The federal government has voiced apprehension over the escalating prices of food and commodities in the country, which have triggered protests in Niger and Kano states.
During a bilateral meeting with a visiting German delegation led by the Minister of Economic Cooperation and Development, Ms. SvenjaShulze, in Abuja, Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. OlawaleEdun, attributed the situation to demand and supply dynamics.
Protests erupted as some citizens reacted to what they perceived as mass purchases of food items for hoarding and exportation outside the country, leading to disruptions on the Minna-Bida Road and arrests by the police.
Kano State Governor Abba Yusuf also expressed concern about the dire living conditions in his state, citing inflation that has outpaced incomes, resulting in hardship and even deaths among residents.
In response to these challenges, Mr. Edun emphasised the necessity of boosting agricultural production to alleviate inflation. He highlighted President Bola Tinubu’s interventions in providing support to farmers and expanding agricultural acreage to increase output and stabilise prices.
Furthermore, the partnership with Germany aims to enhance skills development, job creation, and poverty reduction. Honourable Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, underscored the importance of supporting micro small and medium-sized enterprises (SMEs) to contribute significantly to Nigeria’s gross domestic product (GDP).
