News in brief:
-Â The Nigerian government, in response to rising food prices, plans a significant boost in rice production, aiming to curb inflation driven by escalating food costs.
– Agriculture Minister Abubakar Kyari highlighted the initiative’s role in increasing supply and availability to address food inflation.
In a bid to combat rising food prices, the Nigerian government has announced plans for a major boost in rice production, the country’s staple grain.
Agriculture and Food Security Minister Abubakar Kyari made the announcement, emphasising the initiative’s potential to curb inflation driven by skyrocketing food costs.
He told the public that that the ministry has programs to ensure massive food production, aligning with the President’s agenda on food security.He added that the plan is to produce massively to increase supply and availability, eventually bringing down food inflation, which is the primary driver of inflation in the country.
Kyari acknowledged the urgency of the situation and assured of the President’s support and pledging swift action. He said that Tinubu has given the ministry the necessary backing, and they are starting with rice production with a timetable of the next three weeks (which is by the end of January).
Also, while acknowledging market forces’ influence on price fluctuations, the minister expressed confidence in the initiative’s impact. He was optimistic that increased supply will positively affect food costs across the country soon.
The announcement comes amid growing public concern over soaring food prices. According to the National Bureau of Statistics, food inflation reached 28.20% year-on-year in November 2023, significantly outpacing the overall inflation rate of 21.34%.
Jigawa State, known for its agricultural prowess, serves as a potential model for the nationwide initiative. Kyari commended the state’s performance and passed on the federal government’s delight at the efforts of the state government in boosting food security in the country. He stated that the federal government will be sending monitoring teams to other states for feedback as they all work together to achieve increased food production target.
