Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 44)

The October 2023 Cadre Harmonisé analysis on food insecurity conducted by the Food and Agricultural Organization (FAO) in partnership with the Nigerian government revealed that 26.5 million Nigerians will face severe food insecurity in 2024, and 9 million children are at risk of malnutrition. This implies that more than 10% of the population will likely experience food insecurity. Food insecurity is concentrated in a few states including Borno, Adamawa, and Yobe. The high level of food insecurity is driven by several factors including insecurity in food-producing areas, climate change impacts, and the rising prices of food. Food access and availability are hampered by insecurity as farmers relocate from the farmland to city centres, where the level of security is much better. With high food insecurity, the country also faces greater risks of health problems associated to malnutrition, a rise in social instability, and rising inequality. Children who are malnourished may have difficulty in learning in school, which exacerbates the poverty cycle. Immediate remedies that involve improving security, expanding social safety nets, diversifying food sources, and investing in agricultural infrastructure and technology are required to confront this impending problem. Long-term approaches like agricultural innovation, and capacity-building initiatives are also desperately needed to support sustainable food security and increase community resilience.

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