Food crises have been reported in 31 states of the country, while the North East region is severely affected.
The situation is compounded by rising production costs as witnessed in Maize production costs, which have surged by 69.7 percent, with the attendant significant food price increases like cowpea prices, which have gone up by 300 percent.
However, mechanization and farmland expansion recorded a slight improvement with 2 percent growth in tractor use, and a 2.3 percent increase in cultivated farmland.
There was 4.5 percent increase in overall crop production, though millet declined by 0.2 percent.
The startling revelation came to the fore on Monday in Abuja, at the Economic Management Team (EMT) meeting led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
In a statement, Mohammed Manga, Director, Information and Public Relations in the Federal Ministry of Finance said the meeting was convened to review critical economic policies and progress in key sectors, focusing on strengthening Nigeria’s economic resilience, with presentations from the Central Bank of Nigeria (CBN) and the Ministry of Agriculture addressing foreign exchange (FX) market reforms and agricultural performance.
He stated that in “Agriculture Presentation: 2024 Wet Season Performance, 4.5% increase in overall crop production was recorded, though millet declined by 0.2%.
“Rising production costs: Maize production costs surged by 69.7%, with significant food price increases (cowpea prices up 300%)”.
He pointed out that “Food crises reported in 31 states, severely affecting the North East. Mechanization and farmland expansion improved slightly, with 2% growth in tractor use and a 2.3 percent increase in cultivated farmland”.
Under 2025 plans for Agriculture, he highlighted that there are plans to “Boost food security with hybrid seed production, technology adoption, and climate-smart practices. Promote export crops like cocoa, sesame, and ginger. Enhance rural infrastructure through cold chain facilities, feeder roads, and electrification”.
In the CBN presentation focused on enhancing FX market efficiency, he noted that the apex bank delved into the Launch of the Electronic Foreign Exchange Matching System (EFEMS) to improve transparency and market operations. Phased out high-interest FX swaps to stabilize financial markets.
Settled 80% of FX forwards obligations, boosting liquidity and market confidence.
Maintained robust external reserves and supported exchange rate appreciation.
Mr. Managa said the Minister commended the progress made in both sectors, urging all stakeholders to accelerate efforts toward economic stability, food security, and sustainable growth.
He emphasised the need for coordinated implementation of policies to support President Bola Ahmed Tinubu’s Renewed Hope Agenda and ensure affordable food and improved living conditions for Nigerians.
“As Nigeria looks to the future, the EMT’s focus on FX market stability and food security strategies paves the way for sustainable growth and prosperity. With continued collaboration and commitment, the country can overcome current challenges and achieve its economic goals,” he further stated.
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