IMF Urges Nigeria to Prioritize Food Security

IMF Urges Nigeria to Prioritize Food Security

The International Monetary Fund (IMF) has emphasized the urgent need for the Nigerian government to focus on addressing food insecurity to prevent associated crises. According to the IMF, President Bola Tinubu’s administration inherited a challenging economic situation from the previous administration, characterized by low growth, poor revenue collection, high inflation, and external imbalances.

These observations were outlined in the IMF’s End-of-Mission statement following its Staff 2024 Article IV Mission to Nigeria. Axel Schimmelpfennig, the IMF mission chief to Nigeria, led the team’s visit to Lagos and Abuja from February 12 to February 23, 2024. During their discussions for the 2024 Article IV Consultations with Nigerian government officials, the team compiled preliminary findings.

IMF Urges Nigeria to Prioritize Food Security
    Advertisement: Ken-Gbados Concepts Limited

    Schimmelpfennig emphasized the significance of the recently approved social protection system in addressing food insecurity and stressed the importance of its effective implementation. He also highlighted the challenging economic outlook for Nigeria, noting a GDP growth of 2.8% in 2023, slightly below population growth dynamics. While improved oil production and expected agricultural harvests are positive indicators for 2024 GDP growth projected at 3.2%, challenges such as high inflation, currency depreciation, and policy tightening persist.

    Read Also: INFLATION: IMF Wants Nigeria to Adopt Fiscal & Other Reforms

    With approximately eight percent of Nigerians facing food insecurity, Schimmelpfennig underscored the immediate need to address this issue as a top policy priority. The IMF team welcomed the government’s initiatives, including the approval of a targeted social protection system and the distribution of grains, seeds, and fertilizers, as well as the promotion of dry-season farming.


    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Next Post

    Tinubu and Sons in Doha: The Puzzles

    Tue Mar 5 , 2024
    158 Just before he took off to Qatar, President Bola Ahmed Tinubu got more than what he bargained for when he decided to include his family members on the taxpayer-funded business trip. Many observers objected because according to them, it amounted to official impunity and a breach of the Presidential […]
    Tinubu and Sons in Doha: The Puzzles

    You May Like

    Recent Posts




    Students Fashon week advert