Social and Behavioral Sciences Commons^™

Keynote Address, Godwin I. Emefiele Con

Economic and Financial Review

The 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.

Welcome Address, Itohan M. Ogbomon-Paul

Economic and Financial Review

The theme of this year’s Seminar is tagged “Food Security in Nigeria: Options for policy”. The central focus of the Seminar is to discuss policy options for tackling the challenges of food insecurity, with the resultant outcomes on poverty reduction, job and wealth creation, as well as overall growth and development of the Nigerian economy. This year’s Seminar provides a unique opportunity for us all, because food holds the key to quality human existence. Indeed, food security is at the core of every nation’s development agenda. The quantity and quality of food available to the citizenry is correlated with the …

Food Security, Economic Growth And Price Stability Nexus And Conceptual Issues, Park O. Idisi

Economic and Financial Review

A strong argument that encourages analysing food security and food price stability issues is importance to economic well-being. Nigeria is one of the most food insecure countries and highly affected by all three drivers. For one, the country is vulnerable to price instability and successively hit by environmental disasters, that impact people’s livelihoods. Furthermore, its economy is thriving, but around 48.0 per cent of its population lives below the poverty line (World Bank, 2020; World Poverty Clock, 2020). In addition to that, since 2009 northeastern Nigeria is struck by insurgency. Essentially, sustainability in economic growth is dependent on achievement of …

A Review Of Federal Government Support Policies And Programmes For Food Security: A Farmers Perspective, Muhammad A, Liman

Economic and Financial Review

To properly address the above topic, we need to examine how the farming community evolved over the years in Nigeria. We equally need to understand the impact of the support policies and programmes of the Federal Government, analyse them, identify which aspects of these policies and programmes require review, and then offer a way forward. We need to examine and define some terms and raise questions that will form the basis of our presentation. These include: Who is a farmer? What is food security? What are the current Federal Government support policies and programmes? How have these policies and programmes …

Socio-Economic And Environmental Issues: Implications For Food Security In Nigeria, Isaiah O. Olurinola, Evans Osabuohien

Economic and Financial Review

Socio-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 …

Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Kabir Ibrahim Mnia, Fnim, Acc

Economic and Financial Review

This paper seeks to advise on how to tackle the skyrocketing prices of food being experienced today all over the nation and to get the Government to take urgent and proactive actions to avert the pain being experienced by the entire Nigerian people.

Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Gabriel S. Umoh

Economic and Financial Review

This paper reviews food crisis and its causes in Nigeria. It takes the position that food crisis has been simmering in Nigeria for the past couple of years and identifies policy instability, poor policy implementation and declining household purchasing power, among others as the major causes of food crisis. It recommends strong policy support and implementation, automatic indexation of wages and pensions and other measures to curb food crisis in the country.

Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Alwan A. Hassan

Economic and Financial Review

Nigeria 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 …

Special Remarks, Kingsley Obiora

Economic and Financial Review

The theme of this year’s Seminar, Food Security in Nigeria: Options for Policy, is apt, timely and consistent with the current efforts of this administration and the Bank in finding sustainable solutions to the food security challenges confronting us as a nation. As we all know, food is a basic need of every man and key to socio-economic stability. The ability of a country to feed its people, and perhaps extend the surplus to other countries, is one of the key indicators of good standing in the comity of nations. The World Food Summit (1996), defined food security as a …

Addressing Food Insecurity In Nigeria: Lessons From Jurisdictional Experiences, Biodun Adedipe

Economic and Financial Review

The 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 …

Socio-Economic And Environmental Issues: Implications For Food Security In Nigeria, Isaiah O. Olurinola, Evans Osabuohien

Economic and Financial Review

Nigeria has made many policies toward improving the contribution of the agricultural sector in the economy; however, there is a need to fine-tune some of the policies, particularly regarding food security.

There is a need for systemic intervention in the transformation of the agricultural sector including the modernisation/formalisation of the informal sector. T

Therefore, this paper sets out to, among others, investigate the state of food security in Nigeria, especially in relation to the current socio-economic and environmental issues affecting agricultural productivity, and then proffers some policy analytical models and recommendations for ensuring food security in the country.

Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Emmanuel A. Onwioduokit

Economic and Financial Review

Discussions on food security have gained traction in the recent past, especially in Africa and other developing economies. Several horrifying images of famished families, particularly around “The Horn of Africa” including Somalia, Ethiopia, and some parts of Kenya, projected globally in both the print and electronic media vividly illustrate the perils of food crises. In Nigeria, food constitute a substantial share of family budgets, particularly for low-income households. When prices of essential foods items increase poorer people suffer the adverse impacts more disproportionately. While clothing and shelter are basic necessities of life, food remains the most vital, given its centrality …

Enhancing Institutional Lending To The Agricultural Sector By Derisking The Value Chain: The Case Of Nigerian Incentive Based Risk Sharing System For Agricultural Lending (Nirsal), Ishaku Mikloda Polycarp

Bullion

There is no gainsaying that agriculture is one of the most important sectors in the Nigerian economy as it employs at least 60% of Nigerians and contributes up to 23.11% of the country's GDP. The performance of the agricultural sector has not been encouraging over the years, resulting in the importation of over N 1.0 trillion in wheat, rice, sugar and fish. Policy responses towards channeling financial resources to the agricultural sector in Nigeria have a long history through government and CBN sponsored programmes. Among CBN intervention schemes is the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL). It …

The Contribution Of Finance To Agricultural Production In Nigeria, O. M. Mbutor, R. E. Ochu, I. I. Okafor

Economic and Financial Review

Several studies have found a positive correlation between agricultural financing and the performance of the agricultural sector. But fewer efforts have been directed at sieving out the agricultural output that is exclusively associated with the extent of funding. This study aimed to ascertain the actual portion of total agricultural output that could be attributed to agricultural financing in Nigeria. The vector error correction methodology was applied following the nature of data properties. The results showed a positive effect of finance on agricultural output. However, variance decomposition revealed the poor state of agricultural financing with a disproportionate dependence of the sector …

The Role Of Agriculture In The Nigerian Economy, A. O.G. Otiti

Bullion

Agriculture was the mainstay of the Nigerian economy before the so-called oil boom which has brought about a rapid decline in agricultural production, virtual stagnation in the rural economy, marked movement of population from the rural to urban centres and high cost of food items. The article examines some recent developments in the agricultural sector of the Nigerian economy. It also discusses some of the role of Central Bank of Nigeria in promoting agriculture through adequate funding.