Rising Cost of Food Prices and Food Insecurity in Nigeria and its Implication for Poverty Reduction

Authors

P. A. Okuneye, Farm Management Association of Nigeria

Publisher

Central Bank of Nigeria

Keywords

Food, Food prices, Food insecurity, Poverty reduction, Nigeria

Abstract

Trade liberalization stimulated the growth of export of agricultura1 commodities in Nigeria white its serious implementation lasted. As usual with the country, the implementation of trade liberalization policies relaxed .with time. The boost in the ·· agricultural export sector took a down turn and with the advent of democracy, massive imports of luxury goods began to dominate the economic scene. In essence, over the last . is· years, that is, since 1986, when the Structural Adjustment Programme (SAP) came into being. the nation had witnessed a gross neglect of the food_ production sector. As such when food prices began to rise significantly late last year, our response mechanisms were no longer existing, rather policy makers were reported to only think of food imports as the solution.

Author Bio

The author is an Agricultural /Environmental Economist and Consultant to ILO, FAO, UNDP and UNEP

Publication Title

CBN Economic and Financial Review

Issue

4

Volume

39

Recommended Citation

Okuneye, P. A. (2001). Rising Cost of Food Prices and Food Insecurity in Nigeria and its Implication for Poverty Reduction. CBN Economic and Financial. 39(4), 88-110.