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Revisiting Food Price Volatility in Nigeria - Climate Change or Terrorism?

Author

Listed:
  • Elias A. Udeaja
  • Kazeem Isah

    (Research Department, Central Bank of Nigeria, Nigeria)

Abstract

We offer new insights into the volatility dynamics of food prices based on the increasing vulnerability of farming activity to climate change and terrorism in Nigeria. We employ a Generalized Autoregressive Conditional Heteroscedasticity framework with Mixed Data Sampling (GARCH-MIDAS) to distinguish between realized and exogenously induced food price volatility. We hypothesize and confirm the relative significance of terrorism’s impact on food price volatility in Nigeria. Our results show that terrorism, and not climate change, predominantly induces volatility in Nigeria’s food prices.

Suggested Citation

  • Elias A. Udeaja & Kazeem Isah, 2024. "Revisiting Food Price Volatility in Nigeria - Climate Change or Terrorism?," Energy RESEARCH LETTERS, Asia-Pacific Applied Economics Association, vol. 5(2), pages 1-5.
    • Handle: RePEc:ayb:jrnerl:106
    DOI: 2024/07/10
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    References listed on IDEAS

    as
    1. C. Peter Timmer, 2017. "Food Security, Structural Transformation, Markets and Government Policy," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 4(1), pages 4-19, January.
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    More about this item

    Keywords

    Food prices; Volatility; Climate change; Terrorism; GARCH-MIDAS;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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