The Nigerian government is launching support for 600,000 small-scale farmers nationwide to increase food production and tackle rising inflation, announced Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the Nigerian delegation’s briefing at the 2024 IMF/World Bank Annual Meetings in Washington, DC.
Edun emphasized the government’s commitment to both the wet and dry farming seasons, focusing on increased agricultural output to help curb inflation, with food costs accounting for 50% of Nigeria’s Consumer Price Index. “We are focused on ensuring the wet season harvest is collected and supporting small-scale farmers for a strong dry season harvest,” he said, aiming to make food more affordable and accessible.
The government’s intervention will support wheat cultivation starting in November and rice planting from January to February 2025, covering over one million hectares. “Success in this area will help drive down inflation alongside other measures by the Central Bank of Nigeria,” Edun explained, noting the importance of data-driven approaches in fighting inflation.
Additionally, Senator Jimoh Ibrahim, Chairman of the Senate Inter-Parliamentary Committee, proposed food vouchers to aid vulnerable Nigerians, suggesting this method could better address hunger than the current cash transfer program.
