@article{Olomola:212712,
      recid = {212712},
      author = {Olomola, Aderibigbe S.},
      title = {Smoothening Trends of Food Prices in Nigeria: Political  Economy and Policy Vistas},
      address = {2015-08},
      number = {1008-2016-79973},
      pages = {23},
      year = {2015},
      abstract = {The food crisis of 2008 in Nigeria was influenced by price  changes in the world market and the escalation of the price  of imported fuel into Nigeria which led to sharp increases  in the prices of agricultural inputs and transportation  cost. The soaring prices of food staples benefited the  producers whereas there was a worsening of malnutrition  among the poor. To cushion the effects within the  short-term, the government released grains from the  reserve, ordered the import of half a million tonnes of  rice to be sold at a subsidized rate and suspended the  tariff on rice imports. The policy measures adopted caused  a reversal of the trend of food price increase within six  months, generated awareness about the nutritional  importance of major food staples, and led to changes in  preferences in the demand for food commodities and  stimulated increased financing for commercial agriculture.  This study sought to (i) examine the political economy  issues surrounding the 2008 food price crisis, (ii) analyse  the performance of the medium-term policies and strategies  to prevent a recurrence of the 2008 episode and (iii) draw  policy implications for price stability in the country. The  study found that the country has not been under any threat  of food crisis since the 2008 episode. Right from 2011, the  medium-term policies and strategies were re-designed and  entrenched as major components of the agricultural  transformation agenda (ATA). The implementation of the ATA  has led to an increase in domestic food production,  reduction in food import and stabilization of food prices.},
      url = {http://ageconsearch.umn.edu/record/212712},
      doi = {https://doi.org/10.22004/ag.econ.212712},
}