FG To Import 20,000MT Of Rice, Maize Seeds To Fight Food Insecurity
The Nigerian federal government has announced plans to import 10,000MT of rice and maize seeds each, aiming to boost domestic food production amid rising food insecurity. Food inflation has soared from 24% in 2023 to 40.53% in May 2024 due to insufficient food production, insecurity, and currency devaluation. A new economic draft proposes an e-wallet system for fertiliser distribution and a N100 billion fund to create 7,400 MSMEs nationwide, part of a N3.6 trillion economic stabilisation plan.
The federal government has unveiled plans to get approval for immediate importation of rice and maize seeds: rice – 10,000MT (100,000Ha), maize – 10,000MT (500,000Ha) as part of stimulus intervention to ensure domestic food production amidst growing concern of nationwide food insecurity.
Nigeria’s food inflation increased from 24 per cent in 2023 to 40.53 per cent in May 2024 caused by suboptimal food production resulting in a supply deficit of key crops, insecurity and foreign exchange devaluation causing a rise in imported food costs. 24 million Nigerians are projected to be food insecure by August 2024.
In a new economic stabilisation draft document that was presented to President Bola Tinubu on Wednesday, minister of finance and coordinating minister of the Nigerian economy Wale Edun urged the government to employ the use of e-wallet system to develop a national fertiliser distribution optimisation plan (an initiative of the former President Goodluck Jonathan-led administration) for the farmers.
The federal government is also planning to support new and existing youth-owned enterprises across all 36 states of the federation, creating 7,400 MSMEs within the next 6-12 months with an N100 billion fund. If that is done, the government would be spending fresh N3.6trn for the project.
The recommendations came from the report of the Economic Management Team’s Emergency Taskforce established to formulate an immediate action plan required to restore stability, growth of, and confidence, in the nation’s economy.
The draft report is tagged ‘Accelerated Stabilisation and Advancement Plan’.
Source Link : https://leadership.ng/fg-to-import-20000mt-of-rice-maize-seeds-to-fight-food-insecurity/
