Musings From Abroad

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

Published

11 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%.

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Musings From Abroad

Nigeria, India to strengthen counterterrorism, maritime security cooperation

Published

1 day ago

November 18, 2024

Ifeoluwa Dada

During a state visit to Nigeria on Sunday, Indian Prime Minister, Narendra, Modi reached an agreement, on behalf of his country, to strengthen cooperation in counterterrorism, intelligence, and maritime security.

President Bola Tinubu invited Modi to visit Nigeria, the first Indian prime minister to do so in 17 years.

Tinubu is looking for investments from some of the largest economies in the world.

In addition to discussing economic development, defence, healthcare, and food security, Modi and Tinubu met at the presidential mansion on Sunday after arriving in the capital, Abuja, on Saturday night, according to a joint statement.

The two nations decided to work together to protect maritime trade routes and fight piracy in response to the mounting risks in the Indian Ocean and the Gulf of Guinea.

The most populous country in Africa, Nigeria, is looking to attract more Indian investment and lower-cost credit lines in order to strengthen its economy and generate employment.

Nigeria announced last year that it had obtained about $14 billion in pledges from Indian businesses, including Jindal Steel and Power, which promised to spend $3 billion in Nigeria’s steel industry, during the G20 conference.

Over 200 Indian businesses are present in Nigeria.

Modi was scheduled to go to Brazil for this year’s G20 conference after Nigeria.

Nigeria and India have a long-standing and cordial bilateral relationship. Nigeria, home to more than 200 million people, and India, home to 1.3 billion people, are both sizable emerging nations with multilingual, multiethnic, and multireligious communities.

Musings From Abroad

Military advisors from Russia arrive Equatorial Guinea

Published

2 days ago

November 17, 2024

Ifeoluwa Dada

Russian military advisors are in Equatorial Guinea training indigenous soldiers.

Anonymous sources cited by Reuters during the week claim that between 100 and 200 Russian instructors are training with elite guards in charge of guarding the President and the first family.

The males had been seen in Malabo, the country’s capital, and Bata, its second city. Reports of Russian forces stationed in the nation initially appeared in August.

Oil-rich Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo has maintained close relations with Moscow.

Nguema travelled to Moscow in September to attend the Russian Energy Week International Forum.

Russia has strengthened military connections with African countries, sending advisors and combat soldiers to the Central African Republic, Mozambique, Mali, Niger, and Burkina Faso.

Faced with an Islamist terrorist insurrection, three Sahel countries have turned to Moscow for support, expelling French and American troops.