Connect with us

Economy

New Report Finds Fruit, Vegetables, Protein Remain Out of Reach for Most Africans

Published

on

Corn, Soybeans Decline As Favorable Weather May Boost U

Africa’s agri-food systems must be transformed to make healthy diets more affordable for Africans. That is the central message of a new report launched today by the Food and Agriculture Organization of the United Nations (FAO), the UN Economic Commission for Africa (UNECA) and the African Union Commission (AUC).

According to the latest Africa Regional Overview of Food Security and Nutrition, Africans face some of the highest food costs when compared to other regions of a similar level of development. Nutritious foods, such as fruits, vegetables and animal proteins, are relatively expensive when compared to staples such as cereals and starchy roots, and, the report argues, some of the reasons for this are systemic.

Evidence presented in the report shows that nearly three-quarters of the African population cannot afford a healthy diet of fruits, vegetable and animal proteins, and more than half cannot afford a nutrient-adequate diet, which provides a mix of carbohydrates, protein, fats, and essential vitamins and minerals to maintain basic health. Even an energy-sufficient diet, which supplies a bare minimum of energy and little else, is out of reach for over 10 percent of the continent’s population.

“The picture that emerges is that the agri-food systems in Africa do not provide food at a cost that makes healthy diets affordable to the majority of the population, and this is reflected in the high disease burden associated with maternal and child malnutrition, high body-mass, micronutrient deficiencies and dietary risk factors,” FAO Assistant Director-General and Regional Representative for Africa Abebe Haile-Gabriel said with William Lugemwa UNECA’s Director of the Private Sector Development and Finance Division, and Josefa Sacko, African Union Commissioner for Agriculture, Rural Development, Blue Economy and Sustainable Environment in the report’s joint foreword.

“A common vision, strong political leadership and effective cross-sectoral collaboration, including the private sector, are essential to agree on trade-offs and identify and implement sustainable solutions to transform agri-food systems for healthy, affordable diets,” they said.

‘Unacceptably slow’ progress on ending malnutrition

Overall progress in meeting global nutrition targets remains unacceptably slow in Africa, according to the report. Sub-Saharan Africa is the only region in the world where the number of stunted children continues to rise. Although the prevalence of stunting is declining, it is falling only very slowly and despite progress, nearly a third of the children in sub-Saharan Africa are stunted.

Only three countries, Eswatini, Kenya and Sao Tome and Principe, are on course to meet four of the five World Health Assembly nutrition targets. Three other countries, Ghana, Lesotho and Rwanda, are on track to meet three of the targets.

The report also states that current food consumption patterns in Africa impose high health and environmental costs which are not reflected in food prices. Including these costs would add US$0.35 to each dollar spent on food in sub-Saharan Africa.

Rebalancing diets to include more plant-based foods would reduce the cost of diets and lower health and environmental costs. Compared to current average diets, diets that are more plant-based would reduce the full cost of diets, including health and environmental costs, by 11-21 percent in low-income countries.

Transforming agri-food systems for affordable, healthy diets

The findings highlight the importance of prioritizing the transformation of agri-food systems to ensure access to affordable and healthy diets for all, produced in a sustainable manner. Smart policies and interventions throughout agri-food systems are needed to raise yields, lower costs, promote nutritious foods, and reduce health and environmental costs.

Within the African context, essential interventions include increased investment in research and extension to improve yields, especially of nutritious foods, and greater efforts to adopt modern farming technologies. Production must be intensified in a sustainable manner, the report argues, along with interventions to improve land governance, empower women farmers, reduce post-harvest losses and improve market access.

Other efforts required include micronutrient fortification of staple foods, better food safety, improved maternal and child nutrition and care, nutrition education, and government policies that promote access to nutritious food through social protection, poverty reduction and income inequality.

Key facts and figures

• Nearly three-quarters of Africans cannot afford a healthy diet

• Over half of all Africans (51%) cannot afford a nutrient-adequate diet

• An energy-sufficient diet is beyond the means of one in every 10 (11.3%) Africans

• Of the 185.5 million people globally who cannot afford an energy-sufficient diet, the vast majority (80%) live in Africa

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.

Continue Reading
Comments

Economy

Nigeria’s N3.3tn Power Sector Rescue Package Unveiled

Published

on

power project

President Bola Tinubu has given the green light for a comprehensive N3.3 trillion rescue package.

This ambitious initiative seeks to tackle the country’s mounting power sector debts, which have long hindered the efficiency and reliability of electricity supply across the nation.

The unveiling of this rescue package represents a pivotal moment in Nigeria’s quest for a sustainable energy future. With power outages being a recurring nightmare for both businesses and households, the need for decisive action has never been more urgent.

At the heart of the rescue package are measures aimed at settling the staggering debts accumulated within the power sector. President Tinubu has approved a phased approach to debt repayment, encompassing cash injections and promissory notes.

This strategic allocation of funds aims to provide immediate relief to power-generating companies (Gencos) and gas suppliers, while also ensuring long-term financial stability within the sector.

Chief Adebayo Adelabu, the Minister of Power, revealed details of the rescue package at the 8th Africa Energy Marketplace held in Abuja.

Speaking at the event themed, “Towards Nigeria’s Sustainable Energy Future,” Adelabu emphasized the government’s commitment to eliminating bottlenecks and fostering policy coherence within the power sector.

One of the key highlights of the rescue package is the allocation of funds from the Gas Stabilisation Fund to settle outstanding debts owed to gas suppliers.

This critical step not only addresses the immediate liquidity concerns of gas companies but also paves the way for enhanced cooperation between gas suppliers and power generators.

Furthermore, the rescue package includes provisions for addressing the legacy debts owed to power-generating companies.

By utilizing future royalties and income streams from the gas sub-sector, the government aims to provide a sustainable solution that incentivizes investment in power generation capacity.

The announcement of the N3.3 trillion rescue package comes amidst ongoing efforts to revitalize Nigeria’s power sector.

Recent initiatives, including tariff adjustments and regulatory reforms, underscore the government’s determination to overcome longstanding challenges and enhance the sector’s effectiveness.

However, challenges persist, as highlighted by Barth Nnaji, a former Minister of Power, who emphasized the need for a robust transmission network to support increased power generation.

Nnaji’s advocacy for a super grid underscores the importance of infrastructure development in ensuring the reliability and stability of Nigeria’s power supply.

In light of these developments, stakeholders have welcomed the unveiling of the N3.3 trillion rescue package as a decisive step towards transforming Nigeria’s power sector.

Continue Reading

Economy

Nigeria’s Inflation Climbs to 28-Year High at 33.69% in April

Published

on

Nigeria's Inflation Rate - Investors King

Nigeria is grappling with soaring inflation as data from the statistics agency revealed that the country’s headline inflation surged to a new 28-year high in April.

The consumer price index, which measures the inflation rate, rose to 33.69% year-on-year, up from 33.20% in March.

This surge in inflation comes amid a series of economic challenges, including subsidy cuts on petrol and electricity and twice devaluing the local naira currency by the administration of President Bola Tinubu.

The sharp rise in inflation has been a pressing concern for policymakers, leading the central bank to take measures to address the growing price pressures.

The central bank has raised interest rates twice this year, including its largest hike in around 17 years, in an attempt to contain inflationary pressures.

Governor of the Central Bank of Nigeria has indicated that interest rates will remain high for as long as necessary to bring down inflation.

The bank is set to hold another rate-setting meeting next week to review its policy stance.

A report by the National Bureau of Statistics highlighted that the food and non-alcoholic beverages category continued to be the biggest contributor to inflation in April.

Food inflation, which accounts for the bulk of the inflation basket, rose to 40.53% in annual terms, up from 40.01% in March.

In response to the economic challenges posed by soaring inflation, President Tinubu’s administration has announced a salary hike of up to 35% for civil servants to ease the pressure on government workers.

Also, to support vulnerable households, the government has restarted a direct cash transfer program and distributed at least 42,000 tons of grains such as corn and millet.

The rising inflation rate presents significant challenges for Nigeria’s economy, impacting the purchasing power of consumers and adding strains to household budgets.

As the government continues to grapple with inflationary pressures, policymakers are faced with the task of implementing measures to stabilize prices and mitigate the adverse effects on the economy and livelihoods of citizens.

Continue Reading

Economy

FG Acknowledges Labour’s Protest, Assures Continued Dialogue

Published

on

Power - Investors King

The Federal Government through the Ministry of Power has acknowledged the organised Labour request for a reduction in electric tariff.

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had picketed offices of the National Electricity Regulatory Commission (NERC) and Distribution Companies nationwide over the hike in electricity tariff.

The unions had described the upward review, demanding outright cancellation.

Addressing State House correspondents after the Federal Executive Council (FEC) meeting on Tuesday, Minister of Power, Adebayo Adelabu, said labour had the right to protest.

“We cannot stop them from organizing peaceful protest or laying down their demands. Let me make that clear. President Bola Tinubu’s administration is also a listening government.”

“We have heard their demands, we’re going to look at it, we’ll make further engagements and I believe we’re going to reach a peaceful resolution with the labor because no government can succeed without the cooperation, collaboration and partnership with the Labour unions. So we welcome the peaceful protest and I’m happy that it was not a violent protest. They’ve made their positions known and government has taken in their demands and we’re looking at it.

“But one thing that I want to state here is from the statistics of those affected by the hike in tariff, the people on the road yesterday, who embarked on the peaceful protests, more than 95% of them are not affected by the increase in the tariff of electricity. They still enjoy almost 70% government subsidy in the tariff they pay because the average costs of generating, transmitting and distributing electricity is not less than N180 today.

“A lot of them are paying below N60 so they still enjoy government’s subsidy. So when they say we should reverse the recently increased tariff, sincerely it’s not affecting them. That’s one position.

“My appeal again is that they should please not derail or distract our transformation plan for the industry. We have a clearly documented reform roadmap to take us to our desired destination, where we’re going to have reliable, functional, cost-effective and affordable electricity in Nigeria. It cannot be achieved overnight because this is a decay of almost 60 years, which we are trying to correct.”

He said there was the need for sacrifice from everybody, “from the government’s side, from the people’s side, from the private sector side. So we must bear this sacrifice for us to have a permanent gain”.

“I don’t want us to go back to the situation we were in February and March, where we had very low generation. We all felt the impact of this whereby electricity supply was very low and every household, every company, every institution, felt it. From the little reform that we’ve embarked upon since the beginning of April, we have seen the impact that electricity has improved and it can only get better.”

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending