The Federal Government of Nigeria has raised concerns over the escalating prices of essential commodities, sparking protests in the regions of Niger and Kano.
Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, addressed the issue during a bilateral meeting with a German delegation led by Ms. Svenja Shulze, the Minister of Economic Cooperation and Development (BMZ), held in Abuja.
As reported by Vanguard, Mr. Edun attributed the surge in prices to the interplay of demand and supply forces in the market. The discontent among citizens was further fueled by suspicions of hoarding and the subsequent export of food items, particularly noted by youths and women.
“I think the issue of rising prices is of concern to the government and everybody in Nigeria,” and some major steps were being taken to address the situation.
He said, “It is the issue of demand and supply and a lot of emphasis has been placed on increasing agricultural production, in particular.
“The president has intervened in that sector to provide grain, and fertilizers to farmers and to bring additional acreage, rice, wheat, maize, and cassava – to increase the output and thereby bring down prices and that will help bring down inflation.
Minister Edun underscored the imperative of bolstering agricultural production as a key strategy to mitigate inflation and alleviate the burden of rising living costs.