Obaseki links rising inflation to failure to produce export

Edo State Governor Godwin Obaseki attributed Nigeria’s rising inflation to insufficient domestic production and lack of export goods. During a visit from the World Bank’s APPEALS Project team, Obaseki emphasized that Nigeria’s low production levels and lack of import buffers are major economic issues. He highlighted the country’s need to boost production to address food inflation and improve economic stability, contrasting Nigeria’s farming visibility from the air with other countries. Source: Vanguard

Our Review
Governor Godwin Obaseki’s remarks on Nigeria’s rising inflation underscore the critical need for increased domestic production and export capabilities. Nigeria’s current economic challenge stems from insufficient production and the lack of foreign exchange buffers to mitigate import needs. This situation exacerbates inflation, particularly in food prices, and highlights the urgency for a robust agri-food strategy.

The governor’s insights, shared during a visit by the World Bank’s APPEALS Project team, align with the broader goals of enhancing productivity and resilience in the agricultural sector. By addressing low production levels, Nigeria can reduce its dependence on imports, stabilize food prices, and bolster the economy.
To achieve this, investments in agricultural infrastructure, technology, and training are essential. Initiatives like the APPEALS Project, which focus on agro-processing and productivity enhancement, can significantly improve local production capacities. Furthermore, fostering public-private partnerships and leveraging international expertise will be crucial for sustainable growth.
In summary, increasing domestic production is imperative for combating inflation and ensuring economic stability in Nigeria. A strategic focus on the agricultural sector, supported by projects like APPEALS, will drive informed decision-making and foster growth.