The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured Nigerians that food prices will decline in the coming months. Edun explained that the government has allocated special funding for infrastructure to boost agricultural output, focusing on increasing food production through the provision of seeds, fertilizers, and other resources.
Edun acknowledged that food insecurity is a global issue but emphasized that the Nigerian government is taking steps to address it. He stated, “We can expect that food prices will come down and food availability will increase. Inflation, yes, it is high at 33.65%, and food inflation at 40.5% is worrisomely high. However, inflation is coming down month-on-month. It is slowing and is expected to reduce as we continue the dry season harvest and then move into the wet season harvest.”
The minister highlighted that the government is placing significant emphasis on agricultural output to help lower food prices, which in turn will be a major factor in reducing overall inflation.
In recent weeks, Nigerians have faced skyrocketing food and commodity prices amidst an economic crisis triggered by the government’s policies of petrol subsidy removal and unification of forex windows. Despite these challenges, the government’s efforts to increase food production and infrastructure investment aim to alleviate the economic strain on citizens and stabilize prices in the near future.
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