Nigeria To Prioritise Intervention Funds To Combat Food Inflation

News in brief:- ***To address rising food inflation, the Nigerian government pledges to prioritise intervention funds for increased production of key staples such as rice, maize, wheat, and cassava.

• It emphasised its commitment to leveraging agriculture to curb inflation, with a strategic focus on the second phase of the 2023/2024 dry season farming program.*** In a bid to address rising food inflation, the Nigerian government has pledged to prioritise intervention funds for the agricultural sector, focusing on increased production of key staples like rice, maize, wheat, and cassava. The announcement came during a meeting of critical stakeholders convened by Finance Minister Wale Edun to strategise on the implementation of the second phase of the 2023/2024 dry season farming program. The minister highlighted the government's commitment under President Bola Ahmed Tinubu to leverage agriculture for curbing inflation. He declared that the successful dry season farming will bring down the cost of food production and inflation. In the same vein, Minister of Agriculture and Food Security Abubakar Kyari mentioned that meeting's objectives include reviewing the implementation of the 2023/2024 dry season wheat production program and planning the second phase focusing on rice, maize, and cassava. Furthermore, Kyari emphasised that the next production project will provide farmers with critical inputs and institutional support, particularly for local wheat seed production. Also reinforcing the government's commitment, Minister of Budget and Economic Planning Atiku Bagudu emphasized the elasticity of Nigeria's agricultural sector, highlighting its potential for rapid production increases with targeted investment. He assured participants of the current administration's dedication to increased budgetary allocations and intervention funds for achieving food and nutrition security. Additionally, minister of State for Agriculture Aliyu Abdullahi pledged the collective effort of all stakeholders in driving positive change within the agricultural sector, aligning with President Tinubu's Renewed Hope Agenda. Meantime, in her welcome address, Director of the Office of the Permanent Secretary Olwatoyin Alade reiterated the National Agricultural Growth Scheme's (NAGS) goal of increasing total food production to make essential commodities more affordable for Nigerians and ultimately curb rising food prices.