The Nigerian Federal Government has announced a major initiative to support 600,000 small-scale farmers to enhance food production and curb inflation. This was revealed by Finance Minister Wale Edun during the IMF/World Bank Annual Meetings, highlighting the government’s commitment to increasing agricultural output. By focusing on both wet and dry season harvests, the government aims to ensure food availability and affordability, especially as food costs make up half of Nigeria’s Consumer Price Index.
To achieve this, the government plans to assist farmers in cultivating over one million hectares for wheat in November and rice from January to February 2025. Minister Edun emphasized that increasing food production is a vital strategy to reduce inflation, alongside other economic measures being implemented by the Central Bank. This initiative reflects Nigeria’s broader efforts to stabilize its economy amid rising food prices.
Additionally, Senator Jimoh Ibrahim, Chair of the Senate Inter-Parliamentary Committee, proposed introducing food vouchers to more directly address hunger among vulnerable populations. He argued that food vouchers would be a more effective solution than cash transfers in reaching those most affected by food insecurity in Nigeria.
