Masha: Releasing Nigeria's grain reserves in February slightly misguided
The CEO of Babban Gona, Kola Masha says any plan to immediately open Nigeria's grain reserves in February is slightly misguided. He stressed that July or August is a more strategic time frame when food inflation may reach its peak. He further noted that goverment's efforts should be concentrated on increasing farmers’ yields by 50 percent. He joined CNBC Africa to explore ways to ensure food security in the face of rising food prices in Nigeria.
Thu, 08 Feb 2024 12:09:53 GMT
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AI Generated Summary
- Boosting farmers' productivity by 50 percent is crucial for combating food inflation and ensuring food security
- Investments in productivity-enhancing inputs like seeds and fertilizers can narrow the gap in agricultural yields compared to other developing nations
- Strategic release of grain reserves in July or August, targeted interventions for vulnerable populations, and efforts towards self-sufficiency in key commodities are essential for addressing food security challenges in Nigeria
In a recent interview with CNBC Africa, the CEO of Babban Gona, Kola Masha, highlighted key challenges facing Nigeria's food security and proposed strategic solutions to address rising food prices. Masha emphasized the importance of boosting farmers' productivity by at least 50 percent to combat food inflation and ensure food security in the country. He noted that Nigeria's heavy reliance on imports for staples like wheat and rice leaves the nation vulnerable to inflation, underscoring the need for increased focus on improving agricultural productivity at the farm level. According to Masha, Nigeria's farmers currently have yields that are significantly lower than those of farmers in similar developing nations, a gap that can be narrowed through investments in productivity-enhancing inputs such as improved seeds and fertilizers. He pointed out the disparity in fertilizer usage between Nigeria and countries like Pakistan as evidence of the need for greater access to these agricultural inputs. Masha also highlighted regulatory challenges faced by seed companies in Nigeria, which hinder the adoption of advanced technologies by farmers. By addressing these issues and facilitating farmers' access to essential resources, Masha believes Nigeria can significantly boost agricultural productivity and enhance food security in the long run. Masha also cautioned against the immediate release of Nigeria's grain reserves in February, suggesting that a more strategic timeframe, such as July or August, would be more effective in addressing food inflation. He explained that food prices typically rise after harvest season and peak in the months leading up to the next harvest, making the latter part of the year a more suitable period for releasing strategic reserves to stabilize prices. Additionally, Masha addressed the World Bank's recent food security updates, which identified seven states in northwest and northeastern Nigeria as facing food crisis levels. He highlighted the economic challenges in these regions, where high levels of poverty contribute to food insecurity despite the availability of food. Masha recommended targeted interventions, such as cash payments to vulnerable families, to alleviate the economic burden on these populations and improve access to food. While acknowledging the significance of external shocks, such as geopolitical events impacting global food supply chains, Masha stressed the need for Nigeria to become more self-sufficient in key commodities like rice and wheat. He underscored the importance of investing in irrigation and land preparation to enhance domestic production of these staples and reduce dependence on imports. Masha also highlighted the potential for research and development to create tropical varieties of wheat that can compete with imported varieties, offering long-term solutions to enhance food security in Nigeria. By prioritizing strategic agricultural investments and supporting farmers with essential resources, Nigeria can strengthen its food security resilience and mitigate the impact of external shocks on its food supply.
