The Finance Minister and Coordinating Minister of the Economy, Wale Edun, has assured Nigerians that food prices are expected to decline in the coming months, thanks to the upcoming dry season harvest.
Edun stated on Sunday that food availability will increase, which should help to bring down prices. He noted that while food insecurity is a global issue, the Nigerian government has allocated special funds to enhance agricultural infrastructure, thereby boosting food production. This includes the provision of seeds and fertilizers to farmers.
The minister emphasized that the government is focused on ramping up food production to combat high food inflation, which currently stands at 40.5%. He pointed out that although inflation is high at 33.65%, it has been decreasing month-on-month and is expected to continue this downward trend with both the dry and wet season harvests.
The recent rise in food and basic commodity prices has posed significant challenges for Nigerians amidst the country’s economic crisis, exacerbated by the government’s policies of petrol subsidy removal and forex window unification.
In addition, Edun highlighted the government’s efforts to improve the economic and investment climate to attract more multinational companies to Nigeria. He mentioned an Economic Stabilisation Plan, currently before President Bola Tinubu, which aims to address the challenges faced by businesses in the country. One major issue for exiting multinationals has been the lack of a liquid foreign exchange market, which is now being addressed with the establishment of a willing buyer, willing seller forex market.
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