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By Chinwendu Obienyi
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the Federal Government is preparing an economic stabilization plan designed to address food inflation, stimulate investments, foster economic growth and create jobs in the country.
Edun made this disclosure during a programme monitored by Daily Sun on Sunday.
Whilst stating that the present administration is committed to providing support across various sectors, including agriculture, small and medium-sized enterprises (SMEs), and micro, small, and medium-sized enterprises (MSMEs), he noted that this widespread assistance is critical for maintaining economic stability and growth.
Edun explained that the government recognizes the economic difficulties faced by Nigerians, particularly the decline in purchasing power and is assuring Nigerians that improvements are forthcoming as efforts are being made to concentrate on reducing food prices and increasing food availability, key factors that directly affect consumers’ purchasing power.
According to the Minister, food security issues are not unique to Nigeria as approximately 30 per cent of the world’s population faces food insecurity to varying extents.
He said, “We have our own situation in Nigeria (food inflation currently stands at 40.5 per cent) which we are focusing on and I think that the issue here is that these areas critical to Nigerians, provision of food and cheaper transport and creation of jobs are being focused on. As I said, special funding and intervention for Agriculture and in terms of growth, when you look at investments in infrastructures, the jump-starting of massive infrastructure program, that is the way to creation of jobs and multiplier effects of the government to get the economy going again and that is what is happening.
The support that is coming is not just Nigerian businesses that are investing, it is also international support coming too. There is an agreement that Nigeria is on the right track and if we stay on this course, we will tackle inflation and get the economy going more, create jobs and people will find their lives easier”.
Edun added, “In terms of inflation, as I said earlier, it is coming down and is expected to come down over the next few months and as for the other indices, the important thing is that the economy is actually growing. It is very rare to have a situation where the authorities set a target fighting inflation, bringing down inflation and prices generally and at the same time, to have the economy growing.
We do have that compared to last quarter in 2023, growth was up to virtually 3 per cent per annum above population growth compared to about 2.0 per cent this time last year, so you do have the economy growing and going in the right direction.
As I said earlier, we just need to steer that cause and in steering that cause, ameroriation, help must be given and is being given across board. Help is going to be given to farmers, consumers, SMEs, MSMEs and there is on Mr President’s table an economic stabilization plan that deals with the factors affecting big industries, businesses so that they too can begin to invest, grow the economy and create jobs to reduce poverty”.
