In a strategic move to curb inflation and boost national food production, the Federal Government of Nigeria has announced plans to support 600,000 small-scale farmers across the country. The initiative, spearheaded by the Ministry of Finance and Economy, aims to increase agricultural output, especially in the cultivation of staple crops like wheat and rice.
The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a press briefing at the 2024 IMF/World Bank Annual Meetings in Washington, DC. According to a statement from the ministry’s Director of Information and Public Relations, Mohammed Manga, this support is expected to assist farmers in both the ongoing wet season harvest and the upcoming dry season.
With food prices representing a substantial 50% of Nigeria’s Consumer Price Index, the government views increased agricultural productivity as essential to controlling inflation. Edun emphasized, “One of the key things that we are focusing on at this particular time is ensuring that we dutifully collect the wet season harvest, which is underway at the moment. In addition, we have diligently identified the small-scale farmers to ensure we have a good dry season harvest, which will lead to increased output of food, increased availability, and increased affordability.”
As part of this effort, the government is targeting one million hectares of farmland for wheat cultivation in November and plans to commence rice planting in January and February 2025. This scale of agricultural intervention, Edun asserted, would reduce food prices and, in turn, help stabilize the overall inflation rate. He added, “Success in this area will help to drive down inflation, in addition to other measures being implemented by the Central Bank of Nigeria using data-driven strategies.”
In a related development, Senator Jimoh Ibrahim, Chairman of the Senate Inter-Parliamentary Committee, suggested the introduction of food vouchers as a direct means to combat hunger. This proposal aligns with the government’s broader economic strategies aimed at providing relief to citizens amid the ongoing economic challenges.
With these measures, Nigeria’s government hopes to not only support small-scale farmers but also contribute to long-term economic stability, creating a more resilient agricultural sector capable of mitigating inflationary pressures on the economy.
