EMT Reviews Key Policies
…Focuses on FX Reforms and Agricultural Performance
By Patience Ikpeme
The Federal Government convened a meeting of the Economic Management Team (EMT) to review critical economic policies and assess progress in key sectors. Led by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the meeting emphasized strengthening Nigeria’s economic resilience.
The Central Bank of Nigeria (CBN) presented on its efforts to enhance foreign exchange (FX) market efficiency. Key highlights included: Launch of the Electronic Foreign Exchange Matching System (EFEMS) which has resulted to improved transparency and efficiency in FX market operations.
There is also the phasing out of high-interest FX swaps. This measure has contributed to stabilizing financial markets. There was the settlement of 80 percent of FX forward obligations which has boosted liquidity and market confidence and in addition, the apex bank maintained robust external reserves:** Contributing to exchange rate appreciation.
The Ministry of Agriculture presented on the 2024 Wet Season Performance, highlighting a 4.5% increase in overall crop production, although millet production declined slightly. However, challenges included: significant increase in maize production costs leading to a 69.7% surge and significant food price increases (cowpea prices up 300%).
Food crises were reported in 31 states which severely affecting the North East region and there was limited progress in mechanization and farmland expansion with only a 2% growth in tractor use and a 2.3% increase in cultivated farmland.
The Ministry of agriculture outlined its plans for 2025, focusing on boosting food security through hybrid seed production, technology adoption, and climate-smart practices. Promoting export crops such as cocoa, sesame, and ginger and enhancing rural infrastructure by improving cold chain facilities, feeder roads, and electrification.
Finance Minister Wale Edun commended progress in both sectors while emphasizing the need for coordinated policy implementation to achieve President Bola Ahmed Tinubu’s “Renewed Hope” agenda. He stressed the importance of ensuring affordable food and improved living conditions for Nigerians.
