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Russia/Ukraine War Contributing To Nigeria’s Food Insecurity

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The war in Ukraine is shaking the commodity market and threatening global food security. The Western economic sanctions on Russia are supposed to force the hands of Russia to withdraw from the invasion, but the responses from the old Baltic power shows resilience. The war is a heavy blow to the global economy, mainly low-income African countries, and no one knows when it will end.

The COVID-19 pandemic had pushed the African continent into its worst economic recession in half a century. For Nigeria, it was the second recession in four years, which made it more challenging to recover. The unanimous agreement by academics, multilateral agencies and policymakers is that public financing needs to increase for governments to mitigate the socio-economic impact of the pandemic. Of course, the country chose the option to keep borrowing from multilateral agencies.

The pandemic reversed hard-won gains in poverty reduction in Africa, pushing millions into extreme poverty. More people added to those at risk of hunger and undernourishment.

According to the National Bureau of Statistics (NBS), 40 per cent of Nigeria’s total population (almost 83 million people) lives in poverty. The economic recovery has been hindered by higher inflation and tighter global financial conditions. Rising interest rates and increased borrowing costs in international capital markets have raised the risk of capital reversals. Continue Reading

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