On the 10th of September, Flour Mills of Nigeria Plc held its 60th annual general meeting in Lagos, Nigeria's commercial capital. Attendance at the event was by proxy and live streaming due to the COVID-19 pandemic and the restrictions on large gathering.
The food index rose to 15.18% compared to 15.04% recorded in May 2020 while core inflation, which excludes the prices of volatile agricultural produce that stood at 10.13% in June 2020 compared to 10.12% recorded in May 2020. If prices continue to sow, it will continue to have a devastating effect on the poor households by making it difficult to afford food.
These are trying times for Nigeria's economy, as an expected recession means the government has to take pro-active steps to mitigate the impact of the recession and recover in the shortest period. Meanwhile, President Buhari has asked the Central bank of Nigeria to stop issuing foreign exchange for food and fertilisers imports. Andrew Nevin, Partner and Chief Economist at PwC Nigeria joins CNBC Africa’s Kenneth Igbomor to assess the state of the Nigerian economy.
On May 17, Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, delivered 110 truckloads of food items to the Kano State government to be distributed to the vulnerable and less privileged whose means of survival were affected by the lockdown directive. Two weeks later, the food items have not been distributed and have been left to rot in the open.
On the outskirts of the Malian capital Bamako, several camps for internally displaced persons shelter families who have fled violence in their regions. But with a severe lack of food, water, medical care and hygiene, the threat of Covid-19 means they are even more vulnerable than they were before the pandemic. With international aid becoming scarce, NGOs are worried the virus could spread in these camps where social distancing is impossible and the future highly uncertain. Our correspondents report.
The coronavirus pandemic risks disrupting food supplies to hundreds of millions of people across Africa. Efforts to contain the spread of Covid-19 may exacerbate food insecurity that was already gripping parts of the continent before the health emergency. We speak to the FAO's Director of Emergencies, Dominique Burgeon. We also take a closer look at the situation in Kenya.