The food crisis of 2008 in Nigeria was influenced by price changes in the world market and the escalation of the price of imported fuel into Nigeria which led to sharp increases in the prices of agricultural inputs and transportation cost. The soaring prices of food staples benefited the producers whereas there was a worsening of malnutrition among the poor. To cushion the effects within the short-term, the government released grains from the reserve, ordered the import of half a million tonnes of rice to be sold at a subsidized rate and suspended the tariff on rice imports. The policy measures adopted caused a reversal of the trend of food price increase within six months, generated awareness about the nutritional importance of major food staples, and led to changes in preferences in the demand for food commodities and stimulated increased financing for commercial agriculture. The short-term price reduction could not be sustained, however, due to food supply shortages, weakness of the Nigerian currency, and the poor implementation of projects.
This study reviews the political economy issues surrounding the 2008 food crisis in Nigeria; the lessons learned from management of the crisis; analyses the performance of policies aimed at stabilizing prices; and proffers policy measures for preventing future occurrence. The study finds that the country has not been under any threat of food crisis since the 2008 episode. Since 2011, medium-term policies and strategies are redesigned and entrenched as major components of the agricultural transformation agenda. The implementation of the agenda has led to an increase in domestic food production, reduction in food imports, and stabilization of food prices.
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