The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has outlined various government’s strategies to curb the country’s rising inflation through increased food production.
Speaking on Tuesday at the 30th Nigerian Economic Summit in Abuja, Mr Edun emphasised the administration’s focus on agricultural reforms to stabilise food prices, which he identified as a major driver of inflation.
“We are looking to food production to help bring down inflation. Our aim is to make food more available and affordable, and to reduce the cost of living for Nigerians,” he said.
In September, inflation jumped 32.7 per cent, reigniting concerns about the efficacy of President Bola Tinubu’s economic reforms, particularly in light of persistently high unemployment.
Mr Edun acknowledged the challenges but remained optimistic about the long-term impact of government interventions.
He highlighted ongoing efforts to partner with the African Development Bank (AfDB) and other development partners to ensure a successful harvest, which he said would help to reduce food prices and overall inflation.
“With climate change affecting the wet season, we are working to ensure that both the wet and dry season harvests are successful, which will help stabilise food prices,” he noted.
Food prices, which constitute roughly 50 per cent of Nigeria’s inflation index, have fluctuated significantly in recent months, adding to inflationary pressure.
Mr Edun hinted that food inflation could soon be classified as “non-core” due to its volatility, but maintained that agricultural reforms would be key to restoring price stability.