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World Bank worried Niger coup could escalate West African food crisis

Published

1 year ago

September 20, 2023

Multilateral body, World Bank has warned that the recent coup d’état in the Niger Republic may complicate issues around Nigeria and other West African nations’ food markets.

The bank stated this in its September “Food Security Update.” It said, “The coup d’état in Niger might put additional pressure on West African food markets.”

The bank claimed that the coup had increased the likelihood that seven million more people in the region could experience severe food insecurity. This is despite the fact that 3.3 million people already experience this during the lean season due to rising commodity and staple food prices.

President Mohamed Bazoum was ousted in July in a coup led by the head of the presidential guard, General Omar Tchiani. The coup was the fifth in the West African subregion within three years.

It said, “With the government’s limited financial capacity to implement its food assistance programme, continued provision of food aid by the World Food Programme remains essential, but access restrictions hinder aid delivery.

“Moreover, FAO expects that shortages of seeds and feed and high fertilizer costs will affect the next agriculture season, exacerbating food insecurity, which is expected to persist beyond the lean season.”

It added, “The main factors affecting food security are civil insecurity and conflict, which have led to forced displacement; climatic shocks; political instability; the consequences of the COVID-19 pandemic; and the war in Ukraine, which have increased the volatility of prices for foodstuffs and other commodities and caused widespread inflation. Current food prices of the main staple and imported food products remain higher than during the same period last year.”

According to a World Food Programme report, unless appropriate action is immediately taken, the number of women, men, and children affected by a food and nutrition crisis in West and Central Africa is expected to reach a new record high in June 2022 – quadrupling in just three years from 10.7 million in 2019 to 41 million in 2022.

The number of individuals in Western and Central Africa requiring food and nutritional assistance has increased from over 10.7 million in 2019 to almost 29 million in 2021 to more than 40 million in 2022 and 2023, according to the bank, which underlined the region’s ongoing food crisis.

Related Topics:Featured Niger coup Nigeria World Bank

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Food prices drive second straight monthly hike in Nigeria’s inflation

Published

3 hours ago

November 17, 2024

Ifeoluwa Dada

According to official statistics released on Friday, Nigeria’s inflation rate increased for the second consecutive month in October, rising to 33.88% in annual terms from 32.70% in September, mostly as a result of increasing food costs.

In an attempt to boost economic development and strengthen public finances, President Bola Tinubu devalued the naira and reduced subsidies, which caused inflation to spike in the second half of last year.

As the effects of the naira devaluation started to lessen in July of this year, a slew of hikes in the price of petroleum and devastating floods that destroyed crops once again exacerbated pricing pressures, making the greatest cost-of-living crisis in decades worse in Africa’s most populous country.

According to the National Bureau of Statistics, price increases for basics such as rice, maize, bread, potatoes, and cooking oil prompted food inflation to surge from 37.77% in October to 39.16% year over year.

This year, more than 1.5 million hectares of agriculture have been damaged by torrential rain and floods in 29 of Nigeria’s 36 states, leaving millions hungry and displacing large numbers of people.

In an effort to curb inflation, the central bank has raised interest rates five times this year. On November 26, it is expected to make its final rate decision of the year.

VenturesNow

MTN financial report reveals drop in group service revenue

Published

3 hours ago

November 17, 2024

Ifeoluwa Dada

Due to operational difficulties in Sudan and the depreciation of the Nigerian naira, MTN Group, Africa’s largest telecom provider, announced on Thursday an 18.5% decline in service revenue for the third quarter that concluded on September 30.

With 288 million users in 17 African regions, MTN said that its group service revenue dropped from 156.3 billion rand ($6.99 billion) in the same quarter of the previous year to 127.4 billion rand.

Despite stating that “the naira was less volatile on a sequential basis in Q3 than in preceding quarters,” the business reported a 48.7% decline in MTN Nigeria’s income due to the currency’s depreciation.

Due to a stronger Ugandan shilling than the previous year, Uganda’s largest contributor, MTN South Africa (MTN SA), expanded by a meagre 3.3%.

Due to “subscriber registration regulations in Nigeria and a decline in users in Sudan, where the conflict has displaced millions of people,” the business reported that its subscriber base increased by 1.6% to 288 million.

Given the higher demand in Nigeria despite the legal obstacles, MTN plans to increase its capital expenditures, which it expects would total between 28 and 33 billion rand for the entire year.