By Ayo Kehinde
Nigeria’s Economic Management Team led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that 31 states experienced severe food crises in 2024, with the North East region being the hardest hit.
The disclosure came during the EMT’s meeting during the week in Abuja, which focused on reviewing economic policies and assessing progress in key sectors to bolster Nigeria’s economic resilience.
In a press statement by Mohammed Manga, Director of Information and Public Relations in the Federal Ministry of Finance, the EMT was briefed on the state of agriculture and foreign exchange market reforms through presentations from the Ministry of Agriculture and the Central Bank of Nigeria.
The agriculture report, titled “2024 Wet Season Performance,” noted a 4.5% increase in overall crop production, though millet recorded a decline of 0.2%.
The report also highlighted rising production costs, with maize production costs surging by 69.7% and cowpea prices spiking by 300%.
The presentation further revealed slight improvements in mechanization and farmland expansion, with a 2% growth in tractor use and a 2.3% increase in cultivated farmland.
Under the 2025 agricultural plan, the EMT outlined strategies to enhance food security through hybrid seed production, adoption of climate-smart practices, and promotion of export crops such as cocoa, sesame, and ginger.
Additionally, rural infrastructure upgrades, including cold chain facilities, feeder roads, and electrification, were prioritized.
The CBN’s presentation focused on enhancing FX market efficiency.
Key initiatives included, the launch of the Electronic Foreign Exchange Matching System to improve transparency and market operations, phasing out high-interest FX swaps to stabilize financial markets, settling 80% of FX forwards obligations, boosting liquidity and market confidence, and maintaining robust external reserves to support exchange rate stability.
Manga stated that Minister Edun commended the progress made in both sectors, urging stakeholders to intensify efforts toward economic stability, food security, and sustainable growth.
“The Minister emphasized the importance of coordinated policy implementation to support President Bola Tinubu’s Renewed Hope Agenda, ensuring affordable food and improved living conditions for Nigerians,” the statement read.
Edun also reiterated the EMT’s commitment to tackling challenges and achieving economic goals through collaboration and strategic focus.
“As Nigeria looks ahead, the EMT’s emphasis on FX market stability and food security strategies sets a clear path toward sustainable growth and prosperity,” he added.
