The Federal Government is scaling up efforts to boost food production. It plans to support 600,000 farmers in the cultivation of about one million hectares.
It plans to promote the cultivation of wheat next month, and which planting of rice has been scheduled for January and February 2025.
Speaking at the Nigerian delegation’s briefing at the IMF/World Bank Annual Meetings in Washington, D.C., Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the government’s focus would be on gathering the wet season harvest and supporting small-scale farmers to ensure a successful dry season harvest.
This move, Edun said, will reduce food costs and in turn, ease inflation, as food represents 50 percent of the Consumer Price Index (CPI).
“Success in this area will help drive down inflation, alongside measures by the Central Bank Governor, who is implementing data-driven strategies to curb inflation,” Edun stated.
Chairman of the Senate Inter-Parliamentary Committee Jimoh Ibrahim called for the issuance of food vouchers to support impoverished Nigerians, suggesting that this approach would be more impactful than the Cash Transfers to the vulnerable.
These initiatives were designed to strengthen food security, reduce inflation, and support economic stability as Nigeria navigates its path to prosperity.
