Premium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
How Ukraine’s Superhuman Centre is helping war heroes walk againThe value of life , By Sunday AdelajaAll Roar and No Bite: Exposing Nigeria’s Paper Tiger Election LawsSPECIAL REPORT: Antimicrobial resistance crisis heightens in Nigeria, other countriesNigeria is grappling with a multitude of significant challenges, each akin to a ‘ticking time bomb’ that threatens national stability. Among these, the most pressing yet underappreciated is food insecurity.
Food insecurity in Nigeria is not a standalone issue but a complex web of interrelated factors. One of the most significant contributors is farmers’ lack of access to affordable capital. Agriculture, which employs over 70 per cent of Nigeria’s rural population, remains stifled by high interest rates. The Central Bank of Nigeria maintains a benchmark interest rate of about 27.5 per cent, while commercial bank interest rates range between 30-40 per cent.
The impact of food insecurity extends beyond agricultural productivity. As food production declines, prices rise, worsening the social and economic fabric of the country. In June 2024, Nigeria’s inflation rate hit a record high above 33 per cent, primarily driven by rising food prices. According to the NBS, food prices increased by an average of 26.98 per cent between June 2022 and June 2023. This year, food inflation is about 40 per cent.
Furthermore, food imports compromise national security. A country that cannot feed itself is vulnerable to external shocks, as demonstrated during the COVID-19 pandemic and the ongoing Ukraine war, which disrupted global supply chains. The lesson is clear: reliance on imports makes Nigeria susceptible to global crises, while self-reliance in food production is essential for long-term stability.
Logistics and marketing systems are equally important. Efficient transportation networks are essential for moving produce from farms to markets. Meanwhile, agro-industrial processing can add value to Nigeria’s agricultural products, increasing export potential. Countries like Kenya and Ethiopia have successfully boosted their agricultural exports by investing in agro-processing industries, and Nigeria could follow a similar path.
In conclusion, food insecurity and its cousin, hunger, should not be featured in a country with vast arable land and a vibrant youth population. Food security is a vital aspect of national security. Hunger is warfare by other means. While short-term solutions like food imports may temporarily ease the situation, they do not address the underlying causes of the crisis and may exacerbate long-term problems.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria’s public policy gambles, By Dakuku PetersidePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Nigeria and the scramble for Africa 2.0, By Dakuku PetersidePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Cabinet revision: Realism versus expectations, By Dakuku PetersideThe incoming cabinet must be composed of individuals who are skilled and deeply invested in the country's well-being.
Read more »
Cabinet revision: Realism versus expectations, by Dakuku PetersideA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
Read more »
Islamist groups escalate retaliatory attacks on Burkina Faso civiliansPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
Minister Pate, don’t burn bridges after crossing them, By Osmund AgboPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »