FG to Support 600,000 Farmers in Fight Against Inflation
By Patience Ikpeme
The federal government has announced plans to support 600,000 farmers in cultivating approximately 1 million hectares of farmland starting in November.
This initiative is aimed at tackling inflation and ensuring food security across Nigeria.
Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, shared the details during the Nigerian delegation’s final press briefing at the 2024 IMF/World Bank Annual Meetings in Washington, D.C.
He disclosed that efforts are being intensified to boost food production, as improved harvests are expected to help reduce the inflation rate, given that food comprises 50% of the Consumer Price Index (CPI).
“Food represents 50 percent of the Consumer Price Index. Success in this area will help drive down inflation, in addition to other measures being implemented by the Central Bank of Nigeria using data and evidence-based strategies,” Edun explained.
Also speaking at the press briefing, Senator Jimoh Ibrahim, Chairman of the Senate Inter-Parliamentary Committee, urged the federal government to introduce Food Vouchers for low-income Nigerians.
He suggested that Food Vouchers would be more effective in addressing food supply challenges than the current Cash Transfers programme.
Through these initiatives, the government wants to address inflation, improve food security, and promote economic growth, offering a promising outlook for Nigeria’s future.
