IMF Calls for Global Support to Reduce Flooding Impact

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The International Monetary Fund (IMF) says investment in a technological approach is essential in issuing early warning systems and providing accessible climate finance that will help build resilience against the current climatic crisis disrupting food production, especially the alarming flood crisis in Nigeria.

Recall that it has been reported earlier that, flooding cases affecting Benue, Kogi, and Anambra States farmlands due to the overflowing Benue River and highlighted the impact on agricultural production.

However, the IMF has warned that the country might face higher food prices as farmlands are under water thereby interrupting farming activities.

Speaking during the analytical corner on “Climate Change and Food Insecurity in Sub-Saharan Africa” on the first day of the 2022 IMF/World Bank Annual Meetings in Washington DC, Mai Farid of the Fund’s African Department noted the organization’s cognizance of the challenges the flood of that magnitude has on Nigeria and neighbouring countries.

According to her, Sub-Saharan Africa, of which Nigeria is part, is the most food-insecure region, as well as the most vulnerable to climate change and the least prepared.

In her words: “in terms of the supply of agricultural production, it is going to drop, which will put even further pressure on prices. In addition, the floods have affected some of the transportation networks, which makes it even harder to transfer food into the country or even out. So, we do recognize that these are incredibly difficult contexts to address. However, as we mentioned, our work actually does point towards establishing a telecommunications system that gives farmers the ability to be aware of an upcoming climate change forecast that would kind of predict a flood or a drought; all those things will help them raise their level of preparedness. Rebuilding in a better way is something that countries need to take into account since climate change is not going anywhere and is inevitable. Making sure that infrastructure is climate resilient, that you are able to actually withstand that next shock, flood barriers come to mind, given the countries that we mentioned; these are expensive and this is where more efficient expenditure as well as making sure that you have platforms to perhaps attract climate finance.”

Farid pointed out that food insecurity in Africa has been on the rise faster than in the rest of the world over the past decade due to pressures from rapid population growth, lack of resilience, and recurring natural disasters.

While John Spray of the IMF’s Asia and Pacific Department appealed for global assistance in terms of funds and crops to combat food insecurity in Africa.

Agro Nigeria

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