The Federal Government is intensifying its efforts to curb inflation and secure food supplies by engaging 600,000 farmers in the upcoming dry season planting from November to February 2025.
This initiative is expected to cover 1 million hectares and aims to stabilize food prices by increasing local production.
The Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this at the Nigerian delegation’s wrap-up session during the 2024 IMF/World Bank Annual Meetings in Washington, D.C.
He emphasized the government’s focus on harnessing both the wet and dry season harvests to alleviate food scarcity and reduce inflation, noting that food costs contribute about 50% to the Consumer Price Index.
“One of the key priorities at this time is ensuring a strong collection of the wet season harvest currently underway, along with a well-supported dry season harvest,” Edun stated.
“We have identified small-scale farmers to ensure a productive yield, which will lead to better food availability and affordability.”
Edun further highlighted that the combined efforts of the Finance Ministry and the Central Bank of Nigeria aim to stabilize food prices and mitigate inflation through data-driven measures.
He also noted that wheat and rice planting would begin this November and continue through early 2025.
Senator Jimoh, Chairman of the Senate Inter-Parliamentary Committee, proposed an additional measure to address hunger.
He urged the government to implement a food voucher program for low-income citizens, suggesting this would be more effective than the current Cash Transfer initiative in meeting immediate needs.
Supporting Nigeria’s agricultural objectives, the World Bank has forecasted that the nation’s economy will grow by 3.3% in 2024 and 3.7% in 2025, driven by agriculture, trade, and services. In its Global Economic Prospects report, the bank indicated that Nigeria’s recent economic reforms will contribute to fiscal revenue growth and ease inflation over the coming years.
As part of a broader strategy, the government recently inaugurated the Ministry of Livestock Development. President Bola Tinubu described the livestock sector as essential for economic transformation, emphasizing its potential to contribute to the GDP and create employment.
Addressing a workshop on livestock reforms, Tinubu stressed, “We can create value from livestock; it will contribute significantly to our GDP and provide sustainable jobs.”
However, these initiatives reflect the government’s commitment to enhancing food production and economic resilience, aiming for long-term solutions that address both inflation and food security across Nigeria.