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President Bola Tinubu Unveils Initiatives to Address Rising Food Costs and Boost Employment

July 13, 2023







President Bola Tinubu has taken decisive action to alleviate the impact of increasing food prices on vulnerable Nigerians. Dele Alake, the special adviser to the president on special duties, communications, and strategy, made this announcement during a press briefing in Abuja.

Acknowledging the concerns surrounding the rising cost of food and its implications for citizens across the country, President Tinubu has declared a state of emergency on food security. In addition, he has directed that all matters related to food and water availability and affordability be included within the purview of the National Security Council.

To address the crisis, a series of immediate, medium-term, and long-term initiatives will be implemented to reverse the inflationary trend and ensure a consistent supply of affordable food for ordinary Nigerians.

In the immediate term, savings from fuel subsidy removal will be allocated to revamp the agricultural sector. Fertilizers and grains will be released to farmers and households to mitigate the effects of subsidy removal. The Ministry of Agriculture will collaborate with the Ministry of Water Resources to ensure adequate irrigation for farmlands and year-round food production. A National Commodity Board will be established to review and assess food prices, while strategic food reserves will be maintained to stabilize critical grain prices.

The government will engage various stakeholders, including the National Commodity Exchange, seed companies, research institutes, and fertilizer producers, to support these interventions. Security measures will also be put in place to protect farmers and their farmlands.

Furthermore, the Central Bank will continue to play a significant role in funding the agricultural value chain. Land banks will be activated to increase the availability of arable land for farming, while mechanization companies will assist in clearing

forests for agricultural use. River basins will be utilized for irrigation schemes to ensure year-round farming production.

Transportation and storage will be improved to reduce costs and minimize wastage. Efforts will be made to increase revenue from agricultural exports and facilitate trade through enhanced customs processes and removal of bottlenecks.

These initiatives aim to boost employment and job creation, with the goal of doubling agriculture’s contribution to employment from 35.21 percent to 70 percent in the long term. President Tinubu emphasizes the importance of food and water for survival and calls on all Nigerians to partner in ensuring the success of these interventions.

President Tinubu reassures Nigerians that his administration remains committed to addressing their essential needs and leaving no one  behind. The Renewed Hope mandate continues to guide his efforts as the president of all Nigerians and the father of the nation.


Source: Peoples Gazette


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