FG partners AfDB to boost agriculture, combat inflation

The Nigerian government is taking decisive action to reduce inflation by focusing on increased agricultural productivity and food security. These efforts are expected to lower the high cost of living for Nigerians by making food more available and affordable.

In partnership with the African Development Bank (AfDB), the government plans to establish agricultural processing zones to ensure a steady supply of raw materials for local industries, further strengthening the nation’s economy.

“We are turning to food production as a solution to bring down inflation,” said a government official, emphasizing the need to make food affordable.

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Ndiamé Diop, the World Bank’s country director for Nigeria, acknowledged the country’s rising revenues, predicting an improved revenue-to-GDP ratio. He noted that in 2022, Nigeria’s expenditures amounted to 12.9% of its GDP, while revenues covered only 7.6%, resulting in a significant deficit funded largely by debt.

Diop stressed the importance of ongoing reforms, which are vital to stabilizing Nigeria’s fiscal position and promoting sustainable economic growth. Without these efforts, he warned, the country could have faced a fiscal crisis.