IMF Urges FG To Improve Agric Inputs To Boost Food Production - oguncitynews


Wednesday 21 February 2024

IMF Urges FG To Improve Agric Inputs To Boost Food Production

By Yusuf Olatunji 

The International Monetary Fund has charged the Federal Government to increase agriculture inputs to boost production and bring down the prices of food items.

This was revealed in its IMF Country Report No. 23/94 released this month, where it identified the drivers of food insecurity and possible solutions.

It said, “The cross-country analysis identifies four levers for raising food security levels: raising per capita consumption, raising production yields, limiting food price inflation, and reducing reliance on food imports.

“Per capita consumption is far below comparator countries in Nigeria, and it could be stimulated through increased diversification. Yields are also lower in Nigeria than in other countries due to scarcity of inputs (fertilisers, modern irrigation methods, and mechanisation)

Addressing challenges to access to timely, high quality, and price competitive inputs would not only achieve optimal productivity of agricultural outcomes but also temper food inflation.”

The IMF added that food insecurity was an increasing policy concern in Nigeria.

“The country is endowed with immense agricultural resources and over 81 million arable and largely fertile hectares, with maize, cassava, guinea corn, yam beans, millet, and rice being the major crops.

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