In a bid to tackle inflation and ensure food security, the Federal Government of Nigeria is intensifying efforts to increase food production in the country.

The Honourable
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in his remarks at the Nigerian delegation’s wrap-up press briefing, during the 2024 IMF/World Bank Annual Meetings in Washington DC, yesterday, stated that the government is focusing on collecting the wet season harvest and identifying small-scale farmers to ensure a good dry season harvest.

The Minister stated further that efforts were being intensified to increase food production in the country and that with better harvests, the inflation rate would fall, given that food was responsible for 50 percent of the Consumer Price Index. His words, one of the key things that we are focusing on at this particular time is ensuring that we dutifully collect the wet season harvest, which is underway at the moment. In addition, we have diligently identified the small-scale farmers to ensure we have a good dry season harvest, which will lead to increased outs of food, increased availability and increased affordability, Edun said.

He emphasised that we need to remember that food represents 50 percent of the Consumer Price index. So, success in this area will help to drive down inflation in addition to all the other measures that the Governor of the Central Bank of Nigeria, using data, using evidence-based information to fight inflation is implementing. When you put all that together, it will go well to fight the rate of inflation, which will automatically line things up, as we have seen from the examples of advanced countries.

HM Edun informed that 600, 000 farmers were being assisted by the Federal Government to farm about 1 million hectares in November for planting wheat, as well as, in January and February when they would plant rice.

Also speaking, the
the Senate Inter-Parliamentary Committee Chairman, Distinguished Senator
Jimoh Ibrahim advocated the need for the Federal Government to issue poor Nigerians with Food Vouchers, as a means of tackling hunger in the nation.

He observed that Food Vouchers would be more effective in addressing the food supply challenges of poor Nigerians than the current Cash Transfers initiative of the present administration.

With these efforts in place, Nigeria is poised to overcome its economic challenges and ensure food security for its citizens. The government’s commitment to supporting farmers will go a long way in driving down inflation and promoting economic growth. As Nigeria continues on its path to prosperity, the future looks bright indeed.