Implications of Dollarization on Food Security in Ado-Ekiti, Ekiti State, Nigeria.

This study investigates the implications of dollarization on food security in Ekiti State, Nigeria. dollarization which refers to the increasing use of the US dollar as a medium of exchange along side our local currency has led to rising food prices, reduced local food production, and decreased access to food. Using a mixed-methods approach, this research examines the impact of dollarization on food security outcomes, including food availability, access, utilization, and stability. This research made use of a sample size of 300 respondents which consisted of 176 females and 124 males. This research also employed a multi-stage sampling technique to gather the sample for this study. The population of this study consisted of respondents between the ages 16-60 years. Descriptive statistics was used to analyze the data generated. The findings reveal that dollarization has significantly increased food prices, reduced local food production, and decreased access to food, particularly among vulnerable households. The study also identifies the channels through which dollarization affects food security, including the depreciation of the naira, increased import costs, and reduced government revenue. Additionally, the study reveals that dollarization has reduced local food production, as farmers struggle to compete with cheaper imported food products.The implications of this study are that dollarization poses a significant threat to food security in Ekiti State, and that urgent policy interventions are needed to mitigate its effects. The study recommends that the government implement policies to reduce the country's reliance on imported food products, support local farmers, and provide social protection programs to vulnerable households. This study concludes that dollarization has negatively impacted food security in Ekiti State, Nigeria. To mitigate these effects, the government should implement policies to reduce the country's reliance on imported food products, support local farmers, and provide social protection programs to vulnerable households. Additionally, efforts should be made to promote economic diversification and reduce the country's exposure to external economic shocks. By taking these steps, Nigeria can improve food security and reduce the negative impacts of dollarization.