Life 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 …

Rural Infrastructure And The Challenge Of Food Security In Nigeria, Idris A. Ayinde

Economic and Financial Review

Rural infrastructure, therefore, implies “the basic physical and organisational structures and facilities. In same vein, rural infrastructure are those forms of physical, social, human and institutional capital, which enhances rural dwellers better performance in the aspect of production, processing and distribution activities, as well as improving their overall quality of life.

Transforming The Agricultural Value Chain For Food Security In Nigeria: Any Role For Public-Private Partnership?, Stanislaus A. Ukeje

Economic and Financial Review

In the food sector, public-private-partnership (PPP) has the potential, not only to reduce the risk that farmers face, but also to improve the agricultural business environment. As the agricultural and rural sectors are the habitat of the poor, the best value chain strategy should be one that embodies poverty reduction, which can be achieved by increasing the incomes of smallholder farmers and rural dwellers.

Averting The Looming Food Crisis: A Clarion Call To Immediate And Near-Term Policy Action, Adeleye O. Oyebade Mni

Economic and Financial Review

Food 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 …

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 …

Food Security Strategy In Nigeria: Is There Need For A Shift In Paradigm?, Abubakar D. Akpa

Economic and Financial Review

The 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.

Refocusing Agricultural Subsidy For Food Security In Nigeria, Sulaiman A. Yusuf

Economic and Financial Review

Food security has remained a key human right-related issue and ranks second only to poverty on the Sustainable Development Goals (SDGs). The objectives of this paper are to identify the gaps in agriculture subsidy regime; and to identify options for refocusing of the subsidy regime to improve food security.

Following the introduction, section 2 explores the nexus of agricultural subsidy and food security, while section 3 reviews the agricultural subsidy regime in Nigeria. Section 4 discusses the input-output dimensions of agricultural subsidy in Nigeria, and in section 5, the paper takes a dive into the agricultural subsidies from international perspective. …

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 …

Role Of Public Libraries In Promoting Youth Participation In Agriculture In Nigeria: Information As A Key Driver, Felicia Omorinola Yusuf Dr., Sola Emmanuel Owolabi Mr, Michael Opeyemi Fagbohun Mr., Oyeronke Adebayo Mrs., Juliana Iwu-James Mrs.

Library Philosophy and Practice (e-journal)

The paper reviewed the integral role of public libraries in promoting youth participation in agriculture, information serving as a key driver. The population of youths in Nigeria estimated to be about 70 million establishes the need for this study, noting their relevance to economic growth and development of the agricultural sector. The major objectives of the study were to examine the perception of youths and their level of participation in agriculture in Nigeria; discuss factors limiting their participation; consider the implication of their participation; and the role of the public library in driving their productive involvement in agriculture. An appraisal …

Pro-Poor Rural Growth Of Agricultural Food Through Rural Public Library Services For The Attainment Of Sustainable Development Goals (Sdgs) In Nigeria, Abdullahi A. Bakare, Esther Temitope Olaniyi, Mosunmade Opeoluwa Oloruntola

Library Philosophy and Practice (e-journal)

The economic challenges in Nigeria make it to suffer from food insecurity which is due to low agricultural production and productivity. Specific initiatives by the Federal Government on pro-poor rural agricultural food growth to achieve SDGs to end hunger have been established. Similar structures have also been established in all the 36 States of the Federation and, in some cases, at Local Government Area level. The government is also with the support of the United Nations Development Programme (UNDP), and a wide array of stakeholders. Use of pro-poor rural agricultural food growth through rural public library services to achieve the …

Food Security Crop Price Transmission And Formation In Nigeria, Patrick L. Hatzenbuehler

Open Access Dissertations

The three studies in this dissertation explore the current conditions and operations of markets for seven key food security crops (cassava, cowpeas, maize, millet, rice, sorghum, and yams) in Nigeria.

Chapter 2 is an empirical analysis of the current agricultural statistics system in Nigeria. A number of sources gather and report agricultural statistics for the country. Since there has not been an agricultural census implemented there for multiple decades, however, there is no objective source for data verification. Therefore, this study uses two additional types of “on the ground information” to assess if agricultural production estimates reflect growing conditions: prices …

Effect Of Monetary Policy On Agricultural Sector In Nigeria, Elias A. Udeaja, Udoh A. Elijah

Economic and Financial Review

The study examinee the effect of monetary policy on agricultural sector in Nigeria, utilizing time series data for the periods spanning from 1970 to 2010. The study captures both monetary and non-monetary policy variables such as lending rate, commercial banks credit to agriculture, exchange rate, government expenditure in agriculture and inflation rate in examining the effect of monetary policy on agricultural output. The methodology adopted is the Auto- Regressive Distributed Lag (ARDL) Bound Testing Approach. The results obtained shows that exchange rate and government expenditure had positive and significant effect on agricultural output and, hence agricultural sector in Nigeria. 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 …

Adaptive Responses To Flooding Incidents In Ilorin, Kwara State, Nigeria, Habiba I. Jimoh, Kayode A. Iroye

Confluence Journal Environmental Studies (CJES), Kogi State University, Nigeria

Incidents of floods which are mainly caused by changes in landuse is fast becoming a city life experience in Ilorin as in most urban centres in Nigeria causing untold hardships and sometimes loss of lives. This extreme hydro-meteorological event is also being exacerbated by climate change which thus calls for adaptive response by residents towards reducing its risks, hence this study. Data used were generated from direct field measurements and questionnaire administration. Descriptive statistics and cross tabulations were used in analyzing the data. Results obtained indicate that most respondents use a wide range of non-structural adaptive response to flood. The …

General Agreement On Tariffs And Trade (Gaff) And The World Trade Organisation (Wto): The Major Provisions And The Implication For Nigeria, O. A. Ogunlana

CBN Occasional Papers

This paper shall review the major provisions of the GATT with respect to the Multilateral Agreements on Trade in Goods only and the likely implications for Nigeria. The review of the General Agreement on Trade in Services and the Agreement on Trade - Related Aspects of Intellectual Property Rights shall be covered in another exercise. The rest of the paper is, therefore, organised into five parts. Part I discusses the GATT’s basic principles and the major agreements of the latest multilateral trade negotiations otherwise known as the Uruguay Round. The World Trade Organization, its major functions, structure and the decision-making …

Central Bank Of Nigeria Statistical Bulletin, December 1997, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from documents like balance sheets and financial statements, which are designed for legal and administrative purposes rather than economic analysis. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. However, due to problems with imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation, major revisions were made. The Computer Services Department generates summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. …

Central Bank Of Nigeria Statistical Bulletin June 1997, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from financial statements and balance sheets, which are designed to meet legal and administrative requirements rather than economic analysis needs. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department to compile the CBN analytical accounts. However, major revisions were made due to imprecise definitions, improper classification, inadequate sectorization, inaccuracies, irregular valuation procedures, and errors in data compilation on foreign assets. The Computer Services Department uses high-level computing to generate both summary and detailed analytical balance sheets based on the end-month BANKOS 302 of the CBN, Lagos branch. The consolidation …

Central Bank Of Nigeria Statistical Bulletin, December 1996, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from documents like balance sheets and financial statements to meet legal and administrative requirements, rather than economic analysis. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, while the Financial Statistics Office compiles the analytical CBN balance sheet. Monetary authorities and deposit money banks consolidate accounts to produce monetary survey accounts. Monthly interest rate returns compute weighted average lending and deposit interest rates, and deposit rates are computed for various maturities. Clearing house statistics show the number and value of cheques cleared within the commercial banking system, reflecting the …

Central Bank Of Nigeria Statistical Bulletin, June 1996, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from documents like balance sheets and financial statements, which are primarily designed for legal and administrative purposes. The Finance and Accounts Department uses Bloomberg sources to prepare CBN accounting balance sheet data for the Research Department to compile analytical accounts. The Financial Statistics Office compiles the analytical CBN balance sheet without reclassifications or rearrangements of available accounting data. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. Monthly interest rate returns are used to compute weighted average lending and deposit interest rates. Deposit rates are computed for various maturities. Clearing …

Central Bank Of Nigeria Statistical Bulletin, December 1995, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from balance sheets and financial statements, which are primarily designed for legal and administrative purposes rather than economic analysis. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, using the monthly return of Assets and Liabilities and the summary trial balance as benchmarks. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. The consolidation of accounts of monetary authorities and deposit money banks produces monetary survey accounts. Deposit money banks are highly prone to volatility and fragility, making them subject to regulations and …

Central Bank Of Nigeria Statistical Bulletin, June 1995, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from balance sheets and financial statistics, which are designed for various logistical and administrative requirements rather than economic analysis. Final data compilation involves aggregating the financial system's accounts to discern macroeconomic tendencies. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, using the monthly return of Assets and Liabilities (BANKOS 324) as a benchmark and the summary trial balance (BANKOS 302) as a source for detailed information. The Financial Statistics Office consolidates the accounts of monetary authorities and deposit money banks, producing monetary survey accounts. Deposit money banks are …

Central Bank Of Nigeria Statistical Bulletin, December 1994, Central Bank Of Nigeria

CBN Statistical Bulletin

Financial data is compiled from various documents, such as balance sheets and financial statements, to meet legal and administrative requirements rather than economic analysis needs. The Finance and Accounts Department prepares the CBN accounting balance sheet data for the Research Department, using the monthly return of Assets and Liabilities and the summary trial balance as benchmarks. The Financial Statistics Office compiles the analytical CBN balance sheet without major reclassifications or rearrangements. Monetary survey accounts are produced by consolidating accounts of monetary authorities and deposit money banks. Monthly interest rate returns are used to compute weighted average lending and deposit interest …