Obinna Onwuasoanya

The idea behind creating the the National Agricultural Development Fund is to finance agricultural policies, support its development, and strengthen institutions that will make it work.

One of the reasons for the economy performing poorly is the cash crunch that affected economic activities in the country for about a month during the quarter. Agricultural activities were not safe and were even likely more heavily impacted as most of the transactions in this sector are done with cash.

South Africa's economy breathes a sigh of relief as headline consumer inflation slowed to an 11-month low at 6.8%.

However, Nigeria's economy is not known to behave 'typically'. Inflation has been rising in 2023 despite several MPR moves.

Nigeria's 5 million tonnes (or 5 billion kg) production output is not enough to satisfy local demand which exceeds 6 billion kg per year. So, imports are satisfying the deficit despite the ban.

Nigeria plans to produce 1.6 billion liters of milk every year under the new policy, which will mean raising current milk production by 68%.

IMF's managing director Kristalina Georgieva praised the UK government for taking decisive and responsible actions.