How global food price rise impacts West Africa?

The recent rise in the FAO Food Price Index to 119.1 points in April this year has raised concerns globally. This increase is primarily driven by a rise in the price index for meat and smaller upturns in the vegetable oil and cereal indices. To shed light on these global price movements and discuss how Nigeria can sustain the month-on-month food inflation slowdown recorded in March, Kola Masha, the Chief Executive Officer of Babban Gona, joined CNBC Africa for an insightful discussion. Masha highlighted the importance of addressing volatility in food prices, particularly due to increased uncertainty caused by extreme weather events in various regions. He emphasized the need to focus on enhancing productivity among farmers to ensure food security in Nigeria. As the discussion continued, the conversation delved into strategies to prevent price shocks in West African markets, the significance of investing in irrigation, and learning from the agricultural journey of countries like Thailand. Additionally, Masha emphasized the role of addressing post-harvest losses, increasing productivity, and optimizing farmers' yield per unit area to drive sustainable growth in the agriculture sector. The interview also touched upon the challenges faced by rice farmers, the impact of extreme weather events on agricultural productivity, and the outlook for grains market prices. Masha highlighted the need for increased investment in agriculture to improve productivity and ensure food sustainability in Nigeria. Despite challenges such as post-harvest losses and weather-related risks, focusing on productivity enhancement emerges as a key strategy to mitigate food price fluctuations and drive long-term growth in the agricultural sector. The discussion concluded with insights on cocoa price forecasts and concerns surrounding the impact of El Nino on cocoa farmers in the West African region. Overall, the conversation highlighted the importance of strategic investments, productivity enhancement, and risk mitigation strategies to address global food price fluctuations and promote food security in West Africa.