Nigeria: Selected Issues
IMF Staff Country Reports, February 16, 2023
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- Nigeria: Selected Issues
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Bibliographic details
- Published: February 16, 2023
- Series: IMF Staff Country Reports
Summary and central findings
- Presents stylized facts about food insecurity in Nigeria and investigates its drivers in a cross-country setting.
- Describes regional aspects of Nigeria’s food insecurity and compares the impact of coronavirus disease 2019 and the war in Ukraine on food security in Nigeria and other countries.
- Provides an overview of agricultural production and consumption in Nigeria.
- Finds the important role of inputs is evident in the policy experience of comparator countries.
- Notes that Nigeria has achieved a substantial increase in agricultural production associated with its policies, but some policies have been less successful.
- Reports that import dependency for key staples has not fallen and the cost of these agricultural products remains driven by international prices.
- Finds that central bank credit to the agricultural sector has not succeeded in increasing production beyond the stimulus of high rainfall and high food prices.
Regional aspects and external shocks
- Compares regional aspects of food insecurity within Nigeria.
- Compares effects of coronavirus disease 2019 and the war in Ukraine on food security in Nigeria and other countries.
Agricultural production, consumption, and inputs
- Provides an overview of agricultural production and consumption in Nigeria.
- Emphasizes the important role of inputs in raising agricultural yields and production, as seen in comparator countries’ policy experience.
- Notes that despite policy efforts, import dependency for key staples has not fallen.
Empirical cross-country analysis of drivers
- Investigates drivers of food security using an empirical cross-country framework including demand, supply, and price factors.
- Highlights price factors, including influence of international prices on domestic food costs.
Policy assessment and implications
- Assesses the role of policies in influencing agricultural production and food security.
- Observes that central bank credit targeted to the agricultural sector did not increase production beyond effects from high rainfall and high food prices.
- Offers thoughts on policies to improve agricultural yields and production, informed by cross-country evidence on the role of inputs.
Subject tags and keywords
- Subject: Excises, Financial inclusion, Financial markets, Food security, International organization, Mobile banking, Monetary policy, Poverty, Revenue administration, Taxes, Technology
- Keywords: EIU FOOD INSECURITY index, Excises, Financial inclusion, food price inflation, Food security, food supply, fuel subsidy reform, Global, Mobile banking, Sub-Saharan Africa, tax revenue mobilization, World wheat price inflation
Content in this bundle
- Nigeria: Selected Issues; IMF Country Report No. 23/94; January 12, 2023