President Bola Tinubu has strongly reaffirmed his administration’s stance against importing food into the country amidst the escalating food crises and inflation rates.
This was disclosed in a meeting with the Forum of State Chairmen of the All Progressives Congress (APC) at the State House in Abuja on Friday.
As of February 2024, Nigeria’s food inflation rate had increased to approximately 37.92%, according to NBS data, leading to speculation that imported foodstuffs could swiftly reduce the price pressure across the state.
However, the President pointed out that resorting to imports of foodstuffs would not solve the current food crisis, warning that it would only foster corruption and rent seeking activities.
He said that his government is bent on investing in the agricultural sector, as well as encourage farm mechanization.
He said “We are bringing mechanized farming to the fore. Yesterday’s crisis will become today’s opportunity. Fertilizers are being supplied to farmers as we speak.
“Agriculture and economic diversification provide the answers to our problems. We will not continue to import food. We know how to turn lack into abundance, and the world will watch us do it again.”
The President announced that the government has drawn up an overall strategy to expand livestock farming, which will be implemented in due course.
Recall, Nigerian inflation surged to a 28-year high, rising from 29.9% in January to 31.7% in February on a year-to-year basis.
On the other hand, food inflation climbed to 37.92% on the back of higher average prices of items like bread and cereals, potatoes, yams and other tubers, fish, coffee, tea, and cocoa.
The Central Bank in mitigating the food crisis, also donated over 2 million bags of fertilizers to the Agricultural Sector worth about N100 billion.
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