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Food prices are coming down — Presidency



PRESIDENCY yesterday says the prices of food items in the country are dropping as a result of the agricultural reforms of the regime of the Presiden Muhammadu Buhari.

  The President’s Senior Special Assistant on Media and Publicity, Garba Shehu, made this known while featuring on a television programme.

Shehu was reacting to President Buhari’s recent comments that Central Bank of Nigeria should not release money for food and fertiliser importation henceforth.

In their reactions, Manufacturers Association of Nigeria (MAN) and Lagos Chamber of Commerce and Industry, warned that the directive could cause further inflation, saying the country was not sufficient in food production and still needed forex to import some food items.

But a senior lecturer in Department of Economics at University of Abuja, Dr Ahmed Adamu, faulted the timing of the policy because of the inflation already in the economy.

“It is also a wrong time because we have not built the right infrastructure and not supplied the right agriculture facilities and we have not built the entire agriculture value chain.

We are also facing insecurity and a lot of farmers have been displaced from their farms and they cannot produce much. And now the government is discouraging cheap importation from other countries.

It is going to create a lot of food scarcity in the country. Now we are seeing a high rise in the prices of food items in the country and this measure is going to increase the prices of food items further at a time when we just came out of COVID-19 lockdown,” Adamu said.

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