Home News Inflation: Nigeria to Become Net Exporter of Food, Says Tinubu

Inflation: Nigeria to Become Net Exporter of Food, Says Tinubu

by Harry Choms
Inflation

President Bola Tinubu has affirmed his administration’s commitment to transforming Nigeria into a net exporter of food despite the recent surge in food prices.

Speaking on Saturday during a meeting with the leadership of the Tijanniyya Movement in Abuja, President Tinubu emphasized his administration’s priority of achieving self-sufficiency in food production through substantial investments in the agricultural sector.

He stated, “We noticed some problems with hunger. When you see war in Ukraine and many other places, you can’t easily import food. We will be able to feed ourselves. We are going to cultivate more farmland. We are going to equip farmers with low-interest or no-interest loans. We are going to bring tractors into this economy. We are going to invest in irrigation for this country. Nigeria will become a net exporter of food.”

President Tinubu also addressed challenges in the healthcare system, pledging to invest in modern equipment for medical practitioners and ensure comprehensive health insurance coverage for citizens.

“We are dedicated to equipping hospitals with modern equipment, providing healthcare professionals with training, and ensuring social welfare for every citizen, including comprehensive health insurance coverage,” he added.

The issue of food inflation has become increasingly concerning, with Nigeria’s food inflation currently standing at 33.39%, according to the Nigeria Bureau of Statistics. Despite declaring a state of emergency on food security, prices of food items continue to rise.

Furthermore, the Food and Agricultural Organisation (FAO) projected that around 26.5 million Nigerians would be at risk of hunger in 2024, with those in the FCT, Sokoto, Borno, and Zamfara states being the most vulnerable.

In response, President Tinubu directed the Ministry of Agriculture and Food Security to release approximately 42,000 metric tons of maize, millet, and other commodities from the national strategic reserves to reduce food prices in the country.

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