Decrease in food commodity price good sign for better Nigeria, says group 

The Good Governance Advocates of Nigeria (GGAN) says the decrease in the price of food commodities is a good sign for a better Nigeria.

In a statement signed by Gideon Unazi, national president of GGAN, the group commended President Bola Tinubu and Abubakar Kyari, minister of agriculture and food security, for their efforts in transforming Nigeria’s agricultural sector.

The group hailed the administration’s commitment to driving economic growth and positioning Nigeria as a key player in regional and global food markets.

According to Unazi, the country’s gradual shift from subsistence farming to a robust agribusiness ecosystem is a significant step towards empowering farmers and fostering private sector-led growth.

He noted that the declaration of a state of emergency on agriculture, temporary suspension of tariffs on imported grains and essential food items and other reforms have yielded positive results. 

“The collaboration with international development institutions such as the African Development Bank, the World Bank, and the Japanese International Cooperation Agency (JICA) has also been instrumental in driving growth in the agricultural sector,” Unazi said.

“The lifting of the ban on importation of food across land borders, the firming up of the Naira, and the reported pausing of bulk purchase of grains that UN and US agencies distribute to IDP camps have all contributed to the recent decline in food prices.

“The election of Kyari as the Vice Chairman of the Governing Council of the International Fund for Agricultural Development (IFAD) is a testament to Nigeria’s leadership in global agricultural transformation.

“This recognition is a clear indication that the country is on the right path towards achieving food security and sustainable agricultural development. 

“The Ministry’s efforts to distribute over 2.1 million bags of fertilizers to farmers and provide food aid to flood-affected communities have been particularly noteworthy. These initiatives have not only improved agricultural productivity but also provided relief to vulnerable populations.”

Unazi said the recent decline in food prices is a significant achievement and proof of the federal government’s efforts, with prices of some grains crashing by as much as 40% in the past month. 

“The recent decline in food prices is a significant achievement, with prices of some grains crashing by as much as 40% in the past few weeks,” Unazi added.

“The prices of beans, yam, rice, tomatoes, and garri have all declined, ranging from 10% to 70%. This trend is expected to continue, bringing relief to millions of Nigerians who have been struggling with high food prices.

“According to reports, the prices of major raw food items have declined significantly. Aljazeera reported that the prices of some grains crashed by as much as 40% in the past few weeks.

“The GGAN wishes to commend President Tinubu and Kyari for their leadership and vision in driving growth in the agricultural sector. We urge the administration to continue its efforts to drive economic growth and reduce poverty.
“We also call on all stakeholders to support the government’s initiatives aimed at achieving food security and sustainable agricultural development. With the current trend of declining food prices, we are optimistic that Nigeria is on the path to becoming a food-secure nation.”