In a renewed commitment to economic stability and food security, the Federal Government of Nigeria has announced targeted efforts to increase food production.
Speaking at the conclusion of the 2024 IMF/World Bank Annual Meetings in Washington, D.C., Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, emphasized that current efforts are aimed at supporting both the wet and dry season harvests and identifying small-scale farmers to drive food availability and affordability nationwide.
Director of Information and Public Relations, Mohammed Manga in a statement quoted the Minister to have highlighted that food costs contribute to 50 percent of the Consumer Price Index (CPI), marking it as a key factor in Nigeria’s inflation.
He explained, “We are focused on collecting the wet season harvest and strategically supporting small-scale farmers for the upcoming dry season to improve food supply, availability, and affordability.” These efforts, he noted, will complement data-driven inflation control measures from the Central Bank of Nigeria, working to stabilize the economy.
The government has launched support for 600,000 farmers, enabling them to cultivate nearly 1 million hectares for wheat planting in November and for rice planting in January and February. This coordinated approach he sais is aimed to strengthen food supply chains and ease inflationary pressures.
At the same event, Senate Inter-Parliamentary Committee Chairman, Distinguished Senator Jimoh Ibrahim, proposed implementing food vouchers to provide direct food assistance to vulnerable Nigerians.
He suggested that food vouchers could be more effective than cash transfers in addressing food access issues among Nigeria’s poorest households.
With the proactive measures, Edun indicated that Nigeria is positioned to curb inflation, enhance food security, and support economic resilience.
As the government intensified support for the agricultural sector, the steps are anticipated to have a lasting positive impact on the economy and on Nigerian households across the nation.