Boosting Agricultural Investment Key to Fighting Nigeria’s Inflation – Economist Oluwole

Dumebi Oluwole, a prominent Nigerian economist and Team Lead of the Country Risk Team at Stears, has emphasized that Nigeria’s inflation crisis is rooted in deep structural challenges. She asserts that a mere monetary policy fix is insufficient, advocating instead for a comprehensive approach that tackles insecurity, food production issues, and poor infrastructure to stabilize food prices and improve affordability.

Oluwole stressed the importance of improving agricultural productivity as a key solution to inflation. This includes addressing long-term issues such as insecurity affecting farmers, outdated storage systems, and inefficient distribution networks. A stronger agricultural sector would enhance food security, reduce reliance on imports, and support broader economic diversification.

She also called on both federal and state governments to harness Nigeria’s rich agricultural diversity. With over 40% of states having distinct food production strengths, leveraging local crops and improving value chains could significantly stabilize supply across regions, especially in the North and Middle Belt. This approach would not only boost food security but also drive job creation and attract investment.

Oluwole acknowledged recent federal initiatives like the procurement of 2,000 tractors but urged further collaboration with ministries, regulators, and private stakeholders to design more impactful, growth-driven policies. She advocates targeted investment in agriculture-related SMEs, cold storage, logistics, and food technology to strengthen the supply chain and create long-term value.

A core part of Oluwole’s recommendation is the strategic use of data in shaping economic policy. She highlights the need for nuanced, evidence-based decisions to understand inflation drivers and formulate effective responses. Her work at Stears has influenced both public and private sector strategies, earning her recognition as a key voice in Nigeria’s economic development.

Source: The sun