The Federal Government has expressed concern over the escalating prices of food and commodities across the country. Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, voiced these worries during a bilateral meeting with a visiting German delegation led by the country’s Minister of Economic Cooperation and Development (BMZ), Svenja Shulze, in Abuja on Monday, February 5.
Edun attributed the situation, which has led to growing discontent among citizens, to the interplay of demand and supply forces. In response to protests over the high cost of living in various states including Kano and Niger, the Minister emphasized the need to enhance agricultural production to curb inflation.
He stated, "The issue revolves around demand and supply, with a significant focus on boosting agricultural production. The President has intervened in the sector by providing grain and fertilizers to farmers, expanding acreage for crops such as rice, wheat, maize, and cassava to increase output, and consequently lower prices, thereby mitigating inflation."
Furthermore, with the ongoing dry season farming, the government anticipates a favorable harvest that will alleviate prices and improve the overall price level in Nigeria.
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