Worsening Food Crisis in Nigeria: A Discourse on Bail-Out Options

Abstract:     
Food crises triggered by high prices had been experienced in agricultural markets in the past. However, the current state of agricultural markets has raised a lot of concerns to policy makers, media, the public and all stakeholders. This is against the background of the fact that only a selected few crops were affected but nearly all major food and feed commodities were involved. It was observed that between late December 2006 and December 2007 there was an increase in the value of price index rising up to 37 percent. This paper reviewed some of the reasons for the price increase, consequences to the vulnerable, particularly in Nigeria where over 60 percent of the population live below poverty line and the associated widening inequalities. It also proffered solutions through some policy shifts and instrumentality of agricultural production and marketing which includes increased funding and investment in agricultural research and development among others.

Number of Pages in PDF File: 5

Keywords: Food crisis, bail out, options, commodity prices

JEL Classification: Q00, Q001, 002, Q1, Q10, Q11, Q12, Q13, Q14, Q15, Q16, Q17, Q18, Q19

Accepted Paper Series