July 21, 2024

Agriculture Minister Promises Significant Drop in Food Prices Within 180 Days

 

 

The Minister of Agriculture and Food Security, Abubakar Kyari, announced a series of strategic measures aimed at addressing soaring food prices and stabilizing the market within the next 180 days.

 

Kyari outlined a comprehensive plan that includes the importation of 250,000 metric tons each of wheat and maize. These semi-processed commodities are to be distributed to small-scale processors and millers nationwide.

 

In addition to the import strategy, the government plans to introduce a Recommended Retail Price (RRP) for imported food commodities. This measure is expected to help stabilize prices and make food more affordable for the average Nigerian. The minister also stressed the government’s commitment to maintaining quality standards, ensuring that all imported food items are safe for consumption.

 

Furthermore, the initiative also includes an aggressive agricultural mechanization drive aimed at reducing production costs and boosting productivity. “Embarking on aggressive agricultural mechanization will reduce drudgery, lower production costs, and boost productivity,” Kyari stated.

 

Moreover, Kyari further elaborated on the engagement with relevant stakeholders to establish a Guaranteed Minimum Price (GMP) and purchase surplus food commodities to restock the National Strategic Food Reserve.

 

Kyari concluded reassuringly that over the next 14 days, the ministry, in close collaboration with the Presidential Food Systems Coordinating Unit (PFSCU) and the Economic Management Team (EMT), will convene with respective agencies to finalize the implementation frameworks.

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