Nigeria, a country grappling with deep-seated issues of poverty and insecurity, is facing a looming food crisis that threatens millions of its citizens.

According to Temitope Fadeshemi, the Permanent Secretary at Nigeria’s Federal Ministry of Agriculture and Food Security, an alarming 88.4 million Nigerians currently live in extreme poverty. Fadeshemi disclosed this sobering statistic while overseeing the distribution of farm inputs and empowerment materials to 250 smallholder farmers in Kaduna.

Bashir Abdulkadir, representing Fadeshemi at the event said: “The level of poverty in Nigeria is alarming. An estimated population of 88.4 million people in Nigeria is living in extreme poverty.

“The number of men living on less than 1.90 U.S. dollars a day in the country reached around 44.7 million, while the count was at 43.7 million for women.

“Overall, 12.9% of the global population in extreme poverty was found in Nigeria as of 2022.

“This is why the Federal government of Nigeria through the Federal Ministry of Budget and National Planning in collaboration with FMAFS is making conscious efforts at reducing the spate of poverty across the country.”

Abdulkadir highlighted the disparity, revealing that approximately 44.7 million men and 43.7 million women survive on less than $1.90 per day. Nigeria, he lamented, accounts for 12.9% of the global population living in extreme poverty.

To address this crisis, Nigeria has embarked on the National Poverty Reduction with Growth Strategy (NPRGS) initiative. Fadeshemi hailed NPRGS as a crucial step in uplifting smallholder farmers and promoting sustainable agricultural practices. He said that the program signifies an investment in the nation’s future, recognizing farmers as the backbone of Nigeria’s prosperity.

The initiative, in collaboration with the Federal Department of Agricultural Extension Service, has identified and validated 250 farmers for participation. Fadeshemi stressed that NPRGS reflects the government’s commitment to eradicating poverty by empowering farmers with the necessary knowledge and resources to thrive.

Timkat Nanfa, the State Coordinator of the ministry, expressed gratitude for the federal government’s support and urged participants to maximize the empowerment resources. The distributed items, including organic fertilizers, seeds, poultry, and fish feeds, aim to enhance farm operations and alleviate poverty.

However, despite these efforts, Nigeria faces a daunting food security challenge, particularly in its northern states. The latest Food Security Report by the World Bank predicts severe food crises in seven northern states in 2024, including Adamawa, Borno, Kaduna, Sokoto, Yobe, and Zamfara.

“It is projected that most areas in West and Central Africa will remain Minimally food insecure (IPC Phase 1) until May 2024, with some being categorized as Stressed (IPC Phase 2). Nigeria (far north of Adamawa, Borno, Kaduna, Katsina, Sokoto, Yobe, Zamfara states) will be at Crisis food security levels (IPC Phase 3), mostly because of persistent insecurity and armed conflict and deteriorating livelihoods,” the report stated.

Factors such as persistent insecurity, armed conflict, and deteriorating livelihoods exacerbate the situation.

The report warns that Nigeria’s far north will experience crisis-level food insecurity, primarily due to insecurity and armed conflict. Inaccessible areas, such as Abadam, Bama, Guzamala, and Marte, have reached emergency food security levels. The conflict has already left 4.4 million people food insecure in Borno, Adamawa, and Yobe states, according to the World Food Programme.

In addition to insecurity, Nigeria grapples with soaring inflation, further straining food access for vulnerable populations, particularly internally displaced persons. The activities of bandits and terrorists displace communities, disrupt farming activities, and exacerbate food insecurity.

World Bank said urgent action is imperative to mitigate the impending food crisis. Sustainable strategies that address poverty, insecurity, and agricultural development have long been advocated to safeguard the well-being of millions of Nigerians and ensure food security for the nation’s future.

My understanding is that the NIN (national identity number) was partly implemented in the banking sector to improve KYC and transparency in the sector. If their data and analytic combo is great, they can use that to connect the pieces together for this task force (EFCC Launches Special Task Force To Combat Dollarization Of Nigeria’s Economy). I do hope we have been doing that before now.

In an official statement released on Wednesday, the EFCC disclosed its proactive measures to confront the pervasive dollarization phenomenon. Dele Oyewale, the Head of Media and Publicity for EFCC highlighted the agency’s commitment to curbing currency mutilation and the illicit adoption of the dollar as a primary medium of exchange in Nigeria as the naira’s value wanes.

Ola Olukoyede, who represented the Chairman of the EFCC, inaugurated the task force in Abuja, stressing the anti-graft agency’s pivotal role in safeguarding the economy against exploitation, financial leakage, and distortions. Olukoyede reiterated the agency’s dedication to upholding existing laws aimed at preserving the stability and integrity of Nigeria’s financial system.

I support any effort to improve Nigeria’s economy and I wish EFCC good luck on this: “In response to the alarming escalation of dollarization within Nigeria’s economy, the Economic and Financial Crimes Commission (EFCC) has taken decisive action by establishing a Special Task Force across all its Zonal Commands to checkmate the situation.”

Yet, EFCC cannot win a fight for Naira; only factories and warehouses (the modern and the old) can. If EFCC wants to help, it can probe all the contracts and implementations on the power sector in Nigeria since 1999. And get all those deals executed 100%. If there is electricity in Nigeria, the economy will rise. An electricity fighting task force is more strategic than a dollarization one in Nigeria.

EFCC Launches Special Task Force to Combat Dollarization of Nigeria’s Economy

In response to the alarming escalation of dollarization within Nigeria’s economy, the Economic and Financial Crimes Commission (EFCC) has taken decisive action by establishing a Special Task Force across all its Zonal Commands to checkmate the situation.

This move comes amid growing concerns over the rapid depreciation of the naira, the nation’s currency, in the foreign exchange market, compounded by skyrocketing inflation fueled by soaring petrol costs.

The dire economic situation gripping the nation is underpinned by the precipitous decline of the naira, which in addition to other factors, has pushed inflation to unbearable levels, burdening citizens with exorbitant living expenses.

Recently, protests have erupted in various regions of the country, with Nigerians decrying the ostentatious lifestyles of political leaders who appear indifferent to the plight of the populace.

In an official statement released on Wednesday, the EFCC disclosed its proactive measures to confront the pervasive dollarization phenomenon. Dele Oyewale, the Head of Media and Publicity for EFCC highlighted the agency’s commitment to curbing currency mutilation and the illicit adoption of the dollar as a primary medium of exchange in Nigeria as the naira’s value wanes.

Ola Olukoyede, who represented the Chairman of the EFCC, inaugurated the task force in Abuja, stressing the anti-graft agency’s pivotal role in safeguarding the economy against exploitation, financial leakage, and distortions. Olukoyede reiterated the agency’s dedication to upholding existing laws aimed at preserving the stability and integrity of Nigeria’s financial system.

“We cannot allow our economy to be held hostage by the whims of a few individuals seeking to profit at the expense of the nation’s well-being,” Olukoyede declared.

The EFCC’s proactive stance has already yielded tangible results, with the apprehension of several individuals involved in nefarious activities such as issuing invoices denominated in dollars and engaging in the mutilation of the naira. While specific figures were not disclosed, these arrests signify the agency’s unwavering resolve to combat economic malfeasance and ensure compliance with legal statutes.

Furthermore, the EFCC has summoned proprietors of private universities and other institutions of higher learning that levy fees in dollars, signaling its intent to scrutinize all sectors susceptible to currency manipulation.

“The Commission is resolute in its commitment to enforcing all applicable laws designed to rejuvenate and invigorate the economy,” the statement affirmed.

Nigeria’s grappling with the multifaceted challenges posed by currency depreciation, inflationary pressures, and pervasive corruption, has seen the EFCC’s Special Task Force emerging as a pivotal instrument in safeguarding the nation’s economic interests.

Last year, the anti-graft agency raided many Bureau De Change outlets believed to be hoarding foreign currencies to the detriment of the naira.

However, the EFCC’s proactive measures have elicited a mixed response from stakeholders, with some lauding the agency’s efforts to combat economic sabotage, while others express concerns over potential unintended consequences on businesses operating within Nigeria’s already troubled economy.