food

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 […]

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Nigeria Economic Update (Issue 44)

Food prices in Nigeria experienced a further increase in September 2022, according to the Selected Food Prices Watch Report for September 2022, published by the National Bureau of Statistics (NBS).2 The report highlighted the change in prices of some selected food items. For example, the average price of 1kg of Tomato on a year-on-year (YoY) […]

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Nigeria Economic Update (Issue 43)

According to the 2022 global hunger index (GHI) report, Nigeria ranked 103rd out of 121 countries, suggesting Nigeria’s weak and fragile food system.3 The GHI is a tool for measuring and tracking hunger at global, regional, and national levels. It is calculated based on the values of four component indicators – undernourishment, child wasting, child […]

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Nigeria Economic Update (Issue 32)

According to the National Bureau of Statistics (NBS), Nigeria’s inflation rose to 19.64 percent in July 2022, from 18.60 recorded in June, 2022.1 This is 2.27 percentage points higher than 17.38 per-cent recorded in July 2021. The report also shows that on a month-on-month basis, the Headline inflation rate in July 2022 was 1.82 percent, […]

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Nigeria Economic Update (Issue 27)

According to the latest transport fare watch by the National Bureau of Statistics (NBS), the average cost of air transport was N55,906.86 in May 2022, an increase of 52.95 percent from N36,552.70 paid in May 2021.4 Similarly, the cost of an inter-city bus journey stood at N3,668.64, suggesting an increase of 47.3 percent from N2,490.60 a year ago. The […]

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Nigeria Economic Update (Issue 11)

Following the food inflation of 17.1 percent in February 2022, the Selected Food Price Watch of the National Bureau of Statistics (NBS) indicates an increase in the average cost of most food items, including beans, sliced bread, groundnut oil, and tomato2. The average price per kg of beans rose by 50.1 percent from N331.5 in February […]

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Nigeria Economic Update (Issue 30)

According to the World Bank, the participation in the Nigerian labour force has declined by about 20 million workers between 2018 and 2020.¹ Even for those within the labour force, the inactive population has increased from 29 to 52 million workers between 2014 and 2020. Consequently, unemployment is at record levels as the unemployment rate […]

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Nigeria Economic Update (Issue 30)

Microsoft Word – Harvard help sheet The Nigerian Investment Promotion Commission (NIPC) reported a 67 percent decline in investment in H1 2020, compared to H1 2019. The decline saw investment fall to US$5.06 billion compared to US$15.15 billion in the preceding year2. Top destination sectors include Transportation & Storage (39%) as well as Information & […]

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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 […]

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