Food crises have been reported in 31 states across the country, with the North East region being particularly hard hit.
Rising production costs have intensified the situation, as seen in maize production expenses, which have soared by 69.7 percent. This has led to substantial increases in food prices, such as a 300-percent rise in cowpea prices.
Nevertheless, there was a modest enhancement in mechanization and farmland expansion, as evidenced by a 2 percent rise in tractor usage and a 2.3 percent increase in cultivated land area.
Overall crop production increased by 4.5 percent, although millet experienced a decline of 0.2 percent.
The surprising disclosure emerged on Monday in Abuja during the Economic Management Team (EMT) meeting, headed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Mohammed Manga, the Director of Information and Public Relations at the Federal Ministry of Finance, announced that the meeting was organized to assess vital economic policies and advancements in key sectors. The aim is to enhance Nigeria’s economic resilience with input from both the Central Bank of Nigeria (CBN) on foreign exchange market reforms and presentations by the Ministry of Agriculture regarding agricultural performance.
He mentioned that during the “Agriculture Presentation: 2024 Wet Season Performance,” there was a recorded increase of 4.5% in overall crop production, although millet experienced a decline of 0.2%.
Increased production costs: The cost of maize production soared by 69.7%, and food prices saw substantial hikes, with cowpea prices rising by 300%.
He highlighted that food crises have been reported in 31 states, significantly impacting the North East. Meanwhile, mechanization and farmland expansion saw minor improvements, with a 2% rise in tractor use and a 2.3% increase in cultivated land area.
In the 2025 Agriculture plans, he emphasized initiatives to “strengthen food security through hybrid seed production, technology adoption, and climate-smart practices. Encourage the export of crops such as cocoa, sesame seeds, and ginger. Improve rural infrastructure with cold chain facilities, feeder roads, and electrification.”
In the CBN presentation aimed at improving FX market efficiency, he highlighted that the central bank introduced the Electronic Foreign Exchange Matching System (EFEMS) to boost transparency and streamline market operations. Additionally, high-interest FX swaps were gradually phased out to stabilize financial markets.
Fulfilled 80% of FX forward commitments, enhancing liquidity and bolstering market confidence.
Supported the appreciation of the exchange rate while ensuring strong external reserves were maintained.
Mr. Managa stated that the Minister praised the advancements in both sectors and encouraged all stakeholders to intensify their efforts toward achieving economic stability, food security, and sustainable growth.
He highlighted the importance of coordinated policy implementation to support President Bola Ahmed Tinubu’s Renewed Hope Agenda, aiming to provide Nigerians with affordable food and better living conditions.
He further stated that as Nigeria looks to the future, the EMT’s emphasis on stabilizing the FX market and implementing food security strategies lays a foundation for sustainable growth and prosperity. With ongoing collaboration and dedication, the nation can overcome present challenges and attain its economic objectives.
Peoplesmind
