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 […]


Redefining our priorities: Food, not tobacco

Nigeria has a population of over 200 million people and is one of the largest producers of tobacco in Africa. However, Nigeria faces significant challenges in achieving food security. With a growing population, there is a need for Nigeria to prioritise food production over tobacco farming. This is because about 40 percent of Nigerians are […]

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Agricultural Development Financing and Food Inflation in Nigeria: What the Government may need to do differently

Over the years, the Nigerian government has deployed development financing initiatives to boost food production through increased access to finance for farmers and other small businesses in the sector. While progress may have been made in some areas, the country is still at a critical juncture, as access to food and its affordability remain a […]


Towards A Data-driven Agenda among Indigenous Businesses in Africa

African indigenous businesses (AIBs) are in the nascent stages of becoming data-driven and innovative through data analytics. The data-driven agenda looks promising in industries like manufacturing (distribution), health, agriculture, and online platforms like social media, with enterprises deriving economic and symbolic value from descriptive, diagnostic, and predictive analytics. These data-driven activities tend to be often […]


Nigeria Economic Update (Issue 17)

sector According to the data on credit allocation by sector released by the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs) ‘s allocation to the agricultural sector rose to approximately N1.458 trillion in December 2021 from N1.049 trillion recorded in December 2020.1 This represents a 38.88 percent increase year-on-year. The CBN’s development financing initiatives, including the […]


Nigeria Economic Update (Issue 10)

The National Bureau of Statistics (NBS) data shows that headline inflation for February 2022 was 15.7 percent. Headline inflation in February 2022 is 0.1 percent points higher than 15.6 percent recorded in January 2022 (month-on-month), although 1.63 percent points lower than 17.3 percent in February 2021 (year-on-year).1 Food inflation was 17.1 percent, and core inflation […]


Facilitating Finance and Global Trade for Small and Marginal Farmers in Africa

Agriculture has been an integral part of the human society, the most persisting productive human engagement across times and space. Globally, about 5 billion hectares are classified as agricultural land (comprising native as well as cultivated pasture). Of this figure, 25 percent is accounted for by the industrialized countries, an amount that at the global […]


Efficiency of Food Reserves in Enhancing Food Security in Developing Countries: The Nigerian Experience

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 […]


Nigeria Economic Update (Issue 33)

Recent reports suggest that a forex restriction on food imports into Nigeria will be implemented in the coming months1. The Apex bank had enlisted, in 2015, 41 items as invalid for foreign exchange at the Nigerian forex markets. This list is set to increase if the recent directive to ban forex for imported food items […]


Nigeria Economic Update (Issue 40)

The World Bank’s recent Africa Pulse publication reveals a revised 2018 growth rate forecast for Nigeria from the earlier projected 2.1 percent to 1.9 percent1 – representing a slight downward review. The revision was premised around what the institution termed “sluggish growth” amid rising debts, and a myriad of factors including declining oil production, disruptions […]