Abuja Journal of Agriculture and Environment (AJAE)

IMPACTS OF NAIRA REDESIGN ON AGRI-FOOD MARKETERS' LIVELIHOODS IN ABUJA, FEDERAL CAPITAL TERRITORY, NIGERIA.
Author(s): Park Odojoma, IDISI, Opeyemi Esther, ADELERE (Corresponding Author), Ejiroghene Doris, AGBOOLA, Aisha Ozioma, ALIYU
Volume/Issue: Volume 3 , Issue 1 (2023)

ABSTRACT:

The study examined the impact of Naira redesign on agri-food marketers’ livelihoods in Abuja, theFederal Capital Territory, Nigeria. Survey was conducted on a sample of 100 agri-food marketers,using structured questionnaire. The effect of the policy on income generations and consumptionpatterns; perceptions of the policy; and the coping strategies were assessed, with data analyzedusing Descriptive Statistics and Perception Index analysis. Findings showed theme an age ofrespondents tobe42years,implyingthatthe agri-food marketers’ were in their activeage.Majority(86%)weremarried,withmeanhouseholdsizeof7. The level of illiteracy among agri-foodmarketers was high, as only 24% had over 6 years of formal education. Marketers posited thatthere was31% decrease in revenue generated per day, with the daily expenditure on food and otheritems decreased by 6%. The perception indexes of312, 308, and 302, respectively, indicated that thepolicy made them indebted, reduced their product stock, and led to an increase in the cost ofmarketing. The respondents adopted the use of POS to run their businesses. It was concluded thatthe Naira redesign policy had a lot of immediate negative effects on the livelihoods of agri-foodmarketers. The study therefore, recommended that a longer deadline be given by the apex bank toreduce the immediate shock, the urgency of the Naira redesign has caused. Also, since the use ofPOS was an effective coping strategy, fintech companies areen couraged to create innovative waysto makeinter net banking seamless.

KEYWORDS:

Naira Redesign, Monetary Policy, Agri-Food, Livelihoods and Marketers