Nigeria’s Economic Team Charts Course for Stability, Growth
The Economic Management Team (EMT), led by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, convened in Abuja today to review critical economic policies and progress in key sectors. The meeting focused on strengthening Nigeria’s economic resilience, with presentations from the Central Bank of Nigeria (CBN) and the Ministry of Agriculture addressing foreign exchange (FX) market reforms and agricultural performance.
*CBN Presentation: Enhancing FX Market Efficiency*
– Launch of the Electronic Foreign Exchange Matching System (EFEMS) to improve transparency and market operations.
– Phased out high-interest FX swaps to stabilize financial markets.
– Settled 80% of FX forwards obligations, boosting liquidity and market confidence.
– Maintained robust external reserves and supported exchange rate appreciation.
*Agriculture Presentation: 2024 Wet Season Performance*
– 4.5% increase in overall crop production, though millet declined by 0.2%.
– Rising production costs: Maize production costs surged by 69.7%, with significant food price increases (cowpea prices up 300%).
Read Also:
– Food crises reported in 31 states, severely affecting the North East.
– Mechanization and farmland expansion improved slightly, with 2% growth in tractor use and a 2.3% increase in cultivated farmland.
*2025 Plans for Agriculture*
– Boost food security with hybrid seed production, technology adoption, and climate-smart practices.
– Promote export crops like cocoa, sesame, and ginger.
– Enhance rural infrastructure through cold chain facilities, feeder roads, and electrification.
The Minister commended the progress made in both sectors, urging all stakeholders to accelerate efforts toward economic stability, food security, and sustainable growth. He emphasized the need for coordinated implementation of policies to support President Bola Ahmed Tinubu’s Renewed Hope Agenda and ensure affordable food and improved living conditions for Nigerians.
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.
Signed
Mohammed Manga *FCIA*
Director, Information and Public Relations
December 23, 2024
