News in Brief:
– Nigeria’s government plans to combat rising food prices by boosting agricultural production, focusing on key crops like rice and maize.
– This initiative, alongside a partnership with Germany to support SMEs, aims to curb inflation and empower local businesses.
Nigeria has put plans in motion to address rising food and commodity prices, with increased agricultural investments. This was disclosed to newsmen recently by Nigeriaâs finance minister and coordinating minister of the economy, Wale Edun, during a meeting with a German delegation.
According to the finance minister, the issue of rising prices is a concern for everyone and he stressed the crucial role of increased agricultural output. He said it was especially significant in tackling inflation and ensuring affordability for citizens.
Additionally, the minister said the government is paying keen attention to increased agricultural production of key crops like rice, wheat, maize and cassava.
Furthermore, Trade Minister Doris Uzoka-Anite noted the significance of the ongoing partnership with Germany, particularly in developing Nigeria’s small and medium-sized enterprises (SMEs). She added that a Memorandum of Understanding (MoU) is expected to be signed soon, focusing on improving access to finance for women-owned businesses.
The German delegation, led by that country’s Minister of Economic Cooperation and Development Svenja Schulze, highlighted the long-standing cooperation between the two nations. Schulze mentioned the presence of over 90 German companies operating in Nigeria, signifying the potential for further collaboration in various sectors.
