Microeconomics

The above mentioned figure has described that a total of 35 million people are suffering from malnutrition in Nigeria and that resulted in almost 15% loss in their GDP earning. Another economic cost of hunger is the increasing inflation rate. Food inflation in this country rises to 20.32% from 20.25% in 2018 reducing the purchasing capacity of Nigerian people.

Conflicts regarding Hunger:

The hunger crisis included conflicts in connection with the high food inflation rate. Price rise engages a conflict between the farmers and herders in the aspect of the agricultural sector. As per FO and NA, (2022), the insurgency in Boko Haram is another rise of conflicts due to hunger. This resulted in high displacement in Nigeria. Adelaja and George, (2019) have stated that the states of Borno, Adamawa and Yobe come under high pressure of population displacement in Nigeria. Almost 8.7 million people of Nigeria have experienced displacement. The “acute food insecurity” increases to 265 million of people from 135 million in 2019 due to famine (Oyekale and Oyekale (2021). With this insufficient food provision, the context of malnutrition is again added and it is estimated that almost 7.9 million people of the working aged people have suffered from stunted growth and it adds a 2 billion dollar economic cost to the Nigerian economy. Due to the displacement in another ill-treated community the provision of aid also reduces.

Policy implementation

Micro Financing Approach:

In Nigeria, the main issue of hunger and poverty is created through the unequal income share among the population. The people have less knowledge and low monetary holding restricts the technological inclusion that effectively increases the opportunity of higher production. Micro Financing is a strategy used for the Nigerian people that are out of the provision of the traditional economic sector. As per Mustapha et al., (2019), micro financing is the assurance of giving a small amount of monetary value that encourages the small scale farmers to invest in their agricultural practices. On the other hand, as per Abdullahi et al., (2018), those interested about starting any entrepreneurship can also have the access of loans from micro financing for sustainable development approaches. It is a new model of the Nigerian economy to provide security of the banking service to the area of low income individuals. It reduces the unemployment rate among the population and thus the threat of poverty reduces.

It includes several programs as well and “Cash transfer program” is one of them. This program has planned to offer cash for the severe food shortage in Nasarawa state of Nigeria due to drought. As per Neves et al., (2022), this cash transfer program is established to provide support to the low-income people of Nigeria who are unable to balance their cost with high food inflation rate and other household needs. Thus, the efficient provision of food can reduce poverty and hunger among the Nigerian population. These strategies are related with the development theory of “Neoclassical growth”. As per Huang et al., (2020), neoclassical observed that for economic development four key elements of macro economy should be improved and those are capital, labor, technology and entrepreneurship. Now the micro financing policy supports monetary inclusion that is considered as the capital improvement and these all are helpful for the entrepreneurial activities as well.

“Nigeria Zero Hunger Strategic Review”:

Nigeria again forms a systematic plan that helps this country towards the zero hunger development strategy. According to Okike et al., (2021), in 2015 Nigeria promoted a set of 17 “Sustainable Development Goals” (SGDs) to support agricultural potential. This program had a plan to lift up almost 13 million people from hunger. “World Food Program”, “African Development Bank”, are included in this goals setting program for funding (Otekunrin et al., 2019). Another component of neoclassical growth is the improvement of labor. This needs a healthy internal workforce of a country. It is understood that the young aged people of Nigeria are suffering from mental disability and other malnutrition diseases. In this context, the policy of this strategic review has been established to remove hunger by 2030. Cheo and Tapiwa, (2021) have stated that this policy is the sum up of “Benue State Development Plan” and “Collective Vision for New Benue”. This policy is taken to strengthen the agricultural production that improved the “agricultural driven industrialization”. On the other hand, stakeholder engagement enables rural infrastructures. It encourages production and improves employment that indirectly reduces the malnutrition approach.

Effectiveness

In the article of Abioye and Ogunniyi, (2018), the sustainable development goals are discussed in depth and it is observed that the planning of this goal setting program is implemented effectively and immediately among the four states of the Nigerian Federation. Those are Benue, Ebonyi, Ogun and Sokoto in the month of January 2017. The numbers of states are continuously increasing and it is noticed that in 2019 another eight states have been included in this Synthesis Report. As per Abdullahi (2018), in the starting of January there are inclusion of almost 36 states of Nigeria for food security funding including Abuja. The Minister of health, UN agencies, State Governments and other legislature supporters also backs this report program.

Another article prepared by Okike et al., (2021), has engaged the discussion about the effectiveness of the Sustainable Development Goals program. In this paper, some difficulties in case of policy implementation are addressed and those are funding issues and human power for systematic implementation. Hence, this paper highlighted that these constraints can be mitigated with the sharing of information among different states. Not only that, as per Odozi et al., (2019), internal coordination and effective support from international or national agencies both are helpful to mitigate the strategies while implementation. For this, this policy followed effective partnership with many private financial sectors and NGOs such as UNDP, FAO, IFAD and the World Bank. Thus, food security is highly maintained to integrate their objective of zero hunger in Nigeria. This research also observed that the partnership encourages the responsibility of the country to address agricultural development for reduction of hunger.

As per the research of Huang et al. (2020), it has also estimated that the policy of synthesis report has also reported that double productivity can be obtained through the area of this, Nigeria has formed a well-thought-out plan to aid in the growth of this nation so that it is completely free of hunger. Nigeria, which has great agricultural potential, reportedly proposed a set of 17 “Sustainable Development Goals” (SGDs) in 2015. 12.9 million Individuals were expected to be rescued from famine thanks to this initiative. It doubles the agricultural production that enables 42.1% of their population to be children less than 15 years old, and this age group is not participating in the labor force. As a result, it has the effect of lowering the earnings of Nigeria and increasing the risk of poverty and famine.

On the other hand, there are several micro financing banks formed in Nigeria. Their effectiveness is addressed in the area of employment opportunities. In the paper of Odunjo et al., (2018), it is discussed that micro financing enables capital inclusion in the Nigerian economy to support the small scale farmers and the low income families as well. In this paper it is estimated there are 39.9% of new entrepreneur activities occurring and that offers employment to almost 750,000 people in those entrepreneurial organizations.