President Bola Ahmed Tinubu has said that Nigeria is on its way to food sovereignty due to the policies his administration has put in place.
He made this statement on Thursday during his Democracy Day speech at the National Assembly in Abuja.
The president explained that the “Nigeria First” policy is helping to drive the country’s progress. “This policy will further consolidate market-driven growth. The improved economic performance is a clear sign that our policy measures are working. Our medium-term growth target is a seven per cent expansion of the economy with a stronger manufacturing base. We must learn to produce and grow most of our food, and we are on the path to food sovereignty.”
He added, “These and other reforms have put the economy on a more rational path where large-scale investment decisions can now be made.”
The president made these promises amid a new World Bank report which placed Nigeria as the largest cereal importer in Sub-Saharan Africa in 2023. According to the report, titled “Transport Connectivity for Food Security in Africa: Strengthening Supply Chains”, the country recorded a cereal deficit of $2 billion last year.
The World Bank explained in its report that, although Nigeria is the second-largest cereal producer south of the Sahara, its growing human consumption and industrial use have made the country more dependent on cereal imports.
In his speech, President Tinubu reiterated his administration’s plans to boost production through heavy investment in critical infrastructure. He said this will be achieved by improving road networks, port operations, railway, and power supply. “These measures will create a more conducive environment for industry and manufacturing to flourish.”
The president also assured that the administration’s tax and fiscal policy reforms will streamline the collection of taxes and cut down multiple taxes. “This will enable industrialists and entrepreneurs to operate in a more friendly environment.”
He insisted that these policies have already started yielding results.
“GDP grew by 3.4 per cent in 2024, with the fourth quarter hitting 4.6 per cent, the highest growth in over a decade. Inflation is easing, making food prices more stable. Our net foreign reserves have grown nearly fivefold, and the naira exchange rate has become more stable. Our balance of payments is now in a healthy state; our sovereign credit rating is improving as we promote oil and non-oil exports. States no longer need to borrow to pay salaries.”
