Addressing Nigeria's food security challenge

Food insecurity in Nigeria has reached critical levels, with rising prices, fuel scarcity, poor electricity, and storage challenges exacerbating the situation. Analysts at SBM Intelligence have highlighted the need for preventive measures to address these issues before they worsen. Ikemesit Effiong, the Head of Research at SBM Intelligence, recently discussed these challenges in an interview with CNBC Africa. Effiong presented the Jalof index for the second quarter, revealing a significant increase in food prices. The index, based on data from 13 markets across Nigeria, showed a 8.2% rise, reaching 9,311,000. The report identified the Northwest geopolitical zone as the most expensive region for food prices, reflecting a broader trend across West Africa. Insecurity played a crucial role in driving food inflation, particularly in the federal capital and Northern regions. The report also highlighted how Nigerians are coping with high food prices based on their economic class. Strategies such as using flavor additives to replicate protein sources, cooking with electricity during specific hours, and resorting to traditional fuel sources like kerosene and wood have become common. Many households have reduced the number of meals per day to manage costs, raising concerns about nutrition and food security, especially for children. Effiong criticized the government's reactive approach to inflation, urging a shift towards policies that prioritize food security over self-sufficiency. Structural challenges such as limited storage capacity and unpredictable import/export policies have contributed to the crisis. He emphasized the need for short-term interventions to address infrastructure gaps and enhance storage capacity to stabilize food prices. Looking ahead, Effiong projected a further increase in food inflation, possibly reaching 24-25% by the end of the year. With the approaching holiday season and upcoming elections in early 2023, consumption is expected to rise, putting additional pressure on food prices. However, he suggested that inflation could taper off post-election as some of the immediate pressures ease. In conclusion, addressing Nigeria's food insecurity crisis requires a multi-faceted approach that combines short-term interventions with long-term strategies to ensure food availability and affordability for all. Effiong's insights shed light on the complex challenges facing the country and the urgent need for decisive action to safeguard food security for its citizens.