President Bola Ahmed Tinubu has mandated a Federal Executive Council (FEC) committee to roll out urgent measures aimed at bringing down the soaring cost of food in Nigeria. The directive comes as millions of Nigerians continue to struggle with the rising cost of basic staples.
Earlier interventions included the release of 102,000 metric tonnes of grains—such as rice, maize, millet, and garri—from strategic reserves and millers’ warehouses, alongside import duty waivers on key food items. However, despite these efforts, food inflation remains at a staggering 39.93% as of November 2024, according to the National Bureau of Statistics. Staple items like yam, garri, and millet remain particularly expensive.
President Tinubu has pledged to drive inflation down to 15% while simultaneously promoting local manufacturing and food self-sufficiency. His administration’s approach centers on both immediate relief and long-term agricultural reforms.
Key strategies include:
Suspension of tariffs on imported grains and other essential food items to stabilize supply and reduce prices.
Scaling up local production to cut dependence on imports and strengthen domestic food security.
Boosting agricultural productivity through mechanization, research, and financing for farmers.
Upgrading food storage and transportation systems to curb post-harvest losses and improve market efficiency.
By combining these measures, the government seeks not only to ease the financial burden on households but also to strengthen Nigeria’s food system and stimulate wider economic growth.
