World bank warns of food insecurity in Nigeria and others over conflict in the Middle East

Date:

January 11, 2024.

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Azonuchechi Chukwu.

The World Bank has warned that an increase in conflict in the Middle East could potentially worsen the food insecurity in Nigeria and other countries in the Sub-Saharan Africa region.

The bank noted this in its Global Economic Prospect report where it projected an outlook for the world’s economy in 2024.

According to the bank, political instability and violence together with disruptions in global trade especially in the Middle East portends huge risk for the region with regards to food insecurity.

The report noted that an oil price increase as a result of conflict would lead to increased transport and logistics costs which could disrupt supply chains and worsen the already high food inflation witnessed in Nigeria and other countries in the region.

It states,

“An escalation of the conflict in the Middle East could acerbate 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 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.  (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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