Concerns have been raised by the Federal Government regarding the escalating prices of food and commodities across the nation, a situation that has spurred protests in regions such as Niger and Kano. Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, addressed these issues during a bilateral meeting with a visiting German delegation, led by the country’s Minister of Economic Cooperation and Development (BMZ), Ms. Svenja Shulze in Abuja on Monday.
Mr. Edun emphasized that the prevailing situation, fueling discontent among citizens, is primarily influenced by the dynamics of supply and demand. Notably, recent protests in Niger and Kano were triggered by concerns over the perceived hoarding and exportation of food items, a sentiment particularly echoed by youths and women in those areas.
Blame for the crisis has been directed towards food speculators by state governments, while law enforcement agencies have intervened to disperse protesters and maintain order. Meanwhile, Governor Abba Yusuf of Kano State lamented the dire conditions faced by many residents in his state, citing rampant inflation that has outpaced incomes, leading to instances of starvation and acute hunger.
In response to these pressing issues, Minister Edun underscored the urgent need to bolster agricultural production as a critical measure to curb inflation. He highlighted the government’s interventions in the agricultural sector, including providing support to farmers with essential resources such as grains and fertilizers to enhance output. Additionally, efforts are underway to expand dry-season farming to augment harvest yields and alleviate price pressures.
Moreover, the partnership with Germany presents an opportunity for skills development and job creation, particularly in the Small and Medium-sized Enterprises (SMEs) sector, as emphasized by Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite. The collaboration aims to enhance access to finance for women-owned enterprises, thereby contributing to economic growth and poverty reduction.
Ms. Shulze reiterated Germany’s commitment to deepening cooperation with Nigeria, recognizing the abundant talent within the country. She emphasized the importance of addressing underlying causes of security challenges, such as unemployment and lack of education, as part of a holistic approach to fostering stability.
In essence, the dialogue between the Nigerian and German delegations signifies a shared commitment to addressing pressing economic challenges and fostering mutual development for the benefit of both nations.