Food Security: Nigeria Crop Production Increased by 4.5% in 2024

Food Security: Nigeria Crop Production Increased by 4.5% in 2024

•As EMT Mulls Hybrid Seed Production Next Year

JOEL OLADELE, Abuja

In a recent meeting held in Abuja, the Economic Management Team (EMT) announced a 4.5% increase in overall crop production for 2024, despite a slight decline of 0.2% in millet production.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented the findings alongside significant concerns regarding rising production costs, which have surged dramatically in certain sectors.

The report highlighted alarming increases in food prices, particularly noting that maize production costs soared by 69.7%, while cowpea prices skyrocketed by an unprecedented 300%. “Food crises have been reported in 31 states, severely affecting the North East,” Edun stated, drawing attention to the urgent need for intervention.

The presentation from the Central Bank of Nigeria (CBN) outlined new measures to enhance foreign exchange market efficiency, with the launch of the Electronic Foreign Exchange Matching System (EFEMS) aimed at improving transparency and operations.

The CBN has also phased out high-interest FX swaps and settled 80% of FX forwards obligations, fostering liquidity and market confidence, while maintaining robust external reserves.

Addressing agricultural performance, the Ministry noted that mechanization and farmland expansion have seen modest improvements, with a 2% growth in tractor use and a 2.3% increase in cultivated farmland. However, the challenges remain steep as the sector grapples with rising costs and food scarcity.

Looking ahead, the EMT outlined plans for 2025 aimed at enhancing food security. Key strategies include the promotion of hybrid seed production, technology adoption, climate-smart practices, and the support of export crops such as cocoa, sesame, and ginger.

Additionally, the plan emphasizes the enhancement of rural infrastructure through the development of cold chain facilities, feeder roads, and electrification.

“The progress made in both sectors is commendable,” said Edun, urging all stakeholders to accelerate efforts toward economic stability, food security, and sustainable growth. He emphasized the importance of a coordinated implementation of policies to support President Bola Ahmed Tinubu’s Renewed Hope Agenda, aiming to ensure affordable food and improved living conditions for Nigerians.

Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, in a statement on Monday noted that; “As Nigeria looks to the future, the EMT’s focus on FX market stability and food security strategies paves the way for sustainable growth and prosperity. With continued collaboration and commitment, the country can overcome current challenges and achieve its economic goals.”