NISER identifies food crops production, others to checkmate recession
The Nigeria Institute of Social and Economic Research (NISER), Ibadan, Oyo State, has canvassed encouragement of local production of food crops; and improvement in agricultural value-chain, to boost production.
Rising from its monthly Research Seminar Series themed: “Economic Recession and Household Consumption Pattern in Nigeria,” it also called for increased food production through improved seedlings, inputs; improved security in the country; and urgent need to effectively review the real income of workers, both in the public and private sector, in order to increase their purchasing power.
According to the latest study carried out by the Economic and Business Policy Department of NISER, presented by an Associate Research Professor, Dr. Oluwakemi Bolaji Okuwa on behalf of the research team, the study advocated shared growth strategy through investment in education, health and social welfare scheme and a regime of single digit inflation and stable exchange rate to help in cushioning the effect of recession.
She remarked that the result showed that income of the households stood out as the major drivers that either increase or decrease the food and non-food expenditure before and during recession.
Okuwa noted that on the aggregate, per capita expenditure declined in response to the recession, in terms of composition, food expenditure increased, while non-food expenditure dropped.
The study showed that in terms of geo-political zones, household expenditure increased relatively more in the South, particularly in the South East, while food expenditure increased relatively more in the rural sector making the sector worse off and more food insecure.