Hidden Costs of Nigeria’s Food System Reach $105.13 Billion

Must Read

News in brief: Nigeria’s hidden agrifood costs were $105.13 billion in 2020, representing 0.8% of global hidden costs and the FAO called for a more sustainable food system.

A new report by the Food and Agriculture Organization (FAO) has revealed that the hidden costs of Nigeria’s agrifood system were at least $105.13 billion in 2020. These include the environmental, health, and social costs associated with food production and consumption.

The report, which covers 154 countries, found that the hidden costs of global agrifood systems totaled $10 trillion, which is equivalent to about 10% of global GDP.

It argues that true cost accounting is needed to guide policy decisions about food systems, which would involve incorporating the hidden costs of food production into the price of food.

These hidden costs, which are not reflected in market prices, are represented as monetary losses associated with decline in productivity or environmental damages.

Nigeria accounts for 0.8% of global hidden costs of the world’s food system, and 51.1% of total hidden costs in West Africa ($205.89 billion).

The report found that lower-middle-income countries show the highest variation in the distribution of quantified hidden costs. In Nigeria and Tanzania, for example, the social hidden costs associated with poverty and undernourishment are particularly high.

The FAO called for a more sustainable approach to food production and consumption. It believes that this will require a shift to more sustainable practices, such as organic farming and reducing food waste.

Joseph Akahome
Joseph Akahome
Joseph O Akahome (OJ) is a writer, with a Bachelor of Arts degree in English and Literature from the University of Benin. He is an avid agriculturist, with a bias for poultry and an insatiable appetite for chicken wings. When he is neither reading nor researching, he likes to spend recreational time playing board games, or swimming in serene forested lakes.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

Latest News

Israeli Government Advocates For Technological Advancement In Nigeria’s Agriculture

News in Brief: - Israeli experts urged Nigeria to adopt advanced technology to boost agricultural productivity and economic growth. - Nigerian...

Subscribe

  • Gain full access to our premium content
  • Never miss a story with active notifications
  • Browse free from up to 5 devices at once