Group rolls out covid-19 policy response, says Nigeria still vulnerable to food price hike (News Chronicle)

News Chronicle (Nigeria) published an article on the status of food prices in Nigeria. Nigeria is still vulnerable to increases in food prices as well as shortages that are likely to occur in the long run. This is largely because the country still depends on food imports to address gaps. Initial estimates from the IFPRI and the Central Bank of Nigeria (2020) indicate that Nigeria’s national GDP is estimated to fall by 38% during the five-week lockdown, with an estimated $18B of lost GDP. The same report indicates that poverty rates are likely to increase by 15%, putting another 30 million people below the poverty line. This is largely due to a fall in tax revenues and lower trade-related tax collections due to reduced import demand. (See COVID-19 lockdowns are imposing substantial economic costs on countries in Africa).