The Impacts of Inflation on Food Security in Nigeria: A Review

Abstract

Food security is a critical global concern, with particular significance in developing countries like Nigeria. Adequate access to safe and nutritious food is essential for individual well-being, cognitive development, and overall human capital formation. In a broader context, food security plays a pivotal role in poverty reduction, rural development, and social stability. The impact of inflation on food prices has severely affected food security, particularly among rural farming households in Nigeria. Nigeria, a populous African nation, struggles with food security amidst recent high inflation levels. This article examined inflation's effects on Nigeria's food security, using comprehensive literature review to scrutinize their relationship. Analyzed inflation's multifaceted impacts on food security, the study focuses on its effects on food costs, purchasing power, production, distribution, and household consumption patterns in Nigeria. The research underscored that inflation escalates food prices, diminishing consumer purchasing power, especially among low-income individuals, resulting in inadequate nutrition and health issues. This article highlighted exacerbating factors, including low agricultural productivity, extreme weather patterns, exchange rate, transportation and distribution, government policies, insurgency, energy crises, Russian-Ukraine war, market competition and hoarding to inflation-induced food security issues. The study concluded by advocating comprehensive policy actions to counteract inflation's impact on food security, encompassing stabilizing inflation rates, enhancing agricultural productivity, improving infrastructure, reinforcing safety nets, and strengthening governance and policy implementation. Emphasizing interdisciplinary strategies involving economics, agriculture, nutrition, and other pertinent fields is crucial to holistically comprehend and address the intricate interplay between inflation and food security in Nigeria.c