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Nigeria Risks Food Crisis In 2023, Says IMF

Published

3 years ago

November 21, 2022

The International Monetary Fund has said that Nigerians should brace up for higher food prices/ risks in 2023 due to recent floods and high fertilizer prices.

According to the National Bureau of Statistics, food inflation hit 23.72 per cent on a year-on-year basis in October 2022, with inflation on certain food items rising to between 50 – 100 per cent.

Despite that, the IMF has predicted that since recent floods have affected agricultural productivity, saying that food prices would worsen in 2023.

It added that the volatility in the value of the naira, the Federal Government’s continued dependence on the Central Bank of Nigeria for financing its budget deficit, and climate change were also risk factors.

The Washington-based lender disclosed this in its ‘Nigeria: Staff Concluding Statement of the 2022 Article IV Mission’ report seen by our correspondent at the weekend.

It said, “The effects of recent flooding and high fertilizer prices could become more entrenched impacting negatively both agricultural production and food prices in 2023.

“Similarly, further volatility in the parallel market exchange rate and continued dependence on central bank financing of the budget deficit could exacerbate price pressures. In the medium term, there are downside risks to the oil sector from possible price and production volatility, while climate-related natural disasters pose downside risks to agriculture.”

It added that despite Nigeria’s limited direct exposures, the war in Ukraine was affecting the nation through higher domestic food prices. The IMF said high food insecurity was compounding the pandemic’s effect on Nigeria’s vulnerable.

It stated that the nation’s headline inflation should moderate by the end of 2022 because of the start of the harvest season, although it also projected an increase in rice prices caused by recent flooding.

The IMF further stated that over the next 10 years, the nation would have to create about 25 million additional jobs. It said, “Strengthening the performance of the agricultural sector is key to job creation, food security, and social cohesion.

“Over the next decade, an estimated 25 million additional jobs will be needed to employ the new labor market entrants. For agriculture to continue playing a strong role in employment and ensure food security, boosting production and yields through improved input usage, especially through affordable fertilizers and higher quality seeds, better storage facilities and more coordinated policy support across government agencies are recommended.”

The NBS disclosed last Thursday that 133 million Nigerians were multidimensionally poor, with a significant portion of them lacking access to food security, healthcare, and education.

Headline

26-year-old Nigerian Fatally Stabbed In London

Published

15 hours ago

August 5, 2025

Editor

Two individuals have been charged in connection with the fatal stabbing of a 26-year-old Nigerian, Ayowale Aladejana, in New Cross, southeast London.

The Metropolitan Police reports that detectives investigating the fatal stabbing of Ayowale charged a man and woman with murder.

“Ben Wazabanga, 23 (24.10.2001) of Fairfax Road, Bedford was charged with murder and possession of a knife on Monday, 4 August. He was remanded in custody and will appear at Croydon Magistrates’ Court on Monday, 4 August.

“Ronique Belfon, 23 (10.05.2002) of Morinsbury Road, Bedford was charged with murder on Monday, 4 August. She was remanded to appear at Westminster Magistrates’ Court on Monday, 4 August,” the report read.

Speaking on the incident, Detective Chief Inspector Lucie Card, who is leading the investigation, was quoted as saying, “Our thoughts are with Ayowale’s family and friends at this difficult time.

“I understand this incident will be concerning and we are carrying out a fast-paced and thorough investigation to establish the circumstances. I would encourage anyone who has not yet spoken to us.”

The investigation was reportedly launched after officers were called to reports of a man with stab wounds at a residential address in Monson Road, New Cross, at 19:26hrs on Saturday, August 2.

The officers were said to have responded alongside the London Ambulance Service and medics from London’s Air Ambulance, however, Ayowale died at the scene despite efforts to save him.

The report added that a post-mortem examination conducted on Sunday gave a preliminary cause of death as stab wound to the chest.

Ayowale’s family are also reportedly being supported by specially trained officers.

Headline

Trump Threatens 250% Tariffs On Foreign Pharmaceuticals

Published

16 hours ago

August 5, 2025

Editor

US President Donald Trump said Tuesday that upcoming tariffs on imported pharmaceuticals could reach 250 percent, after starting at a lower level, while adding he plans to also unveil fresh duties on foreign semiconductors.

“We’ll be putting (an) initially small tariff on pharmaceuticals, but in one year, one-and-a-half years, maximum, it’s going to go to 150 percent,” Trump said in an interview on CNBC.

“And then it’s going to go to 250 percent because we want pharmaceuticals made in our country,” he added.

In the same interview, Trump said he expects to raise the US tariff on Indian imports “very substantially over the next 24 hours” due to the country’s purchases of Russian oil.

While Trump has aimed at products from different countries with varying tariff rates after imposing a 10-percent levy on almost all trading partners in April, these have excluded certain products he planned to target separately.

These sector-specific tariffs have generally come after government investigations that look into the national security concerns surrounding certain imports.

After earlier embarking on probes on imported semiconductors and pharmaceuticals, the Trump administration has signaled plans to wrap up these studies, which could lead to new tariffs.

Already, Trump has slapped steep tariffs of 50 percent on imported steel and aluminum, and also rolled out a separate but lower duty on autos and parts.

AFP

Headline

UK Opens Application For Chevening Scholarships

Published

20 hours ago

August 5, 2025

Editor

The United Kingdom on Tuesday announced that applications for its Chevening Scholarships are officially open, with prospective scholars encouraged to apply between August 5 and October 7, 2025.

The Chevening programme offers fully funded one-year master’s degrees at UK universities to individuals with demonstrated leadership potential and a strong commitment to driving positive change in their home countries and globally.

In a statement released by the British High Commission in Abuja, the Head of the Scholarships Unit at the UK Foreign, Commonwealth and Development Office, Emma Hennessey, described the programme as highly competitive, selecting only the most outstanding candidates from across the world.

“Chevening’s highly competitive selection process ensures that those chosen to become Chevening Scholars or Fellows represent the brightest and most driven individuals from around the world.

“Chevening Alumni use their world-class education, global networks, and confidence gained in the UK to create meaningful, lasting change when they return home, whether by tackling global challenges or making a tangible impact in their own communities.

“If you can clearly demonstrate the skills needed to join them — outstanding leadership, influence, and networking skills — I strongly encourage you to apply.

“If you’re not quite there yet, I encourage you to take the time to build the experience that will make your application competitive,” Hennessey noted.

According to the statement, the British High Commissioner to Nigeria, Richard Montgomery, urged Nigerians with leadership potential to take advantage of the opportunity.

“Chevening is more than a scholarship — it is a gateway to a global network of leaders, innovators, and changemakers,” he said.

“Whether your aspirations lie in shaping public policy, launching a business, or addressing the world’s most pressing challenges, the Chevening Scholarship offers a unique opportunity to pursue a fully funded master’s degree in the United Kingdom to advance your knowledge and skills.

“While there is no ‘typical’ scholar, we seek individuals with the passion, ideas, and influence to drive meaningful change in Nigeria and beyond.

“Our alumni network includes dynamic professionals across diverse sectors who are making significant contributions in their fields.

“If you have the potential to lead positive change in your community, Nigeria, or globally, I encourage you to submit your application before the 7 October 2025 deadline.

“Apply today and take the first step toward this life-changing experience,” he said.

Applications must be submitted online via chevening.org/apply.

Interested applicants are also encouraged to review available guidance at chevening.org/guidance to determine their readiness for the competitive application process.

Since its launch in 1983, the Chevening programme has supported over 60,000 professionals from over 160 countries and territories.

The scholarship is funded by the UK Foreign, Commonwealth and Development Office and partner organisations.