Finance Minister Wale Edun has highlighted the importance of boosting food production to drive Nigeria’s economic growth, reduce inflation, and stabilize the exchange rate. Speaking at the Special Agro-Industrial Processing Zones (SAPZ)-1 workshop in Abuja, Edun emphasized that making food more affordable could significantly impact the country’s inflation, which currently stands at over 30%.

“Food accounts for 50% of the Consumer Price Index,” Edun explained, “and successful food production could reduce inflation, lower interest rates, and create a favorable environment for private sector investments.” He also linked the SAPZ initiative to President Tinubu’s broader macroeconomic strategy aimed at reducing inflation and strengthening foreign reserves.

The workshop, a collaboration between the Federal Ministry of Agriculture and international partners like the African Development Bank (AfDB), aims to increase agricultural productivity and competitiveness. The SAPZ programme, already operational in seven states, is projected to create 400,000 direct and 1.6 million indirect jobs.

Edun also noted improvements in Nigeria’s oil and gas sector, citing a $10 billion investment from ExxonMobil and the resumption of domestic refining as signs of rising investor confidence.

Agriculture and Food Security Minister Abubakar Kyari called SAPZ a “game-changer,” predicting significant increases in crop yields and reductions in post-harvest losses. The programme is expected to generate over 500,000 direct and indirect jobs, supporting Nigeria’s broader goals for food security and industrialization.

Dr. Abdul Kamara from the AfDB urged stakeholders to accelerate the SAPZ initiative, citing its potential to revitalize Nigeria’s rural economy.