The Federal Government has been urged to introduce policies that incentivise farming, such as providing access to modern equipment, fertilisers, and improved irrigation systems in a bid to catalyse nation’s agricultural sector.
Though the Central Bank of Nigeria’s (CBN) Anchor Borrowers’ Programme had made some strides in providing financial assistance to smallholder farmers, more is needed in terms of infrastructural support and expanding market access.
Chairman/Chief Executive Officer (CEO), Widescope International Group, Mr Olusegun Musa, in a chat with New Telegraph in Lagos, said if agricultural production is increased, it would naturally bring down food prices, which is the main driver of country’s inflation.
Musa, while quoting the International Food Policy Research Institute (IFPRI), noted that boosting agricultural output by even 10 per cent could lead to a seven per cent reduction in food prices, thus helping to control inflation.
According to him, it is evident that tackling the intertwined crises of insecurity and inflation in the country is the single solution to agric productivity.
The Chairman of the Widescope International Group advised government that a comprehensive strategy that addresses both issues simultaneously is critical to the realization of food security.
Musa also added that strengthening community policing, empowering youth, leveraging technology in security operations, and reforming agricultural and economic policies are all essential steps toward breaking the cycle of insecurity and inflation.
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