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Nigeria's agricultural exports have surged to an impressive N2 trillion within just six months, largely attributed to the recent devaluation of the naira.
This devaluation has made Nigerian agricultural products more competitively priced in international markets, particularly in West Africa, where demand for cheaper food options has increased. The National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) noted that while this trend boosts export revenues, it also raises concerns about potential inflation and food insecurity domestically as local supply may dwindle to meet export demands.
Citations:
[1] https://www.ijhssi.org/papers/v6%283%29/version-III/J0603036571.pdf
[2] https://ideas.repec.org/a/bjc/journl/v9y2022i4p89-101.html
[3] https://www.thisdaylive.com/index.php/2024/03/12/naccima-to-governors-implications-of-persistent-devaluation-of-naira-multifaceted/
[4] https://www.foodandagriculturejournal.com/vol2.no.1.pp165.pdf
[5] https://www.trade.gov/country-commercial-guides/nigeria-agriculture-sector
[6] https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/publications/aer/2023/en/06_Chapter_01.pdf
[7] https://crawford.anu.edu.au/acde/asarc/pdf/papers/2004/WP2004_10.pdf
[8] https://www.ipcinfo.org/fileadmin/user_upload/ipcinfo/docs/IPC_Famine_Review_Committee_Report_Gaza_June2024.pdf
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