THE Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the Federal Government has secured imported staple foods, including maize and wheat, to address the ongoing food shortages in Nigeria.
Edun shared this update today during an Inter-Ministerial Press Briefing in Abuja, part of the events commemorating Nigeria’s 64th independence anniversary.
He explained that the imported food items are expected to arrive in the country soon, emphasizing that this importation is a temporary solution designed to avoid disrupting local food production.
“In the short term, the government has initiated measures to import food, with maize and wheat already procured and on the way,” Edun said.
He stressed the importance of not undermining domestic food production by flooding the market with imports that could lower prices to the point where farmers and millers are discouraged from continuing their activities.
“Discussions are ongoing to determine the appropriate quantity to import without destabilizing the agricultural sector,” Edun added. “In the short run, imports and wet season procurement are necessary interventions, but in the long term, we must develop strategies to boost agricultural productivity.”
Nigeria is currently experiencing one of its most severe economic crises, with soaring costs of living and energy, largely due to the removal of the petrol subsidy and the unification of foreign exchange windows in May 2023.
In August, discontented youths protested against hunger and economic hardship for the first 10 days of the month.
According to the latest data from the National Bureau of Statistics (NBS), the country’s inflation rate stood at 32.15% in August, with food inflation reaching 37.52%, an 8.18% increase compared to the same period in 2023.
The rise in food inflation was attributed to price hikes in essential items such as bread, maize, grains, guinea corn, yam, potatoes, cassava, palm oil, and vegetable oil, among others.
Despite the Tinubu administration’s efforts, alongside governors from the 36 states, to introduce palliative measures, Nigerians continue to struggle under the intense pressure of inflation as the prices of basic goods rise uncontrollably.