Top Posts
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
WHO unveils an ambitious blueprint for action on...
New report shows nearly 900 million poor people...
Lagos to Host 2025 International Climate Change Summit
New study shows overheating world will add 57...
NAICOM urges W’African insurers to invest in climate...
Climate change: Nigeria, development partners launch Net Zero...
Nigeria launches net zero project to fight climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
Nigeria

Flood: IMF says Nigeria risks food crisis in 2023

by Segun Ogunlade November 21, 2022
written by Segun Ogunlade November 21, 2022
620

Following devastating floods that ravaged many states in Nigeria, the International Monetary Fund has warned Nigerians to brace up for higher food prices in 2023.

According to the National Bureau of Statistics, food inflation has already hit 23.72 per cent on a year-on-year basis in October 2022, with inflation on certain food items rising to between 50 – 100 per cent.

The IMF however said that In 2023, the prices are expected to rise further, following the floods that affected agricultural productivity, adding that volatility in the value of the naira, the Federal Government’s continued dependence on the Central Bank of Nigeria for financing its budget deficit are also risk factors.

It added that despite Nigeria’s limited direct exposure, the war in Ukraine was affecting the nation through higher domestic food prices. The IMF said high food insecurity was compounding the pandemic’s effect on Nigeria’s vulnerability.

It stated that the nation’s headline inflation should moderate by the end of 2022 because of the start of the harvest season, although it also projected an increase in rice prices caused by recent flooding.

The IMF further stated that over the next 10 years, the nation would have to create about 25 million additional jobs to employ the new labour market entrants adding that boosting production and yields through improved input usage, especially through affordable fertilizers and higher quality seeds, better storage facilities and more coordinated policy support across government agencies are recommended for agriculture to continue playing a strong role in employment and ensure food security.

Story was adapted from Punch.

2023FloodingIMFNigeria
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Climate Change: Tuvalu creates Digital Nation in metaverse
next post
Report: Empowering female farmers helps combat climate change

Related Posts

Lagos to Host 2025 International Climate Change Summit

October 20, 2025

NAICOM urges W’African insurers to invest in climate...

October 16, 2025

Climate change: Nigeria, development partners launch Net Zero...

October 16, 2025

Nigeria launches net zero project to fight climate...

October 14, 2025

CSOs reject water privatisation, seek more investment to...

October 14, 2025

NAICOM speaks on impact of climate change

October 14, 2025

NDDC, others push for climate change awareness in...

October 9, 2025

Report: Nigeria, others may lose $300 billion, 49m...

October 3, 2025

Nigeria insurers prepare to global delegates on climate...

October 3, 2025

Borno govt, NGOs demand funding on climate change...

October 1, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World