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The Political Economy of Food Price Policy in Nigeria

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  • Olomola, Aderibigbe S.

Abstract

The food crisis of 2008 in Nigeria was influenced by price changes in the world market and the escalation of the price of imported fuel into Nigeria which led to sharp increases in the prices of agricultural inputs and transportation cost. The soaring prices of food staples benefited the producers whereas there was a worsening of malnutrition among the poor. To cushion the effects within the short-term, the government released grains from the reserve, ordered the import of half a million tonnes of rice to be sold at a subsidized rate and suspended the tariff on rice imports. The policy measures adopted caused a reversal of the trend of food price increase within six months, generated awareness about the nutritional importance of major food staples, and led to changes in preferences in the demand for food commodities and stimulated increased financing for commercial agriculture. The short-term price reduction could not be sustained, however, due to food supply shortages, weakness of the Nigerian currency, and the poor implementation of projects.

Suggested Citation

  • Olomola, Aderibigbe S., 2013. "The Political Economy of Food Price Policy in Nigeria," WIDER Working Paper Series 016, World Institute for Development Economic Research (UNU-WIDER).
  • Handle: RePEc:unu:wpaper:wp2013-016
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    File URL: https://www.wider.unu.edu/sites/default/files/WP2013-016.pdf
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    Cited by:

    1. Niño-Zarazúa, Miguel & Chiripanhura, Blessing M., 2013. "The Impacts of the Food, fuel and Financial Crises on Households in Nigeria: A Retrospective Approach for Research Enquiry," WIDER Working Paper Series 058, World Institute for Development Economic Research (UNU-WIDER).
    2. repec:bla:jageco:v:68:y:2017:i:1:p:143-163 is not listed on IDEAS
    3. Shittu, Adebayo M. & Obayelu, Oluwakemi A. & Salman, Kabir K., 2014. "Welfare Effects of Policy-induced Rising Food Prices on Farm Households in Nigeria," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170697, Agricultural and Applied Economics Association.
    4. Olomola, Aderibigbe S., 2015. "Smoothening Trends of Food Prices in Nigeria: Political Economy and Policy Vistas," 2015 Conference, August 9-14, 2015, Milan, Italy 212712, International Association of Agricultural Economists.

    More about this item

    Keywords

    Agriculture; Economic policy; Food security; Prices;

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