Musings From Abroad

World Bank warns insecurity, weak macroeconomy to worsen food crisis, hardship in 6 Nigerian states

Published

12 months ago

December 28, 2023

The World Bank has predicted that insecurity-fuelled hardship will persist in some local government areas the Nigerian states of Borno, Kaduna, Katsina, Sokoto, Yobe, Zamfara, and Adamawa until May 2024.

The bank, in its latest ‘Food Security Update’,

emphasized that poor macroeconomic conditions are restricting access to agricultural inputs in the country with resulting effects on areas like cereal production in the country.

As estimated, cereal production for the 2023–2024 crop year is expected to be 76.5 million tonnes in West and Central Africa, a three percent increase from the average for the previous five years but a two percent decrease from the previous season. Chad, Mali, Niger, and Nigeria are expected to contribute the most to the decline in cereal production.

The institution said, “Projections indicate a decline in production from last year in Chad, Mali, Niger, and Nigeria. This decrease is attributed to dry spells during the growing season and insecurity that limited access to cropland in Chad, Mali, and Niger and to poor macroeconomic conditions that have restricted access to agricultural inputs in Nigeria.”

Although from November to May 2024, the majority of the sub-region’s areas would continue to fall into the category of minimally food insecure, some would be considered stressed, and some will be in a crisis, the report said.

It added, “Over the same period (November to May 2024), Crisis (IPC Phase 3) conditions, mainly caused by persistent insecurity and armed conflict, and deteriorating livelihoods, are projected to affect the following regions.

“Nigeria: Local government areas in Borno, Kaduna, Katsina, Sokoto, Yobe, Zamfara states, and the far north of Adamawa state.”

It stated, “Information from the latest month between August and November 2023 for which food price inflation data are available shows high inflation in many low- and middle-income countries, with inflation higher than 5 per cent in 61.9 per cent of low-income countries (no change since the last update two weeks ago), 76.1 per cent of lower-middle-income countries (3.9-percentage-point decrease), 50.0 per cent of upper-middle-income countries (no change), and 57.4 per cent of high-income countries (2.6-percentage point decrease).”

It was mentioned that Africa, North America, South America, Europe, and Central Asia were the regions most affected. It also revealed that in 167 countries, the real inflation of food prices had surpassed the overall inflation rate of 74%.

Related Topics:Featured Nigeria World Bank

Click to comment

Musings From Abroad

Swiss company Mercuria partners Zambia’s IDC in new metals trading firm

Published

23 hours ago

December 21, 2024

Ifeoluwa Dada

According to a statement released by Swiss commodities trader, Mercuria, on Thursday, it has established a metals trading arm with Zambia, the second-largest producer of copper in Africa.

The trading unit is jointly owned by Mercuria and an arm of Zambia’s Industrial Development Company (IDC), and its purpose is to allow Zambia to engage directly in the minerals trading market.

The joint venture “envisages the establishment of a vehicle to market and trade Zambian copper by mutual leverage,” according to a statement from Cornwell Muleya, the CEO of IDC.

The southern African nation wants to increase copper output to roughly 3 million metric tonnes within the next ten years, and in 2023, it produced roughly 698,000 tonnes of copper, down from 763,000 metric tonnes the year before.

In June, the Zambian government announced that it would establish a minerals trading unit.

Investors including First Quantum Minerals and Barrick Gold are ramping up production, with output set to receive a further boost once Vedanta Resources’ Konkola Copper Mines restart activity.

“Our joint venture with IDC marks a significant milestone for Zambia as it positions itself more strategically in the global minerals market,” Kostas Bintas, Mercuria’s global head of metals and minerals, said in the statement.

Musings From Abroad

Blinken to reveal UN Sudan funding additions

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

Additional financing for humanitarian aid to Sudan and initiatives to strengthen civil society in the nation, where a conflict has killed tens of thousands of people and displaced millions, will be announced by U.S. Secretary of State Antony Blinken at the United Nations on Thursday.

Blinken will make many announcements when he leads a UN Security Council meeting on Sudan on Thursday, which will centre on humanitarian aid and civilian protection, Deputy U.S. Representative to the UN Ned Price told reporters on Wednesday.

According to Price, the announcements would include more money for humanitarian help, initiatives to strengthen civil society, and the return of democracy.

“Sudan, unfortunately, has risked becoming a forgotten conflict,” Price said.

“So part of the reason the secretary … opted to convene a signature event on this very topic is to make sure it remains in the spotlight,” Price said.

For almost 18 months, the paramilitary Rapid Support Forces and Sudan’s army have been engaged in combat, resulting in a severe humanitarian crisis that has forced over 12 million people from their homes and made it difficult for U.N. organisations to provide aid.

A power struggle between the RSF and the Sudanese Armed Forces preceded a planned shift to civilian administration, which sparked the conflict in April 2023.

Although the army declined to join this year’s U.S.-mediated peace negotiations in Geneva, the warring parties did pledge to increase assistance access, which prevented any movement towards a ceasefire.

Price stated that before President Joe Biden’s term ends next month, the United States would keep collaborating with allies to enhance humanitarian access in Sudan and eventually end hostilities.

“We are going to leave nothing on the field in our efforts to work with allies, with partners, with the Sudanese stakeholders themselves, on the issues that matter most – humanitarian access, the provision of humanitarian assistance, ultimately, the process by which we can work to get to a cessation of hostilities, which is most urgently needed,” he said.