The current economic situation of Nigeria has been the worst in about 64 years of the country’s existence. Exactly 10 years ago, the Nigerian Naira could be exchanged with the US Dollar for a little over ₦180. In August 2024, Nigeria experienced the worst of this devaluation with Naira been over ₦1,600.
It is worth noting that inflation is currently a global issue. The difference, however, is in the measures governments all over the world are taking, such as increasing the minimum wage and boosting production. During the lockdown, developed countries were able to effectively distribute palliatives to citizens; this wasn’t the case in Nigeria.
To cope with the hardship, most Nigerians no longer eat a three-square meal. Culinary innovations such as replacing expensive tomatoes with cucumber, watermelon, and carrot for stew have emerged. Most citizens testify that eating healthy is now expensive. Many people can no longer afford proteins like beef and chicken, with many opting for ponmo (cow skin). The overall situation is worse for married people who have kids to cater for, while singles, particularly those without children, have it better.
ECOWAS Moves to Eradicate This Hardship
On October 6–11, 2024, Uyo, Akwa Ibom State will host the Economic Community of West African States (ECOWAS) Food and Cultural Festival, according to the News Agency of Nigeria. Aiming to promote food security, poverty alleviation, and zero tolerance for hunger in 16 ECOWAS countries, the ECOWAS Food and Cultural Festival said its next festival hosting in Nigeria is a great step in the right direction.
At Friday’s Preparatory Inter-Ministerial/Stakeholders Meeting on the ECOWAS Food and Cultural Festival in Abuja, its Director-General, Ambassador Felix Ihonre, made the announcement. He claimed that the festival’s main purpose was to convene influential figures in the food security and security system so that they could discuss and provide solutions to the problems that have plagued agricultural output in West African nations like Nigeria due to insecurity. He continued by saying that the festival’s host country, Nigeria, would reap substantial financial rewards.
How ECOWAS is COMMITTED to Eradicating Poverty in West Africa
To end poverty in West Africa, ECOWAS is working on various fronts, including promoting sustainable development and tackling its underlying causes. The regional bloc has worked to improve economic growth, healthcare access, and social protection through its many programs. In addition, ECOWAS has set up the ECOWAS Vision 2020 to build an affluent, united, and borderless area where people may coexist peacefully.
The Regional Poverty Reduction Strategy that the ECOWAS Commission has adopted focuses on building resilience, encouraging inclusive growth, and increasing human development. By forming alliances with global institutions like the World Bank and the African Development Bank, ECOWAS can pool resources and knowledge to fight poverty. By launching these programs, ECOWAS is helping West Africans live better lives and advancing the Sustainable Development Goals (SDGs) set out by the UN.
