The Federal Government has unveiled plans to support 600,000 small-scale farmers nationwide as part of its strategy to enhance food production and combat rising inflation.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this disclosure during a press briefing for the Nigerian delegation at the 2024 IMF/World Bank Annual Meetings in Washington, DC, according to The Punch.
This initiative aims to strengthen the agricultural sector and improve food security in the country.
According to a statement from the ministry’s Director of Information and Public Relations, Mohammed Manga, Edun emphasized that the government is committed to maximizing the wet season harvest while providing support to ensure a successful dry season.
The Minister noted that food constitutes 50 percent of the Consumer Price Index, making increased agricultural output essential for reducing inflation.
Edun stated, “One of the key things that we are focusing on at this particular time is ensuring that we dutifully collect the wet season harvest, which is underway at the moment.
“In addition, we have diligently identified the small-scale farmers to ensure we have a good dry season harvest, which will lead to increased outs of food, increased availability, and increased affordability.”
He explained that the government’s intervention will encompass wheat cultivation in November and rice planting in January and February 2025, targeting the cultivation of over one million hectares.
The statement read in part, “He emphasised that we need to remember that food represents 50 per cent of the Consumer Price index. So, success in this area will help to drive down inflation in addition to all the other measures that the governor of the Central Bank of Nigeria, using data, using evidence-based information to fight inflation is implementing.
Edun revealed that the Federal Government is assisting 600,000 farmers in cultivating about one million hectares in November for wheat planting, as well as in January and February for rice planting.
