Naira devaluation making Nigeria’s food cheapest in West Africa

Chairman Abdulrahman Abdulrasaq of the Nigeria Governors Forum highlighted that Nigeria’s food, due to the naira devaluation, is now the cheapest in West Africa, attracting neighboring countries’ trade. He emphasized the need to boost production to meet regional and local demand while supporting exports. Abdulrasaq expressed concerns about the Central Bank’s expanded role in agriculture but praised recent federal initiatives in cassava, rice, and maize production. Minister Abubakar Kyari encouraged governors’ participation in the upcoming Dry Season Food Production Programme, noting positive responses. Source: The Guardian

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Abdulrahman Abdulrasaq, Chairman of the Nigeria Governors Forum, underscored the impact of the naira devaluation on Nigeria’s food prices, making them the most affordable in West Africa. This situation has spurred neighboring countries to import Nigerian food items like soybeans, boosting Nigeria’s foreign exchange earnings. Abdulrasaq emphasized the necessity to ramp up agricultural production and increase yields per hectare to meet regional demand, satisfy local needs, and enhance global exports.
He expressed concerns over the limitations of the Central Bank of Nigeria’s Anchor Borrowers Scheme, which has assumed many roles traditionally handled by the agricultural ministry. Despite this, he acknowledged recent efforts and engagements by the Federal Ministry of Agriculture, particularly in programs aimed at boosting cassava, rice, and maize production.
Minister Abubakar Kyari highlighted the upcoming second phase of the Dry Season Food Production Programme, urging governors’ active participation and noting the positive feedback received. The collaboration aims to bolster food security, promote agricultural productivity, and harness economic opportunities across Nigeria.