Agriculture & Food

Affected by the conflict between Russia and Ukraine, superimposed by severe extreme poverty and ongoing economic and social challenges related to the COVID-19 pandemic, countries such as Nigeria are facing a severe food crisis. Other factors aggravating the crisis are high dependence on food imports, high import bills, high inflation and high debt burdens. That would further trigger higher energy prices or a larger debt burden, the UN Global Crisis Response Team task force said.

Commenting on the findings, Stefano Niavas, managing director and partner at Boston Consulting Group Nigeria, said that Nigeria needs 27 times more allocations to repay its debt than agricultural allocations, coupled with the lingering Russian-Ukrainian conflict and the Covid-19 outbreak. The average debt-to-GDP ratio across the continent is expected to rise from 60% to 70%. This requires the Nigerian government to immediately conduct a rigorous review of budget allocations, stabilize rising food and fertilizer costs, support the growth of alternative nutritious grains, promote the adoption of innovative farm practices, introduce alternative sources of fertilizers, and continuously reduce reliance on food imports.