As a policy objective, the attainment of food security in Nigeria began facing challenges prior to independence when oil exportation began in 1958. But the challenges became pronounced and persistent after the commencement of large-scale oil exports in the early 1970s, when the country nearly abandoned agriculture in pursuit of newfound oil wealth. Self-sufficiency in food production and agricultural export earnings, aided by widespread cultivation of food crops and regional specialisation in cash crops – the cocoa mountains in the west, the oil palm and kernel heaps in the east, and groundnut pyramids in the north – began to diminish and disappear respectively. Within a few years after independence in 1960, the agricultural sector transitioned from a net foreign exchange earner to net foreign exchange drain.
Recently released inflation rate report by the NBS shows a further decline in consumer price index in December 2017. At 15.37 percent, the CPI was 0.53 percentage points lower than the 15.90 percent recorded in November 2017. The food sub-index decreased to 19.42 percent from 20.21 percent, indicating reduced pressure on food prices in the review period. Core sub-index fell slightly to 12.1 percent from 12.21 percent in the preceding month. Going forward, the ability of the Central Bank of Nigeria (CBN) to control inflation in 2018 may be hampered by monetary injections by the government and politicians towards budgetary expenditure and election campaigns, respectively.
Recently released data by the Debt Management Office reveals a further increase in Nigerias debt stock as at the end of 2017Q3. Total debt stock stood at N20.37 trillion as at September 20172, increasing by 3.75 percent Quarter-over- Quarter and 20.67 percent Year-on-Year. External debts rose 2 percent to N4.69 trillion, while domestic debts (FGN and States) grew by 4.3 percent to N15.68 trillion both accounting for approximately 23 percent and 77 percent of total debt stock respectively. Obviously, Nigerias increasing debt accumulation at a rate faster than GDP growth rate, clearly exacerbates difficulties in meeting debt repayment and sustainability of debt servicing measures. The recent borrowing surge should be utilized to provide socially viable and profitable infrastructure so as to minimize the future debt burden.
This paper examines the effect of inward FDI in West Africa on exports to EU countries. It investigates from a host country perspective, the impact of FDI on different export categories: primary, intermediate, and final goods.
Gross Domestic Product: Agriculture Gross Domestic Product growth rate recorded its highest point in 2006Q1 but fell sharply subsequently. Particularly, the slow growth recorded in 2015 and 2016Q1 is