ACCOMPLISH MAGAZINE APRIL 2024

FEATURE / ANALYSIS
addressing multifaceted factors
affecting food security.
How can Nigeria’s food crisis be
tamed?
To effectively address Nigeria’s
food crisis, the current government
should consider the following six
issues:
* Restoring Macroeconomic
Stability
To combat Nigeria's food
crisis effectively, the current
administration must confront two
significant issues: the unstable
foreign exchange rate and
prevailing insecurity. This involves
cracking down on crude oil theft,
intensifying security measures,
and resolving underlying
ethnic and resource-based
tensions nationwide. Prioritising
diversification of the economy
away from heavy reliance on oil
revenue, with a special focus on
agricultural investments, should be
a top national agenda item.
* Strengthening Policy
Coordination
Strong political commitment and
improved policy coordination are
critical to success. Establishing
a High-Level Presidential Food
System Delivery Unit to oversee
policy implementation and
data-driven decision-making
is imperative for progress in
addressing the food crisis.
* Scaling, Speed, and Efficiency
Substantial investments are
needed to boost agricultural
productivity, enhance
infrastructure, and fortify market
systems. While these investments
may surpass the government’s
capacity, leveraging financing
from various stakeholders,
including the private sector and
development partners, is crucial.
The government should lead by
example by increasing the federal
budget allocation to agriculture,
moving closer to the 10% target
set by the Malabo Declaration.
Developing bankable National
Agricultural Investment Plans
and fostering collaborations with
development finance institutions
can also mitigate risks associated
with private sector investments.
* Temporarily Suspending Import
Restrictions
Evaluating and potentially easing
• Food market
• Food trader
import restrictions on key inputs
and food items can help stabilise
prices without excessively relying
on imports. During this interim
period, the government could
assume the role of sole importer
through a dedicated food board
to regulate supply and prices
effectively.
* Incentivising State Governments
State governments should be
incentivised to invest in bolstering
their agricultural competitiveness
through revenue-sharing
programmes funded by corporate
income tax contributions. This
incentivisation can prompt
state governors to prioritise and
actively engage in agri-business
development, thereby enhancing
food production.
* Prioritising Resilience Building
Establishing social safety nets,
investing in climate adaptation
and mitigation, and creating food
reserves are essential to reduce
vulnerability to external shocks and
ensure long-term food security.
Nigeria's food crisis presents a
critical challenge with profound
implications for the nation's
social and economic well-being.
Urgent and well-coordinated
efforts are required to alleviate
current hardships and prevent
further suffering. All stakeholders
in Nigeria's agri-food system must
prioritise actions to promote food
security for all citizens, with the
government taking a lead role in
policy formulation and investment.
With the current administration
well into its first year, time is of the
essence.
DAMIAN
IKENNA NGERE
AUTHOR’S BIO
Ikenna is a graduate of Physics
and Education, who works as a
freelance writer. He has interest
in technology, humanity
and sports.
www.theaccomplishmagazine.com
| 37