NISER calls for more govt.’s efforts in attaining food security

Food

By Chidinma Ewunonu-Aluko

Ibadan, Oct. 29, 2019 (NAN) The Nigerian Social and Economic Research (NISER), Ibadan, on Tuesday, urged the Federal Government to make additional efforts, especially through local sources, to attain food security in the country.

Dr Damilola Arawomo of the Department of Economics and Business Policy, NISER, made the call during the institute’s October seminar series in Ibadan.

The News Agency of Nigeria (NAN) reports that Arawomo spoke on the topic: ‘Multiple Exchange Rate and Macroeconomic Variable in Nigeria’.

He said that in all the categories of exchange rates, negative effect was obtained on investment, which, he said, might likely be from the importation of capital goods and intermediate products.

“Hence attention should be placed on sourcing inputs locally; in this regards, the renewed interest of the Central Bank of Nigeria ( CBN) on palm, cow/cow milk and wheat is a good step in the right direction,” he said.

Arawomo noted that the strategy should be sustained to stimulate local production in stabilising the general price, while stimulating economic growth.

According to him, the goal of multiple exchange rate seemed to have been achieved, thus helping the country to cope with price shock and the declining external reserve, more so as the exchange rate had remained stable.

He added that based on the main objective of the monetary policy, which was to reduce inflation and promote trade competitiveness, unified exchange rate would be preferred.

“Although the effect of the unified exchange rate on inflation is insignificant, it can, however, produce the desired effects.

“The CBN had maintained that food accounts for the largest share of the consumer price index.

“In all the exchange rate types, appreciation of exchange rate promotes import of goods and services, hence aggressive efforts should be made in reducing the country’s import dependence,” he said.

NAN reports that NISER holds the seminar series monthly as part of its core mandates.

The institute also provides consultancy services to the federal and state governments, their agencies and other organisations in the field of economic and social development.

It also conducts research into the economic and social problems of the country, with a view to proffering workable solutions to them. (NAN)

CC/GOM/WAS

Edited by Gregg Mmaduakolam and ‘Wale Sadeeq