Ifeyinwa Ugochukwu, Chief Executive Officer, Tony Elumelu Foundation

TEF CEO harps on significance of real economy, food security in Africa

*In order to create a future that is resilient and sustainable, the first port of call is food security for Africa and the entire globe ─Ifeyinwa Ugochukwu, Chief Executive Officer, Tony Elumelu Foundation

Isola Moses | ConsumerConnect

The far-reaching impacts of the disruptive Coronavirus (COVID-19) pandemic on the economic growth of African states have continued to affect varied drivers, top among them, food insecurity, according to a report on ReliefWeb.

The report noted that countries like Nigeria, with existing vulnerabilities, are currently experiencing a rise in inflation rates because of the ripple effects of lockdowns and national restrictions put in place to slow the spread of the virus.

At a recent forum on Global Business Outlook, The TEF Circle by the Tony Elumelu Foundation (TEF) again, emphasised the need to address the state of food security in Africa.

The organisation noted that this measure is necessary in order to achieve a sustainable economic development and create an inclusive, shared-prosperity for Africans.

In a conversation between Ifeyinwa Ugochukwu, Chief Executive Officer (CEO) of TEF, and Shada Islam, Director of Europe & Geopolitics, Ifeyinwa highlighted the wrong priority in emphasising a financial economy than a real economy on the continent.

She said in an interview: “The focus should be on people, on jobs, on human capital, on productivity, as opposed to financial markets.

“In order to create a future that is resilient and sustainable, the first port of call is food security. Food security for Africa, and for the globe.”

The organisation as well quoted the January 2013 IISD Report, titled: “Food Price Inflation and Food Security: A Morocco case study”, which stated: “There is a need to meet domestic demand for food staples by easing restrictions on imports and continuing to reduce the gap between most-favoured nation tariffs and preferential tariffs, while keeping in mind the need to mitigate potential unintended negative consequences.”

It said that achieving food security requires that sufficient quantities of appropriate foods are consistently available, and that individuals, families and communities have adequate incomes or other resources to purchase or acquire food.

However, this is a multi-dimensional problem which can be linked to healthcare, conflicts, policies, politics, leadership, trade, economic interests, and the environment, said TEF.

The forum also noted the key drivers of food insecurity have expanded beyond conflict, and countries that have been affected would need to take a deep dive to figure out a compromise between policy and institutional reform, conflict resolution, infrastructure development, and the funding and implementation of community-based, food security-enhancing investments on the African continent.

Kindly Share This Story