Nigerian Government Ramps Up Efforts to Combat Inflation and Boost Food Security
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- Nigerian Government Ramps Up Efforts to Combat Inflation and Boost Food Security
Nigerian Government Ramps Up Efforts to Combat Inflation and Boost Food Security
In a bid to counter inflation and enhance food security, the Nigerian Government is doubling down on initiatives to boost domestic food production.
According to a statement signed by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, the Minister of Finance, Mr. Wale Edun, outlined these plans during a press briefing in Washington, D.C., wrapping up the Nigerian delegation’s participation at the 2024 IMF/World Bank Annual Meetings.
Focus on Wet and Dry Season Harvests
Mr. Edun highlighted the government’s focus on collecting the current wet season harvest and preparing for the dry season. By working closely with small-scale farmers, the government aims to ensure robust harvests across both seasons.
“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,” Edun stated. “In addition, we have diligently identified the small-scale farmers to ensure we have a good dry season harvest, which will lead to increased food availability and affordability.”
Reducing Inflation Through Increased Food Production
Edun noted that food accounts for 50% of Nigeria’s Consumer Price Index, underscoring the impact of food prices on overall inflation. He expressed confidence that improving food production would help curb inflation. “When you put all that together,” Edun said, “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.” The Central Bank of Nigeria, he added, is implementing evidence-based strategies to combat inflation alongside these agricultural initiatives.
Support for Small-Scale Farmers and Expanded Crop Cultivation
The Government’s plan includes direct support for small-scale farmers, with 600,000 farmers scheduled to cultivate approximately one million hectares of wheat starting in November. This planting effort will extend into January and February, with additional focus on rice cultivation to ensure year-round food availability.
Senate Committee Pushes for Food Vouchers for Low-Income Nigerians
In addition to boosting food production, Senator Jimoh Ibrahim, Chairman of the Senate Inter-Parliamentary Committee, advocated for issuing Food Vouchers to low-income Nigerians to address food insecurity. He argued that Food Vouchers would be more effective in alleviating hunger than the current cash transfer initiative. “Food Vouchers would directly address the food supply challenges of poor Nigerians,” Senator Ibrahim stated.
Commitment to Economic Stability and Growth
The Federal Government’s commitment to supporting farmers and enhancing food security aligns with its broader economic stabilization goals. “With these efforts in place, Nigeria is poised to overcome its economic challenges and ensure food security for its citizens,” the Ministry’s statement concluded.
As the government steps up support for farmers, these initiatives are expected to not only address inflation but also promote sustainable economic growth across the country.
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