"We are looking to food production to help bring down inflation."
Nigeria's Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has outlined the government's strategy to curb the country's rising inflation through increased food production.
Speaking Tuesday at the 30th Nigerian Economic Summit in Abuja, Mr Edun emphasised the administration's focus on agricultural reforms to stabilise food prices, which he identified as a major driver of inflation.
"We are looking to food production to help bring down inflation. Our aim is to make food more available and affordable, and to reduce the cost of living for Nigerians," he said.
In September, inflation jumped 32.7 per cent, reigniting concerns about the efficacy of President Bola Tinubu's economic reforms, particularly in light of persistently high unemployment.
Mr Edun acknowledged the challenges but remained optimistic about the long-term impact of government interventions.
He highlighted ongoing efforts to partner with the African Development Bank (AfDB) and other development partners to ensure a successful harvest, which he said would help to reduce food prices and overall inflation.
"With climate change affecting the wet season, we are working to ensure that both the wet and dry season harvests are successful, which will help stabilise food prices," he noted.
Food prices, which constitute roughly 50 per cent of Nigeria's inflation index, have fluctuated significantly in recent months, adding to inflationary pressure.
Mr Edun hinted that food inflation could soon be classified as "non-core" due to its volatility, but maintained that agricultural reforms would be key to restoring price stability.
In addition to agricultural measures, the minister also pointed to the government's reforms in the oil and gas sector, manufacturing, and housing as critical to Nigeria's broader economic strategy.
He revealed that recent incentives in the oil sector had attracted over $3 billion in new investments, with ExxonMobil committing an additional $10 billion.
The manufacturing sector, meanwhile, has seen increased interest from local firms, with Nigerian manufacturers pledging $1.2 billion in investments following the introduction of tax and funding incentives.
The minister also underscored the government's plans to address housing affordability by introducing a mortgage scheme offering near-single-digit interest rates for up to 25 years.
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"We are partnering with the private sector to deliver mortgages that will support Nigeria's housing and real estate sector," Mr Edun explained, adding that the initiative was expected to stimulate a construction boom and create jobs.
However, these ambitious reforms are set against the backdrop of rising inflation and significant economic challenges.
Despite the government's increased revenue from improved oil production and macroeconomic reforms, participants questioned whether these gains would reach the ordinary Nigerians quickly enough to ease the ongoing cost of living crisis.
The minister stressed that the reforms were not merely about fiscal tightening, but about setting the stage for long-term growth and job creation.
"We are pivoting to growth and choice. This is not reform without end. The goal is to create jobs, reduce poverty, and drive the economy forward," he said.
In the consumer price index data released by the National Bureau of Statistics (NBS) on Tuesday, the food inflation rate in September was 37.77 per cent on a year-on-year basis -- 7.13 per cent higher than the rate recorded in September 2023 (30.64 per cent).
