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June 17, 2024

FG Plans Massive Food Production, Supply to Tackle Inflation 

In a bid to tackle the rise in food prices, the Minister of Agriculture, Abubakar Kyari, has vowed to increase grain supply, particularly rice, to cushion against rising cost of living. 

Meeting with Jigawa State Governor, Mallam Umar Namadi, Kyari addressed the national crisis, with the spike in Consumer Price Index (CPI) to 28.20% year-on-year and food inflation hitting 32.84% according to the National Bureau of Statistics (NBS).

Kyari promised to boost food production and release additional grains into the market. He assured prompt action, stating that measures to ease the pressure on food prices will be in place within three weeks.

“We intend to massively produce to bring down food inflation,” Kyari declared, recognizing the urgent need for intervention. “Today, the number one driver of inflation in the economy is food price inflation, and we want to assiduously work hard to do just that.”

The Minister further assured his audience that the president is highly supportive and committed to the realization of this goal.

According to him, “Mr. President has given us all the support that we need, and we are going to wrap it up.

“Starting with the rice for instance, you will see what we are going to do and I am sure Nigerians would be happy.”

“We have started already. Within the next three weeks, everything should be in place, especially regarding rice. It is not a matter of how soon, but we want it to be immediate.

“It’s all about market forces of demand and supply and so, if we increase supply, definitely food prices will drop.”

Kyari further noted that the second phase of the dry/ wet season farming intervention would commence this month in order to ensure maximum productivity.

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