The Nigerian Federal Government has expressed worry over the rising prices of food and commodities in the country, which led to protests in Niger and Kano, respectively.
Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, told a German delegation led by the country’s Minister of Economic Cooperation and Development (BMZ), Ms Svenja Shulze, in Abuja on Monday that the situation, which had produced growing discontent among the citizenry, was triggered by demand and supply forces.
There has been protests in Minna and Kano by youths and women who were incensed by the escalating cost of food items, the galloping inflation and insecurity in the country.
Edun, who spoke against the backdrop of the general angst in the country, said the only way to address the situation was to boost agricultural production, in particular, to force down inflation.
Speaking alongside Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, Edun said: “I think the issue of rising prices is of concern to the government and everybody in Nigeria and some major steps were being taken to address the situation. It is the issue of demand and supply and a lot of emphasis has been placed on increasing agricultural production, in particular.
“The President has intervened in that sector to provide grain, fertilisers to farmers and to bring additional acreage, rice, wheat, maize, and cassava – to increase the output and thereby bring down prices and that will help bring down inflation.
“And, of course, we are in the middle of the dry season farming and we are looking forward to a good dry season harvest that will ameliorate price, in particular, and the price level in Nigeria, in general.”
Edun said the partnership with Germany offered an opportunity for skills development between both parties, adding that it would help to boost job creation and reduce poverty.
Uzoka-Anite also said the partnership with Germany was aimed at developing Nigeria’s Small and Medium-sized Enterprises (SMEs) subsector. She added that a Memorandum of Understanding (MoU) would soon be signed by both countries in this regard to improve access to finance for women-owned enterprises.
The minister said the collaboration will further enhance talent acquisition and challenge, and develop renewable energy, in line with Tinubu’s Renewed Hope Agenda, which partly aimed at industrialising the country.
She said supporting the SMEs could add about 55 per cent to the country’s Gross Domestic Product (GDP), adding that though both countries currently have strong mutually beneficial relationship, it could get better.
On her part, Shulze said both countries had established cooperation in common interest, pointing out that there are currently over 90 German companies operating in Nigeria.
She attested to the abundance of creative young talents in the country, saying Nigeria’s security challenges can only be addressed by tackling the underlying causes, including jobs and education, rather than militarily.
She stressed that Germany was looking to deepen its cooperation with Nigeria.
