According to the International Monetary Fund, an excessive reliance on imported foods has made the food crisis that is currently afflicting Nigeria and other sub-Saharan nations worse.
The Washington-based lender claimed in a new research titled “Africa Food Prices Are Soaring Amid High Import Reliance” that staple food prices in sub-Saharan Africa increased by an average of 23.9% in 2020 to 22—the highest level since the global financial crisis of 2008.
The research states that the increase was equivalent to an 8.5% increase in the price of an average food consumption basket (beyond generalised price increases).
The region’s imports of major staple foods, according to the report, were partially to blame. It also noted that there was a sizable pass-through of global food prices to local food prices.
According to the IMF, wars and natural disasters both had an effect on the cost of basic foods in sub-Saharan Africa. Depending on the severity, frequency, length, and location of the events, prices rose by an average of 4% after conflicts and 1.8% following natural disasters.
- Tags: #foodcrisis, #IMF, #importation
