FG targets hybrid seed production, Fx stability to reduce food prices in 2025
The Federal Government is targeting hybrid seed production and the stabilisation of foreign exchange as key strategies to reduce food prices by 2025.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made this announcement during a meeting of the Economic Management Team (EMT) in Abuja yesterday.
The committee convened to review critical economic policies and assess progress in key sectors.
Regarding plans to boost food security and strengthen the agricultural sector, the committee emphasised the importance of hybrid seed production, the adoption of technology, and the implementation of climate-smart agricultural practices. Additionally, the committee highlighted the promotion of export crops such as cocoa, sesame, and ginger.
The committee also recommended enhancing rural infrastructure by improving cold chain facilities, feeder roads, and electrification.
However, the committee noted a 4.5% overall increase in crop production for 2024, despite a slight 0.2% decline in millet production.
The report highlighted the rising costs of production, with maize production costs surging by 69.7% and significant increases in food prices, including a 300% rise in cowpea prices.
A food crisis was reported in 31 states, with the North East particularly affected. The committee also noted slight improvements in mechanisation and farmland expansion, with a 2% increase in tractor use and a 2.3% growth in cultivated farmland.
In his remarks, the Minister commended the progress made in these sectors, urging all stakeholders to accelerate efforts towards achieving economic stability, food security, and sustainable growth. He stressed the need for the coordinated implementation of policies to support President Bola Ahmed Tinubu’s Renewed Hope Agenda and ensure affordable food and better living conditions for Nigerians.
As Nigeria looks ahead, the EMT’s focus on stabilising the foreign exchange market and enhancing food security strategies paves the way for sustainable growth and prosperity. With continued collaboration and commitment, the country can overcome current challenges and achieve its economic objectives.
