The World Bank during its annual Global Economic Prospect report, projected that Nigeria and other Sub-Saharan African countries may be hit by food insecurity in 2024. The bank made this projection due to the current political instability, insecurity, and violence affecting the region and the Middle East which has disrupted global trade.
According to the report, the bank noted that the current increase in the price of oil is a result of conflicts which has led to increased transport and logistics costs which in turn will disrupt the supply chains and worsen the already high food inflation witnessed.
“An escalation of the conflict in the Middle East could accelerate the situation in SSA in terms of food insecurity.
“A conflict-induced sustained oil price spike would not only raise food prices by increasing production and transportation costs but could also disrupt supply chains, leading to less affordable food and an uptick in malnutrition rates in the region.” - the Bank stated
The bank also warned that the Sub-Saharan Africa region remains susceptible to extreme weather events like floods, droughts, etc linked to climate change could lead to an increase in food inflation as the majority of the region’s farmers practice subsistence agriculture.
