No full textThe Central Bank of Nigeria (CBN) aggresively pursues credit and interest rate policies to promote inclusive economic growth. Through this, it aims to expand availability, access, and affordability of financial capital for micro, small and medium enterprises (MSMEs) With a least 24 MSMEs financing programmes of its own, the Bank manages one of the largest suites of developmental programmes among central banks. This paper attempted to serialize and characterize these programmes, hence determine their activity status and discover patterns of implementation effort patronage, and responsiveness of target enterprises to available incentives. Applying Z-score and min-max methods of normalization and geometric and arithmetic aggregation techniques., the study develops a composite indicator and establishes a broad ranking of programmes, based on cumulative loan disbursements, outreach (plan volumes) and principal repayments. Result showed that programmes specifically focussed on agriculture and those introduced to rev the economy following the COVID-19 pandemic dominated the activity series. Programmes specifically targeting youths and multi-sectors were among those with the least activity. It is recommended that the Bank identified why some interventions are not optimal, work to reverse the trend and achieve stated objectives