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Food and Agriculture Organization of the United Nations (FAO) Aims to Provide Livelihood Assistance to Nearly 49 Million People in 2021

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Food and agriculture organisation of the United Nations

As the COVID-19 pandemic, conflict and climate-related crises drive acute levels of hunger higher, the Food and Agriculture Organization of the United Nations (FAO) is seeking $1.1 billion in 2021 to save the lives and livelihoods of some of the world’s most food-insecure people.

In 2021, FAO is aiming to reach more than 48.9 million people who rely on agriculture for their survival and livelihoods through interventions aimed at boosting local food production and nutrition, while strengthening the capacity and resilience of communities to prepare for and cope with crises, as well as providing post-disaster livelihoods support to help people resume production.

According to FAO’s latest data, country after country has recorded new food insecurity figures and the total number of people who experienced acute food insecurity at crisis or worse levels in 2020 is expected to exceed 2019’s high of 135 million people. This year’s Global Report on Food Crises , to be launched by the Global Network against Food Crises in April, will underscore the severity of the situation.

“The shocks of the past year will reverberate long into 2021 and beyond, and we need to urgently scale up actions to avert a worst-case scenario,” said Dominique Burgeon, Director of FAO’s Emergencies and Resilience Division.

Of extreme concern are the estimated 30 million people in Integrated Food Security Phase Classification (IPC) Phase 4 or Emergency levels of acute hunger, who are already experiencing excess mortality and the irreversible loss of vital livelihood assets.

Hundreds of thousands of girls, boys, women and men are at extreme risk of acute food insecurity in several countries. Many are living in conflict zones where humanitarian access is restricted or challenging.

“Millions are living on the precipice – one stress or shock away from a rapid deterioration. With or without famine declarations, we need to act now,” Burgeon added.

Many depend on agriculture for their lives and livelihoods

Agriculture is critical as nearly four out of five people live in rural areas and rely on some form of agricultural production for their livelihoods. The most severe manifestation of acute hunger remains a largely rural phenomenon so averting famine must therefore begin in rural areas and include large-scale and collective action to save livelihoods and lives.

FAO has already provided critical livelihood support to safeguard the livelihoods of over 24 million people against the socio‑economic impacts of COVID-19. Desert Locust control operations have also had an impact in the Greater Horn of Africa and Yemen where FAO has protected over 3.1 million tonnes of cereal, worth $939 million, enough to feed more than 20.8 million people for a year and protect more than 1.5 million pastoral households.

With FAO’s support, those affected can have the means and the capacity to produce the food needed to stave off acute hunger.

FAO targets assistance to acutely food insecure

FAO’s emergency response in 2021 will focus on providing assistance to highly food-insecure communities in more than 30 countries including the Democratic Republic of the Congo, Ethiopia, Somalia, South Sudan, Syria and Yemen.

Yemen is suffering the world’s worst humanitarian crisis as a consequence of conflict and economic collapse. Farmers have also had to deal with Desert Locusts and natural disasters. FAO aims to reach 6.3 million people with high impact interventions combining cash and agricultural livelihoods support and promoting community resilience.

In Syria, 12 million people will benefit from restoring agricultural livelihoods and value chains while in Ethiopia, the Organization aims to assist 6.7 million people facing acute hunger and another 6 million people in South Sudan to improve their food security, resilience and agricultural production.

Recognizing that close monitoring and agility are crucial tools in preventing rapid deterioration, FAO will continue to expand its anticipatory action linked to early warnings in 2021 to protect livelihoods before a disaster.

“We will continue investing in the most vulnerable people and their livelihoods so that they can lead their future recovery and pull themselves out of acute hunger,” said Burgeon.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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