Impact of Food Security on Economic Growth in Nigeria

Abstract

This study looked at the macroeconomic impact of food security on Nigerian economic growth from 1990 to 2023, using data from the National Bureau of Statistics (NBS). The dependent variable was Economic Growth proxied by Gross Domestic Product (GDP), while the independent variable was food security represented by food availability (food production index), food accessibility (price of petroleum), food utilization (calories consumed), and inflation rate (control variable). The study used Ordinary Least Square (OLS) as the methodology of the study. The empirical results showed that apart from food availability (FAV), which was negatively signed, and contradicted the apriori expectation but was statistically significant, food accessibility (FAA), food utilization (FUT), and inflation (IFL) had positive effects on economic growth and are statistically significance. The results showed that food accessibility (FAA) was positive, confirmed the apriori expectation and significantly impacted economic growth in Nigeria. The result equally revealed that food utilization (FUT) was positive, confirmed the apriori expectation and have a significant impact on economic growth in the Country. Similarly, the inflation rate (IFL) was found to be positive, confirmed the apriori expectation, and had a significant impact on economic growth in Nigeria during the period of study. Food security has a positive impact on economic growth and suggests that food availability, food accessibility, food utilization, and a stable inflation rate must combine to achieve economic growth. The study recommends policies that encourage food consumption, production of efficient local food products, and massive investments in rural infrastructure should be encouraged.