Wale Edun Assures Nigerians of Stable Food Prices Amid Global Economic Uncertainty
Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, has reassured citizens that the federal government is committed to maintaining stable food prices despite ongoing global economic uncertainties. Speaking on Channels Television’s Politics Today, Edun highlighted that the government’s policies are already beginning to show positive results, with inflation moderating and food prices starting to decline.
Edun emphasized that while no government can fully control complex economic forces, the administration remains focused on policies that ease household inflationary pressures. “There are no guarantees, but what we can guarantee is that this is our focus, and it is what we have achieved so far,” he said, underlining the administration’s commitment to stabilizing essential goods.
Central to the government’s strategy is boosting domestic food production to ensure affordability and reduce the risk of supply disruptions. Edun revealed that the economic management team is reviewing agricultural developments and considering additional initiatives to strengthen local production before resorting to imports, aligning Nigeria with a global trend toward self-reliance amid rising geopolitical tensions.
The minister also defended key economic reforms, including the removal of petrol subsidies and the adoption of market-based foreign exchange pricing. While these changes initially triggered high inflation and fuel price increases, Edun explained they were necessary to correct systemic inefficiencies that previously undermined the economy. The reforms have now begun creating incentives for domestic refining, local production, and value addition, contributing to broader economic stability.
Edun credited the combination of supply-side reforms and tighter monetary policies from the Central Bank of Nigeria with moderating inflation from around 34% to roughly 15%. He expressed confidence that ongoing reforms, coupled with stronger domestic production, will continue to protect households from global shocks and maintain stable food prices in the months ahead.
source: Leadership