Rising food prices have become a growing source of concern for the Nigerian government, with protests erupting in the northern cities of Minna and Kano. This economic pressure, impacting essential commodities, has stoked public discontent and threatens to escalate further.
While the government acknowledges the issue, expressing concern through official channels, its response and concrete actions to address the situation remain unclear. The protests in Niger and Kano serve as a stark reminder of the frustrations simmering beneath the surface, fueled by the financial strain on ordinary citizens.
The Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, addressed a bilateral meeting with a visiting German delegation led by the country’s Minister of Economic Cooperation and Development (BMZ), Svenja Shulze, in Abuja on Monday.
Edun explained that the situation, which has sparked growing discontent among the citizenry, was driven by the forces of demand and supply in the country.
Worried by the increasing price of commodities, some youths and women resented what they perceived as the mass purchase of food items for hoarding and exporting outside the country.
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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.
He said, “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.”
