June 9, (THEWILL)- In what appears to be another “bold” move to restore the economy on the path of sustainable growth and guarantee quality leaving standard for the citizens, the Federal Government recently unveiled two major policy initiatives it believes will help to achieve the objectives.
These are the Accelerated Stabilisation and Advancement Plan (ASAP) and the Inflation Reduction and Price Stability (Fiscal Policy Measures Etc) Order 2024.
While ASAP implies a journey towards the realization of President Bola Tinubu’s 8-Point Agenda instituted at the inception of his administration in May 2023.
The inflation reduction and price stability Order addresses current macro-economic challenges bedeviling the economy.
The reality about these measures is that they imply long, tough and uncertain journeys that will drain the people and businesses of energy. Coming mid-day after several miscalculations had been made in running the country the adjustment which will follow in writing the wrongs will spell pains and agony.
The measures in ASAP aimed at tackling food insecurity, for instance do not address the worsening insecurity challenges in the food producing areas. Residents of states like Niger, Borno, kastina, Zamfara, Plateau, Benue, among others who are predominantly farmers have abandoned their farms to seek protection in IDP Camps where they have become vulnerable to poverty, diseases and rapidly dwindling quality of life.
The structural challenges entailed in addressing the situation that has lasted for almost a decade cannot be achieved through policy finesse contained in ASAP. For instance, the policy expectation of achieving increased output of staple crops grown by individual farmers by 6.0 percent from 127 million MT in 2023 to 135 million MT in 2024 does not envisage the challenges of insecurity the food producing communities face.
Similarly the expectation of achieving improved access to mechanization, increased efficiency and productivity of farm operations remain a tall dream.
On the part of Inflation Reduction and Price Stability Order which entails the suspension of import duty and other tariffs for a period of six months on staple food items, raw materials and other direct inputs used for manufacturing among others, will require genuine commitment on the part of the implementing authorities.
It therefore follows that government must seriously address the culture of profligacy which remains the Achilles hells of governance. Indulging in wasteful spending, mismanagement, corruption and misplaced priorities as a way of life will definitely scuttle the attainment of the objectives of these “bold” reforms.
Meanwhile recent data from the UN Humanitarian Aid shows that at least 18 crisis locations—which are already experiencing food insecurity—may experience a “acute food insecurity” if help is not delivered quickly.
The report noted that since October 2023, Nigeria and some other countries have joined a host of others on the list of hunger hotspots where acute food insecurity is likely to deteriorate further in the coming months.
Although many “hunger hotspots” are in Africa, fears of famine persist in Gaza and Sudan, where conflict continues to rage, fueling the regional risk of new hunger emergencies, warned the Food and Agriculture Organization (FAO) and the World Food Programme (WFP).
“Once a famine is declared, it is too late – many people will have already starved to death,” said Cindy McCain, WFP Executive Director.
“In Somalia in 2011, half of the 250,000 people who died of hunger perished before famine was officially declared. The world failed to heed the warnings at the time and the repercussions were catastrophic. We must learn the lesson and act now to stop these hotspots from igniting a firestorm of hunger.”
The devastating hunger crisis underway in South Sudan is so severe that the number of people facing starvation and death there is projected to almost double between April and July 2024, compared to the same period in 2023.
“Tight domestic food supplies and sharp currency depreciation are driving food prices to soar, compounded by likely floods and recurrent waves of subnational conflict,” the report explained. “A projected further rise of returnees and refugees from Sudan is likely to increase acute food insecurity among both new arrivals and host communities.”
Chad, the Democratic Republic of Congo, Myanmar, the Syrian Arab Republic, and Yemen are also hotspots of “very high concern,” the report noted. “A large number of people” in these countries face critical acute food insecurity, coupled with worsening drivers that are expected to further intensify life-threatening conditions in the coming months.
Since October 2023, the Central African Republic, Lebanon, Mozambique, Myanmar, Nigeria, Sierra Leone, and Zambia joined Burkina Faso, Ethiopia, Malawi, Somalia, and Zimbabwe on the list of hunger hotspots, where acute food insecurity is likely to deteriorate further in the coming months.
Turning to the potential impact and “looming threat” of La Niña between August and February 2025, the UN agencies’ assessment is that it is expected to “significantly” influence rainfall. This could lead to a climate shift with “major implications” in several countries, including flooding in South Sudan, Somalia, Ethiopia, Haiti, Chad, Mali, and Nigeria, as well as Sudan.
Both weather phenomena could bring further climate extremes “that could upend lives and livelihoods,” the UN-partnered report warned, in support of calls for immediate humanitarian action delivered at scale “to prevent further starvation and death.”
This data and the pressing call for action highlight the urgent need for international cooperation and rapid response to prevent further deterioration of food security in these critical regions. The window to avert catastrophe is narrow, and the world must act swiftly to provide the necessary aid and support to those in desperate need.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
