Eniolagunju Florence

Over the past months, Nigeria has witnessed a sharp escalation in the prices of goods, predominantly attributed to the removal of subsidies by the new government inaugurated in May 2023. The elimination of subsidies has triggered a surge in fuel costs, consequently inflating transportation expenses, thereby catalysing a nation-wide inflationary trend. This hike in prices has profoundly affected consumers across all strata, prompting widespread concerns and demands for intervention.

The escalation in transportation costs, driven by increased fuel prices and various levies imposed on logistics operations, has further compounded the inflationary pressures. Notably, opportunistic behaviours such as hoarding, price manipulation, and illicit exports have exacerbated the economic strain on ordinary citizens. The issue of police and customs charges on logistics transporters has contributed to the increase in the prices of goods. This has led to higher transportation costs, ultimately passed on to consumers. The government is exploring ways to streamline these charges and reduce the overall cost burden on transporters, which would potentially alleviate some of the inflationary pressures.

In addition to these challenges, the inflationary issue in Nigeria has also been exacerbated by opportunistic behaviours such as hoarding and price manipulation. Some individuals and entities have taken advantage of the situation to exploit market conditions for personal gain, further straining the economy and contributing to the hardship faced by many Nigerians.

Governor Umar Namadi of Jigawa State recently met with Minister Abubakar Kyari to discuss agricultural strategies, highlighting the potential for wheat production in Jigawa. The governor reported that there are approximately 36,000,700,87 hectares of wheat under cultivation in Jigawa, indicating a concerted effort to boost wheat production in the state. This initiative aligns with the government’s broader agenda to enhance food security and reduce reliance on food imports.

The Minister in his words mentioned that the government is actively working to address the root causes of inflation and implement measures to alleviate its impact on the population. The Ministry of Agriculture’s focus on increasing food production, particularly through technological advancements and mechanisation, is a step in the right direction. By empowering smallholder farmers and enhancing agricultural productivity, the government aims to reduce food prices and mitigate the effects of inflation on the populace.

The Anchor Borrower Programme (ABP) is another important initiative aimed at supporting smallholder farmers and boosting agricultural production. This programme is an initiative in line with the developmental functions of the CBN ACT 2007, through this program, farmers are provided with access to credit facilities, inputs, and technical assistance, enabling them to increase their productivity and contribute to food security in the country. The ABP was established to create economic linkages with smallholder farmers (SHFs) and reputable companies involved in the production and processing of key agricultural commodities. This programme is established to help smallholder farmers to boost agricultural production, create jobs, and reduce food import bills towards the conservation of foreign reserves.

In conclusion, while the inflationary trend in Nigeria poses significant challenges, the government’s proactive measures and agricultural initiatives offer hope for a brighter future. By addressing the root causes of inflation and empowering smallholder farmers, Nigeria can overcome its current economic challenges and pave the way for sustainable growth and development.