In response to Nigeria’s escalating food crisis, the Federal Government has procured essential staple foods, including maize and wheat, as an interim measure to alleviate shortages, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Speaking on Thursday at an Inter-Ministerial Press Briefing in Abuja, part of the activities marking Nigeria’s 64th independence anniversary, Edun emphasized that the food imports would soon arrive in Nigeria.
He clarified that while the importation aims to provide immediate relief, the government is cautious not to disrupt local agricultural production.
“In the meantime, there is a short-term measure to import food. The government has already ordered procured maize and wheat which is on its way,” Edun stated.
“It is critical that we do not disrupt domestic production of food, we do not disrupt farming in Nigeria by flooding the market with imports that now put prices where farmers are now discouraged from engaging in production and millers are discouraged from engaging in food processing.”
The Minister highlighted the government’s ongoing discussions to ensure that imported food does not negatively affect the agricultural sector.
“The conversations are on to see what quantity we can bring in without disrupting the agricultural sector,” he said.
Edun noted that while the imports offer a short-term solution, the long-term focus is on boosting local agricultural productivity.
“In the short term, yes, we are intervening through some imports and wet season procurement and delivery of the right import but in the long term, we must identify and put in place strategies to increase agriculture productivity,” he added.
Nigeria is currently grappling with one of its most severe economic downturns, marked by rising living costs and inflation. The situation has been exacerbated by the government’s removal of petrol subsidies and the unification of foreign exchange rates in May 2023. In August, the country’s inflation rate reached 32.15%, with food inflation hitting 37.52%, according to the National Bureau of Statistics (NBS).
The sharp rise in food inflation has been attributed to increases in the prices of staple items like maize, grains, bread, cereals, and various tubers. While the Bola Tinubu administration, in collaboration with state governors, has introduced palliative measures to ease the economic burden, many Nigerians continue to suffer from the soaring prices of essential commodities.
As the nation navigates through this challenging period, Edun’s announcement offers a glimmer of relief, though the path to economic recovery remains uncertain.