NIGERIA’S Senate has passed a bill aimed at tackling the nation’s growing food insecurity crisis by making it a crime to export large quantities of unprocessed corn. This legislative move, revealed by Reuters, comes amid a worsening economic climate, which has seen soaring inflation and a dramatic rise in the cost of living.
Effort to curb hunger amid economic strain
Africa’s most populous country is grappling with its worst cost-of-living crisis in a generation, fuelled by President Bola Tinubu’s austerity measures, including the controversial devaluation of the naira currency and the removal of the petrol subsidy. As a result, inflation has surged, and food prices have skyrocketed, exacerbating hunger across the country.
Economic pressures driving corn exports
The weakening naira has led to an informal surge in corn exports to neighbouring countries, as traders capitalise on favourable exchange rate disparities with the West African CFA franc. Corn, a staple crop in Nigeria, is crucial not only as food but also for animal feed and in the production of flour and beverages.
The United States Department of Agriculture (USDA) has forecast a rise in Nigeria’s corn exports, projecting 75,000 metric tons for the 2024/25 period, up from 50,000 metric tons in the previous year.
Proposed law and its impact
The new bill, which must receive President Tinubu’s assent to become law, seeks to make it illegal to export more than one metric ton of unprocessed corn. Offenders would face hefty fines, equivalent to the value of the exported corn, or face up to one year in prison.
Rising food insecurity
Nigeria is facing an alarming rise in food insecurity. According to a joint report by the government and the United Nations, more than 30 million Nigerians are expected to experience food insecurity in 2024, representing a one-third increase from the previous year.
As the nation continues to confront significant economic challenges, the government hopes this bill will curb the export of vital foodstuffs and ensure that more local produce stays within the country to feed its population.
