Why Food Prices Will Increase In Nigeria – IMF

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Mary Ugwuanyi

The International Monetary Fund, IMF, has warned that climate change and floods in the country may lead to an increase in food prices.

This indication was given by the IMF African Department official, Mai Farid, on Monday during a session on ‘Climate Change and Food Insecurity in Sub-Saharan Africa’.

Farid said the IMF was abreast of the impact of the floods on communities in Nigeria and other neighbouring countries.

She said, “We recognise Chad and Cameroon have also been hit. The supply of agricultural production is going to drop which will put even further pressure on prices.

“The floods have affected some of the transportation networks which makes it even harder for food to transfer into the country or even out.”

The IMF chief called on governments in Sub-Saharan Africa to invest in early warning system technology and infrastructure.

See Also: FG Considers Minimum Wage Increase for Workers to Tackle Inflation

Also, the IMF Asia and Pacific Department official, John Spray cautioned of permanent effects and short term shocks.

He said, “Getting people food and cash early, getting that social assistance out to people can have a really big impact in the long run.”

Floods in states such as Adamawa, Anambra, Borno, Delta, Imo, Jigawa, Katsina, Lagos, Kogi, Borno, Taraba, Yobe among others have resulted in the loss of properties and death of over 300 people.

Source: Dailypost

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