The Consumer Price Index report released yesterday shows that headline inflation increased to a 22-month high of 12.2% Y-o-Y in February 2020, from 12.1% in the previous month.

A report by Afrinvest Research says the marginal rise in inflation suggests that the recent VAT increase is yet to be fully captured.

Similarly, core inflation rose to 9.4% from 9.3% and food inflation was higher at 14.9% from 14.85%. The broad-based rise in inflation was despite a general moderation on M-o-M basis for the first time since August 2019.
Afrinvest says the M-o-M moderation in consumer prices in February reflects the thinning-out effect of festive season purchases and land border closure. However, we believe this would be short-lived once consumer prices fully reflect the recent VAT increase.

‘In addition, as a fallout from the effects of the COVID-19 pandemic, we expect exchange rate pressures and supply chain disruptions with trade partners to impact domestic consumer prices in the coming months.’

(L-R) Prof. Njuguna Ndung’u, Executive Director, African Economic Research Consortium; Alhaji Sani Nanono, Honourable Minister of Agriculture and Rural Development and  Mr. Isaac Okoroafor, Director, Corporate Communications, Central Bank of Nigeria at the opening session of the 22nd Senior Policy Seminar in Abuja.

Food and nutrition security dominated discussions at the just concluded Senior Policy Seminar hosted by the African Economic Research Consortium (AERC), in partnership with the Central Bank of Nigeria (CBN).

The two-day conference which held from March 9 to 10, 2020 and was supported by the Bill and Melinda Gates Foundation, had the theme: ‘Agriculture and Food Policies for Better Nutrition Outcomes in Africa’.

Prof. Njunguna Ndung’u, the Executive Director of AERC, in his opening address, emphasised that the seminar focused on Agriculture, Food Security and Nutrition Outcomes in Africa because agriculture is the main stay of most economies and contributes to wealth, economic activity, employment and nutrition welfare outcomes.  He added that most policies and initiatives in this area have tended to focus on, and to target, agricultural production metrics, and do not directly relate to nutrition outcome and targets or actual food consumption.

“Global Panel of Agriculture and Food Systems for Nutrition points out that there is a dearth of quality data to properly inform policies on nutrition. This has tended to limit the effectiveness of agricultural policies in improving nutrition outcomes.  In addition to data challenges, there has been lack of high-quality policy analyses that explore the effect of agricultural policies on nutrition.  We need now to combine forces to achieve the best nutrition outcomes,” he said.

Ndung’ualso reiterated that AERC will continually focus on quality research and strengthen policy influence.  The AERC, known for training policy makers across Africa, is dedicated to strengthening capacity building for conducting policy-oriented research, policy analyses and informed policy.  Currently, the organisation has select universities that run their programmes in Policy Making for students at both Masters Degree and PhD levels.  Some of these partnering institutions are University of Ibadan, University of Benin, University of Dare Salaam, University of Cape Town and University of Nairobi.

There were various paper presentations, discussions and floor discussions on relevant topics such as agricultural growth patterns, nutrition transitions, the triple burden of malnutrition in Africa, diet diversity and how to combat malnutrition through food policies.

Although it was agreed that Africa was not yet winning the war against acute hunger and malnutrition, the policy makers commended governments across Africa for realizing the importance of increasing shares of national budgets to agriculture, health and nutrition.

There was also a Policy Roundtable where it was resolved that increasing household income can help address malnutrition.  It was also said that science, technology and innovation were key in improving malnutrition.

The Senior Policy Seminar had in attendance senior policy makers and thought leaders from around the continent.  They included: Alhaji Sani Nanono, Honourable Minister of Agriculture and Rural Development; Otunba Adeniyi Adebayo, Honourable Minister of Industry, Trade and Investment; Mr. Isaac Okoroafor, Director, Corporate Communications, CBN; Hon. Issa-Toure Salahaddine, Deputy Speaker, National Assembly, Togo; Hon. Onyoti Adigo Nyikwac, Minister of Agriculture and Food Security, South Sudan and Hon. Marcos Alexandre Nhunga, Minister of Agriculture and Forestry, Liberia.

Others were Prof. Osita Ogbu, former Minister for Planning and National Development; Hon. Lucious Kanyumba, former Minister for Education, Malawi; Ms. Barbra Barungi, former Lead Economist, AfDB and Dr. Esi Colecraft from the University of Ghana.

The dramatic spread of COVID-19 has disrupted lives, livelihoods, communities and businesses worldwide.

But the sum of many individual actions by stakeholders around the world will not add up to a sufficient response. Only co-ordinated action by business, combined with global, multi-stakeholder cooperation can mitigate the risk and impact of this unprecedented global health emergency.
In response to this emergency, the World Economic Forum, acting as partner to the World Health Organisation (WHO), has launched the COVID Action Platform. The platform is intended to catalyse private-sector support for the global public health response to COVID-19, and to do so at the scale and speed required to protect lives and livelihoods, aiming to find ways to help end the global emergency as soon as possible.
The COVID Action Platform will focus on three priorities:

• Galvanise the global business community for collective action
• Protect people’s livelihoods and facilitate business continuity
• Mobilise cooperation and business support for the COVID-19 response

The COVID Action Platform is open to all global businesses and industry groups, as well as other stakeholders, including governments that wish to team up with the private sector on their response. The platform will operate a network where CEOs, organisational leaders and designated COVID-19 corporate responders can offer their help and team up on specific projects, launch actions and keep each other informed of best practices.

“COVID-19 is causing health emergencies and economic disruptions that no single stakeholder can address,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

“Our best and only response to it should be to take concerted action. The COVID Action Platform is at the centre of our mission and we draw upon all our members and partners, communities and capabilities to make it a success.”
“The private sector has an essential role to play in combating this public health crisis through their expertise, innovation and resources,” said Tedros Adhanom Ghebreyesus, Director-General of WHO. “We call on companies and organisations around the world to make full use of this platform in support of the global public health response to COVID-19.”
The COVID Action Platform was conceived after a World Economic Forum conference call with over 200 corporate leaders from all over the world. It is supported by WHO and the Wellcome Trust and is the first initiative of its kind, operating globally. The Forum has established a special team to support the platform’s work.
Working with the Pandemic Supply Chain Network, one of the projects which will initially be launched on the Platform aims to strengthen supply chains to ensure that COVID-19 essential health commodities are available, accessible, affordable and of good quality.

Other actions will include supporting mechanisms for business donations to the public health response and the development of available and accessible vaccines, diagnostics, treatments and protective equipment, as well as tracking the economic impact of the virus, while pursuing collaboration to address disruptions.