Presence Country
Special Report

Nigeria Market Monitoring Bulletin

September 2017

IPC 2.0 Acute Food Insecurity Phase

1: Minimal
2: Stressed
3: Crisis
4: Emergency
5: Famine
Concentration of displaced people
Elevated Risk of Famine - Phase 5 cannot be confirmed nor disproven with available evidence
Would likely be at least one phase worse without current or programmed humanitarian assistance
FEWS NET classification is IPC-compatible. IPC-compatible analysis follows key IPC protocols but does not necessarily reflect the consensus of national food security partners.

IPC 2.0 Acute Food Insecurity Phase

1: Minimal
2: Stressed
3+: Crisis or higher
Would likely be at least one phase worse without
current or programmed humanitarian assistance
FEWS NET classification is IPC-compatible. IPC-compatible analysis follows key IPC protocols but does not necessarily reflect the consensus of national food security partners.
FEWS NET Remote Monitoring countries use a colored outline to represent the highest IPC classification in areas of concern.

IPC 2.0 Acute Food Insecurity Phase

Presence countries:
1: Minimal
2: Stressed
3: Crisis
4: Emergency
5: Famine
Concentration of displaced people
Remote monitoring
countries:
1: Minimal
2: Stressed
3+: Crisis or higher
Would likely be at least one phase worse without
current or programmed humanitarian assistance
FEWS NET Remote Monitoring countries use a colored outline to represent the highest IPC classification in areas of concern.

In June 2016, FEWS NET released an alert describing the national and regional implications of declining global crude oil prices on the Nigerian economy and subsequent currency depreciation since 2015. Within the context of this national economic shock, more than 3 million people in Northeast Nigeria already face significant food insecurity due to the Boko-Haram conflict. The Nigeria Market Monitoring Bulletin provides a summary of emerging market trends in Nigeria and the broader region. 

Key Messages

  • Recent increases in oil revenues along with revenues from non-oil sectors such as agriculture, are gradually helping drive Nigeria’s economy out of recession. Major economic indicators continue to improve (positive GDP of about 0.55 in 2017Q2, increased foreign reserve levels, strengthening currency, and declining inflation). 

  • The gap between the official inter-bank exchange rate and the parallel Bureau-de-Change rate continues to reduce, bringing about relative stability in prices of imported staples on the national level. On-going early harvests have also impacted general food prices. 

  • The current regional prices still favor Nigerian staple traders as prices in Nigeria are relatively cheaper compared to Niger. 

  • August 2017 maize and imported rice prices are above 2016 levels in most markets. While prices have begun trending closer to average in a few markets, particularly for imported rice, prices in most markets remain above average. As a result, although improving, the purchasing power of most households in Nigeria remains weak. 

  • Compared to July 2017 levels, Nigeria’s northeastern markets show relatively stable prices with slight increases for maize, rice, and sorghum and a higher increment for cowpea. Staple prices in Mubi increased in August but remain cheaper compared to other regional markets. Maize and rice prices in Potiskum and Damaturu markets in Yobe showed slight marginal decreases from July to August 2017. The price of cowpea increased in Damaturu and is cheapest in Potiskum, among selected markets. 

About FEWS NET

The Famine Early Warning Systems Network is a leading provider of early warning and analysis on food insecurity. Created by USAID in 1985 to help decision-makers plan for humanitarian crises, FEWS NET provides evidence-based analysis on some 34 countries. Implementing team members include NASA, NOAA, USDA, and USGS, along with Chemonics International Inc. and Kimetrica. Read more about our work.