Food Security Commons^™

Impact Of Covid-19 Pandemic On The Nigeria Stock Market: A Sectoral Stock Prices Analysis, Peter A. Adekunle, Yakubu A. Bello, Udochukwu G. Nwachukwu

CBN Journal of Applied Statistics (JAS)

This study examines the impact of the COVID-19 pandemic on sectoral stock prices in Nigeria stock market using daily data covering from February 28, 2020 to June 26, 2020. Applying the autoregressive distributed lag (ARDL) bounds test, the study finds that COVID-19 pandemic had adverse impact on the stock market indices in the short run. Furthermore, the study documents negative response of sectoral stock prices to the pandemic while the stock prices of the banking sub-sector are the worst hit. Compared to the consumer goods, and industrial subsector indices, the speed of adjustment to long run equilibrium is faster for …

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 …

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.

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 …

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, 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 …

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 …

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, 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, 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 …

Causal Relationship Between Stock Market Index And Exchange Rate: Evidence From Nigeria, Abdulrasheed Zubair

CBN Journal of Applied Statistics (JAS)

This paper uses Johansen’s cointegration to test for the possibility of cointegration and Granger-causality to estimate the causal relationship between stock market index and monetary indicators (exchange rate and M2) before and during the global financial crisis for Nigeria, using monthly data for the period 2001–2011. Results suggest absence of long-run relationship before and during the crisis. The Granger-causality tests show a uni-directional causality running from M2 to ASI before the crisis while during the period of the crisis there is absence of causality between the variables. This suggests that ASI show responsiveness to M2. Thus, absence of the direct …

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 …

Determinants Of Foreign Reserves In Nigeria: An Autoregressive Distributed Lag Approach, David Irefin, Baba N. Yaaba

CBN Journal of Applied Statistics (JAS)

On global scale, central banks’ holdings of foreign reserves have escalated sharply in recent years. World international reserves holdings have risen significantly from US$1.2 trillion in 1995 to nearly US$10.0 trillion in June 2011. Dominant among these reserves are concentrated in the hands of few countries. Ten major holders of foreign reserves are mostly from Asia. Oil exporting countries in Africa and the Middle East are not left out in this trend. Nigeria’s foreign reserves rose from US$5.5 billion in 1999 to US$62.40 billion in July 2008, making Nigeria the twenty-fourth largest reserves holder in the world. This pace of …

An Assessment Of The Operations Of The Presidential Initiatives On Agriculture In Nigeria: 2001-2007, C.M. Anyanwu, B. A. G. Amoo, L. I. Odey, O. M. Adebayo

CBN Occasional Papers

This paper attempts to assess the Operations of the Presidential Initiatives on Agriculture in Nigeria: 2001-2007 necessitated due to a decline in the performance of the agricultural sector during the oil boom. Particular attention is given to four major programmes i.e. vegetable oils, rice, cassava and tropical fruits which appraise the milestones that have been covered, vis-a-vis the objectives and targets set for each initiative. Adopting the survey method, the primary and secondary data sources were used. Findings from the study revealed that the Vegetable Oil Development Programme (VODEP) made significant progress with an increase in total vegetable oil production …