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Tag: Food Inflation

  • FG Addresses Food Inflation, Predicts Price Drop

    FG Addresses Food Inflation, Predicts Price Drop

    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.

  • FG Speaks On Why Food Inflation Persists

    FG Speaks On Why Food Inflation Persists

    The Minister of Information and Culture, Lai Mohammed, says the rising prices of food in Nigeria will come down as more food is produced.

    He said this in Abuja on Thursday at the 9th edition of President Muhammadu Buhari Administration’s Scorecard Series (2015 to 2023).

    He said the area of self-sufficiency in most basic needs, as part of Buhari’s administration’s scorecard, had been largely downplayed.

    Mohammed said though the nation was not fully there yet, the administration had done well since assuming office.

    He said before the COVID-19 pandemic, the Russia-Ukraine war and the economic uncertainty that had disrupted global supply chains, Buhari had admonished Nigerians to grow what they eat and eat what they grow.

    The minister said many neither understood the importance of that admonition nor appreciated its relevance.

    He said the consequence of that admonition, which made Nigerians to look inwards and relied less on imports, saved Nigerians from hunger, especially during the prolonged global lockdown when exporting nations shut their ports and borders and nations that relied on imports were struggling to meet their needs.

    “Imagine that Nigeria, during that period, had relied on imports to feed itself. In 2020, when the pandemic started, we were just five years into the Buhari administration’s food security programme.

    “But we had enough food to eat and enough fertiliser to farm, thanks also to the Presidential Fertiliser Initiative. Even before the pandemic, our borders were closed and food imports were largely banned.”