Finance Minister Edun gives hope to Nigerians, says food prices will soon crash

Olawale Edun, the Minister of Finance and Coordinating Minister of the Economy, has acknowledged the growing concerns regarding the escalating prices of food and commodities in Nigeria. He attributed the situation to the dynamics of demand and supply.

Edun made these remarks on Monday, expressing the federal government’s mounting apprehension over the surging prices of essential goods in the country. He disclosed that the government is optimistic about a promising harvest season ahead, which is expected to alleviate price pressures.

Speaking in Abuja during a bilateral meeting with a visiting delegation from Germany, led by the Minister of Economic Cooperation and Development (BMZ), Svenja Shulze, Edun highlighted the government’s commitment to addressing the challenges posed by rising prices.

“The issue of rising prices is a matter of concern for the government and every Nigerian,” remarked Edun, accompanied by Dr. Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment. “Efforts are underway to tackle the situation, with a primary focus on bolstering agricultural production.”

He emphasized the government’s interventions in the agricultural sector, including the provision of grains and fertilizers to farmers, along with expanding cultivation areas for crops like rice, wheat, maize, and cassava, aiming to bolster output and mitigate price inflation.

Edun underscored that Nigeria is currently in the midst of the dry season farming, anticipating a fruitful harvest. A successful dry season harvest, according to the Minister, is poised to reduce food prices and overall price levels across the country.