by: Simona Salvi | March 6, 2024
The Nigerian government must urgently address growing food insecurity in the country, where nearly one in 10 people suffer from hunger. This is what the International Monetary Fund (IMF) recommended at the end of the visit to the country by a team led by Axel Schimmelpfennig, head of mission for Nigeria. During the visit the officials met with the Minister of Finance, Wale Edun, the Governor of the Central Bank, Olayemi Cardoso, and senior officials from the government and the central bank, the Ministry of Agriculture and the Ministry of Environment, as well as representatives of the private sector and civil society.
According to the financial institution, addressing food insecurity is the government’s immediate priority: “With approximately 8% of Nigerians considered food insecure, addressing growing food insecurity is the immediate policy priority. In this regard, staff welcomed the authorities’ approval of an effective and well-targeted social protection system.”
In the statement released at the end of the visit, Schimmelpfennig then specified: “Nigeria’s economic prospects are challenging. Economic growth strengthened in the fourth quarter, with GDP growth reaching 2.8% in 2023, slightly lower than the dynamics of population growth. Improved oil production and a better harvest expected in the second half of the year are positive for GDP growth in 2024, which is expected to reach 3.2%, even as high inflation, weak naira and tightening policies could pose obstacles.”
© All rights reserved