The presidency has reaffirmed President Bola Tinubu’s determination to reduce Nigeria’s inflation rate to 15% by December 2025, emphasizing agriculture and food security as key pillars of the plan. Dada Olusegun, Special Assistant to the President on Social Media, outlined the administration’s efforts in a statement shared on his X account....Read Full Article >>➤
He revealed that several strategies are being implemented to achieve the ambitious goal. During the presentation of the ₦47.9 trillion 2025 budget to the National Assembly, President Tinubu projected a decline in inflation from the current 34.6% to 15%.
He reiterated this objective in his 2025 New Year message, emphasizing the importance of tackling inflation to improve the nation’s economic stability.
To support this agenda, Olusegun disclosed that major investments in agriculture are underway. He announced the imminent delivery of 2,000 tractors, 4,000 disc ploughs, 1,000 disc ridges, 1,200 tractor trailers, and other spare parts as part of the National Agricultural Mechanization Programme (NAMP).
In addition, global agricultural equipment manufacturer John Deere is set to establish assembly and maintenance plants in Nigeria to support ongoing mechanization efforts. This initiative aims to enhance food production capacity and drive down food prices, a significant contributor to inflation.
“Agriculture will be a major priority in 2025,” Olusegun stated. “President Tinubu has put mechanisms in place to tackle inflation, including the delivery of farm equipment and mechanization projects that will transform the sector.”
He further noted that the Special Agro Processing Zone program, spearheaded by the African Development Bank, will provide support to several states, while zonal commodity exchanges and state-level commodity boards will address hoarding and inflation caused by middlemen.
The administration’s holistic approach aims to address systemic challenges in agriculture and food security while creating a sustainable pathway to economic growth.
Olusegun concluded by expressing optimism about the future, promising that 2025 will mark a turning point for Nigerians as the nation moves closer to achieving food security and economic stability. ...Read Full Article >>➤
Be the first to comment