The Federal Government has attributed the current food inflation in Nigeria to a combination of factors, including floods that impacted farmers during the past farming season and the naira redesign policy that disrupted the harvest season.
In a statement issued on Tuesday, the Ministry of Agriculture and Food Security acknowledged the challenges faced by farmers and outlined measures being taken to address the situation.
The ministry stated that farmers, heavily affected by floods, opted not to farm during the 2023 wet season, exacerbating the food supply shortage. Additionally, the naira redesign policy, which came into effect during the harvest season, further disrupted the agricultural sector.
“In order to mitigate their losses, they opted not to farm during this 2023 wet season which contributed to food inflation.
“This was compounded earlier in the year by the naira redesign policy which came into full force during the harvest season earlier this year,” the ministry stated in the statement.
To mitigate these challenges, the government is undertaking reforms to improve farmers’ access to credit through the Bank of Agriculture, National Agriculture Development Fund, and Nigeria Agriculture Insurance Corporation.
Furthermore, the government is subsidizing farm inputs and providing free wheat seeds to farmers, while also encouraging local wheat cultivation to enhance food security and boost farmers’ income.
In response to President Bola Tinubu’s declaration of an emergency on food security, the Ministry of Agriculture and Food Security is prioritizing strategies to increase crop yield using available land for both dry and wet season farming.
The ministry is also exploring the use of technology to harvest floodwater for dry-season farming and is working with state governments to gather comprehensive data on farmers and farms across the country. This data will be crucial for effectively monitoring farmers’ activities and implementing targeted interventions.
