President Bola Tinubu has strongly reaffirmed his administration’s stance against importing food into the country amidst the escalating food crises and inflation rates.
The President made this statement at a meeting with the Forum of State Chairmen of the All Progressives Congress (APC) at the State House in Abuja on Friday.
As per the latest figures from the National Bureau of Statistics, Nigeria’s food inflation rate has soared to a concerning 37.92% as of February 2024, prompting speculation that importing food could swiftly alleviate nationwide food price pressures.
However, the President underscored that resorting to food imports won’t address the prevailing food crisis, warning that it merely fosters corruption and rent-seeking activities.
He mentioned that his administration is determined to invest in the agricultural sector as well as promote mechanized farming in the country.
- “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,” he said.
The President mentioned that his government has prepared a comprehensive strategy for large-scale livestock farming, scheduled to be implemented soon.
What you should know
Earlier, Nairametrics reported that 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 current food crisis has pushed the federal government to order the release of 42,000 tonnes of grain from the national reserve last month.
- Accordingly, the Central Bank also donated over 2 million bags of fertilizers to the Agricultural Sector worth about N100 billion, to curb the food crisis.
- However, prices of food items continue to soar in the market, with many unable to afford regular dishes in the country.
