Nigeria’s Minister of Finance and Coordinating Minister of the Economy, , has assured Nigerians that the federal government is committed to maintaining stable food prices despite growing global economic uncertainties.
Edun gave the assurance during an appearance on Politics Today, a programme aired on , where he discussed the potential economic impact of global geopolitical tensions and ongoing domestic reforms.
Government Focused on Food Price Stability
According to the minister, recent economic indicators suggest that government policies are beginning to yield results, particularly with declining food prices and easing inflation.
Edun acknowledged that managing an economy involves uncertainties but stressed that the administration remains focused on policies aimed at stabilising food prices and reducing pressure on households.
“There are no guarantees,” he said, noting that economic management often requires responding to unpredictable global developments. However, he added that the government is working towards sustaining price stability and improving economic conditions.
Boosting Domestic Food Production
The finance minister emphasised that the government’s strategy prioritises strengthening local agricultural production to ensure a stable food supply.
He explained that Nigeria must maximise its large domestic market by supporting investors and farmers to increase food production locally rather than relying heavily on imports.
Edun said the economic management team recently reviewed developments in the agricultural sector and is considering additional initiatives to expand domestic food output.
Reforms Aimed at Economic Stability
Edun also defended recent economic reforms introduced by President , including the removal of petrol subsidy and the adoption of a market-driven foreign exchange system.
The reforms initially triggered sharp increases in fuel prices and inflation, which rose above 30 percent in 2024.
However, Edun argued that the policies were necessary to correct structural distortions in the economy.
According to him, previous systems that allowed fuel to be sold below international market prices and foreign exchange to be allocated at artificially low rates encouraged inefficiency and cross-border fuel smuggling.
Inflation Showing Signs of Decline
Edun noted that inflation has dropped significantly from about 34 percent at its peak to around 15 percent, although the government aims to reduce it further to single digits.
He credited the improvement to the combined impact of economic reforms and tighter monetary policies implemented by the .
The minister expressed confidence that continued reforms and stronger domestic production will help shield Nigerian households from global economic shocks while maintaining stable food prices.
