Nigeria currently faces one of its most severe food crises in decades, with projections by the United Nations showing that an estimated 82 million Nigerians, about 64 percent of the country’s population, will go hungry by 2030 if urgent interventions are not made. The United Nations has sounded alarming bells, warning that Nigeria now ranks among the countries experiencing critical food insecurity globally, with 26.5 million Nigerians already facing hunger due to food price hikes, climate change, and insecurity. This disturbing reality means that millions are struggling to feed themselves and their families in a country that has historically been a regional agricultural powerhouse.
Despite Nigeria’s vast arable land and agricultural potential, the country has been unable to keep up with its growing population’s food needs. With a population surpassing 220 million people, the country faces a serious challenge in balancing agricultural productivity with food demand. In a report by AFEX, Nigeria has a 5.7 million metric tonnes deficit in food supply, contributing to this dire situation. Furthermore, Nigeria’s agricultural sector is underperforming due to low levels of mechanization and over-reliance on traditional farming methods. According to the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), only about 4% of Nigerian farmers use mechanized tools, leading to low productivity and high post-harvest losses.
What is causing Nigeria’s Food Crisis?
Nigeria’s food insecurity has escalated significantly between 2020 and 2024 due to a combination of several interconnected factors, including inflation, currency devaluation, climate change, insecurity, policy changes, and agricultural challenges. Conflict in key agricultural zones, coupled with floods and droughts, has severely affected food production, widening the gap between supply and demand. In 2020, the COVID-19 pandemic and disruptions to global supply chains triggered an increase in food prices. This was worsened by local factors such as insecurity in agricultural zones and poor infrastructure, leading to significant post-harvest losses.
Fast forward to 2024, food inflation has surged dramatically, with the latest reports showing that as of May, Nigeria’s food inflation reached a staggering 40.66% year-on-year, significantly higher than the 24.82% recorded in May 2023. Inflation rates were as high as 44.18% in states like Kogi, while national food inflation averaged over 26%. This dramatic increase has severely weakened the purchasing power of Nigerians, many of whom struggle to afford daily necessities.
From 2020 to 2023, Nigeria experienced an unprecedented rise in the price of imported food, driven by global factors like the Russia-Ukraine war. The removal of fuel subsidies in May 2023 also compounded the situation, tripling transportation costs and pushing food prices even higher due to increased logistics expenses.This subsidy removal directly impacted farmers, causing input costs to rise by over 40%, severely affecting food production. At the same time, the Nigerian naira plummeted by around 70%, significantly reducing its value against the dollar. In 2020, 10,000 naira was equivalent to $22; by mid-2024, it had fallen to about $6.40. This devaluation has made imports more expensive and contributed to the rapid rise in inflation, resulting in skyrocketing food prices for imported goods.
In Lagos, one of Nigeria’s most populous regions, urban food insecurity has been a growing concern, as food prices in local markets outpace wage growth.The National Bureau of Statistics (NBS) reported that 56% of the average Nigerian’s income is spent on food. This contrasts sharply with developed nations, where citizens spend less than 15% of their income on food. As prices rise, a significant portion of the population is pushed into poverty, struggling to afford even the most basic food items.Staples like rice, beans, and maize have become luxury items for many, with prices spiking by 80% for these key commodities in 2024. The cost of tomatoes has surged by 57.57%, while yams have seen price hikes of up to 44%, according to Statista. For instance, rice now costs ₦80,000 for a 50kg bag, compared to ₦26,000 just three years ago. Similar price surges have occurred across various food products such as beans, maize, and palm oil, some as high as 110%. This kind of sustained inflation has resulted in millions of households being unable to afford adequate nutrition, leading to increasing malnutrition rates.An alarming report by the Nigerian Economic Summit Group (NESG) reveals that over 26.5 million Nigerians are currently affected by malnutrition, with a significant number of them children and vulnerable populations.
Climate change is another key factor exacerbating food insecurity in Nigeria. Increasing temperatures, unpredictable rainfall, and desertification are affecting crop yields, particularly in the northern regions. The World Bank has warned that if the current climate trends continue, Nigeria’s agricultural output could shrink by 40% by 2050, putting additional pressure on food supplies. In addition, erratic weather patterns, particularly droughts, have further hindered agricultural productivity. As predicted by weather experts, this year’s planting season has been affected by low rainfall, further aggravating the food crisis. The heavy reliance on rain-fed agriculture means that about 70% of crops are dependent on rainfall. Without substantial investment in irrigation systems, the country remains vulnerable to seasonal and climate-related disruptions.
Another often overlooked driver of food insecurity in Nigeria is its outdated infrastructure. A significant percentage of Nigeria’s crops perish post-harvest due to the lack of adequate storage, transportation, and processing facilities. It is estimated that 30-40% of Nigeria’s agricultural produce is lost before it reaches the market, leaving farmers with reduced income and driving up the cost of food. Roads linking rural farms to urban centers are often dilapidated or non-existent, making transportation of goods even more difficult and costly. Without investment in cold storage and better logistics, these post-harvest losses will continue to amplify the crisis.
To address the food crisis, the Nigerian government has implemented several measures, including raising interest rates to curb inflation and distributing 42,000 tonnes of grain to vulnerable households. However, experts argue that these actions are insufficient without structural reforms to improve food security, such as addressing insecurity in farming regions and investing in agricultural productivity.
Bridging the Gap: Assetrise Limited’s Role in Providing Sustainable Solutions to Nigeria’s Food Crisis
In the face of this growing crisis, private initiatives are emerging to fill the gap. Assetrise Limited has continued to take bold steps with innovative solutions aimed at boosting indigenous production and providing long-term sustainability for Nigeria’s agricultural sector. Asserise’s most impactful initiatives—the Eko Yams Project and the Smart Agropreneurship Project (SAP)—are grounded in providing both immediate relief and future-proof solutions that strengthen the country’s food production systems.
Eko Yams Project: Addressing Root Crop Scarcity
Yams serve as a staple food for millions of Nigerians, yet the country faces as yams shortage, with demand far exceeding supply. The Eko Yams Project is an ambitious initiative aimed at reviving indigenous food production especially yam cultivation in Lagos, where yam has become increasingly scarce due to land degradation, high production costs, and erratic weather patterns. The project focuses on cultivating millions of tubers of yam yearly leveraging sustainable agricultural practices.
By focusing on this high-demand crop which serves both as a source of nutrition and cultural heritage in Nigeria’s food system, Assetrise is not only working to provide immediate relief from food shortages but also fostering long-term availability of this staple crop. With its initial phases successfully cultivating over one million yam tubers in Lagos, and the ongoing third phase, aiming to cultivate over 5 million yam tubers, this project incorporates modern farming techniques like drip irrigation, high-yield seed varieties, and post-harvest management to mitigate climate impacts and reduce food waste. The project also addresses post-harvest losses by implementing better storage techniques and transport infrastructure, reducing the percentage of wasted yams from 30-40% to under 10%, and making yams more affordable and accessible.
Smart Agropreneurship Project (SAP): Empowering the Next Generation of Agropreneurs
The Smart Agropreneurship Project is an innovative program designed to equip the next generation of agropreneurs with the skills, technology, and financial backing needed to revolutionize the agricultural sector. By focusing on smart farming techniques, which include the use of data analytics, modern irrigation methods, and eco-friendly inputs, SAP aims to increase productivity while minimizing environmental damage. SAP ensures that new agropreneurs prioritize long-term sustainability, using methods that conserve water, reduce waste, and improve soil health.
One of SAP’s most significant contributions is its focus on youth empowerment. This initiative not only boosts food production but also tackles the problem of youth unemployment, providing a dual benefit to Nigeria’s economy. With Nigeria’s aging farming population and a youth unemployment rate exceeding 33%, there is an urgent need to bring younger generations into the agricultural sector. SAP offers hands-on training in modern agricultural techniques, sustainable farming practices, and agribusiness management. Through microfinancing, mentorship, and access to modern farming tools, SAP is helping young agropreneurs establish successful, scalable farming businesses, encouraging young Nigerians to see farming as a viable and profitable career, while also contributing to the greater goal of making Nigeria Food secure.
Palmrich Estate which is also a key initiative of Assetrise Limited is dedicated to oil palm cultivation, a crop that is highly resilient and adaptable to Nigeria’s climate. Palm oil is not only a valuable commodity, but it is also crucial for food security, given its role in the production of both food and non-food products. According to the Roundtable on Sustainable Palm Oil (RSPO), the demand for palm oil is expected to increase by 6.5% annually, and Nigeria is positioned as the third-largest producer globally. By focusing on palm oil production, Palmrich Estate not only contributes to meeting local demand but also helps reduce Nigeria’s dependency on imported vegetable oils.
By leveraging its expertise and focusing on sustainable development, Assetrise is not only contributing to solving Nigeria’s current food crisis but also helping to build a more resilient agricultural future.
Sustainable Solutions for a Global Crisis
Nigeria’s food crisis is multifaceted and deeply entrenched, but innovative solutions like those spearheaded by Assetrise provide a glimpse of hope, representing a path forward. The company’s initiatives show that with innovation, sustainable practices, and targeted investment, Nigeria can boost food production, support local farmers, and reduce hunger across the country. While private sector initiatives are commendable, they cannot solve the crisis alone. Nigeria needs a holistic strategy that addresses the root causes of its food insecurity. Key solutions include:
- Revamping agricultural infrastructure: Improving roads, cold storage, and market access for farmers will help reduce post-harvest losses and stabilize food prices.
- Tackling insecurity through effective policing operations, especially in agricultural regions.
- Climate adaptation policies, such as irrigation projects and research into drought-resistant crops, to protect farmers from the impacts of climate change.
- Agricultural financing and subsidies that empower smallholder farmers with the resources needed to increase productivity.
- Promoting sustainable farming practices: Scaling up projects like the Smart Agropreneurship Project across other regions in Nigeria will ensure that more young professionals can access the tools and knowledge they need to thrive.
- Public and private sector collaboration: Collaborative efforts between the government, private entities like Assetrise, and international bodies will ensure that solutions are coordinated, efficient, and impactful.
Is Nigeria Ready for What Comes Next?
Nigeria stands at a critical crossroads. With millions at risk of starvation and food prices soaring beyond affordability, the country must decide whether to take meaningful action or risk plunging millions more into starvation. Assetrise’s Eko Yams and SAP projects are shining examples of the innovative solutions that can emerge from the private sector. These solutions not only aim to close the food supply gap but also create sustainable pathways for economic empowerment. While Assetrise’s projects are making significant strides in addressing Nigeria’s food crisis, broader systemic changes are needed to overcome this national challenge. Without broader government support and infrastructural improvements, these efforts may only scratch the surface. The solution lies in a coordinated effort between the government, private sector, civil society and international partners to potentially reverse Nigeria’s current trajectory and become a food-secure nation, ensuring that no Nigerian goes to bed hungry.
So, the question remains: Is Nigeria ready to tackle its food crisis head-on, or will millions continue to go hungry? The future of Nigeria’s food security depends on the steps taken today.
