January 11, 2024.Thank you for reading this post, don't forget to subscribe!
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.
“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).