The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the federal government is currently exploring strategies to boost agricultural production to tackle rising prices of food and commodities in the country.
The minister made the disclosure in Abuja yesterday during a bilateral meeting with a visiting German delegation, led by that country’s Minister of Economic Cooperation and Development (BMZ), Ms Svenja Shulze.
Edun, who spoke alongside the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said the only way to address the situation was to boost agricultural production.
“I think the issue of rising prices is of concern to the government and everybody in Nigeria and one of the issues is demand and supply but the federal government is now strategising 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.
Similarly, the trade minister noted that the partnership with Germany was aimed at developing Nigeria’s Small and Medium-sized Enterprises (SMEs) subsector, adding 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.
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.
