News in brief:
– Minister Abubakar Bagudu has urged the CBN to resume agricultural intervention programmes to boost food production and economic growth.
– He stresses that improved security in farming regions has led to higher harvests and called for increased investment to stabilise food prices and support farmers.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has urged the Central Bank of Nigeria (CBN) to reconsider its decision to halt intervention programmes, especially in the agricultural sector.
Speaking at the CBN Monetary Policy Forum, Bagudu emphasised the need for continued investment in domestic food production. He acknowledged the bank’s stance on reducing direct interventions but stressed that Nigeria has strong potential in agriculture and solid minerals, which should be further supported.
Boosting agricultural growth and food security
The minister highlighted that improved security in farming areas, particularly in the Northwest and Northeast, has led to increased agricultural production. He noted that states like Borno and Kaduna have recorded high harvests, comparable to pre-Boko Haram levels.
“We must not miss this opportunity,” Bagudu said. “Past interventions may have had challenges, but we have learned valuable lessons to improve future programs and support domestic food production.”
He further explained that increasing agricultural output would help control inflation and stabilise food prices, benefiting both farmers and consumers.
Government’s economic strategy
Bagudu assured farmers that the government’s economic reforms are yielding positive results. He noted that global business leaders and rating agencies have recognised Nigeria’s economic progress.
He credited the collaboration between fiscal and monetary policy authorities, led by Finance Minister Wale Edun and CBN Governor Olayemi Cardoso, for helping to guide the economy toward sustainable growth. With this renewed push for agricultural investment, Nigerian farmers may see more government support aimed at boosting productivity and food security.
The Tinubu-led administration has been working with relevant stakeholders like the National Identity Management Commission (NIMC) and private partners to ensure that agricultural interventions are effective and avoid past challenges. It is also working to restructure agencies that handle its initiatives to become more efficient.
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