President Muhammadu Buhari has stated that his policies and investments in the last seven years saved Nigeria from inevitable disruptions in global agricultural supply chains occasioned by Covid-19 and the Russia-Ukraine war.
Buhari disclosed this in a statement on Friday evening.
He also added that Nigerians are no longer eating foreign rice and that investment in rice has made Nigeria dependent on locally made rice.
What the President is saying
Buhari stated that because of his policies and investments in the last seven years, towards achieving food security, “Nigeria is today much better prepared to cope with the inevitable disruptions in global agricultural supply chains occasioned by Covid-19 and the Russia-Ukraine war.”
“I said we must grow what we eat and eat what we grow. We have always been very conscious of the need to achieve food security in Nigeria, and to encourage our local farmers and rural economies.
“This is a country that was once dependent on foreign rice. Confident that we can grow and eat Nigerian rice, we closed the border to foreign rice, and also put policies in place to support local production. Today Nigerians are eating home-grown rice.”
What you should know
- Nigeria’s food inflation, which is a closely watched index rose to 20.6% in June 2022 from 19.5% recorded in May 2022. The rise in the food index was caused by increases in prices of Bread and cereals, Food products, Potatoes, yam, and other tubers, Meat, Fish, Oil and fat, and Wine
- This week, the International Monetary Fund painted a grim economic outlook saying that inflation, debt, and food crisis is pushing the Nigerian economy and other African economies to the verge of collapse
- IMF stated that as an immediate step, countries must reverse recently imposed restrictions on food exports.
- The Fund said that such restrictions are both harmful and ineffective in stabilizing domestic prices. Further measures are also needed to strengthen supply chains and to help vulnerable countries adapt food production to cope with climate change.
- The effect of higher food prices is being felt acutely as food accounts for a higher share of income. Inflation, fiscal, debt and balance of payments pressures are all intensifying. Most are now completely shut out from global financial markets, and unlike other regions don’t have large domestic markets to turn to.
