Nigeria must battle food insecurity as priority — IMF - iReporter News Network

…Says capping fuel prices, low electricity tariffs could cost Nigeria 3% of GDP

…We must go into production to escape hardship — Governors

…How Nigeria can stabilize forex, overcome economic woes — Moghalu

ABUJA —The International Monetary Fund, IMF, yesterday asked the Federal Government to pay immediate attention to food insecurity in the country.

The IMF’s position came on a day governors said Nigeria must go into production if it must get the people out of the current hardship.

At the 16th Edition of the Leadership Annual Conference and Awards, the IMF made its position known in its End-of-Mission statement issued after the completion of the IMF Staff 2024 Article IV Mission to Nigeria.

This is even as former Anambra State governor and 2023 presidential candidate of Labour Party, LP, Mr Peter Obi, who decried the hardship in the country, said he was not desperate to be president but “desperate to make Nigeria work.”

Also, former Deputy Governor (Financial Stability) of the Central Bank of Nigeria, CBN, Professor Kingsley Moghalu, advocated the sale of government assets to raise funds, totalling $18-20 billion, which could be channelled into bolstering foreign reserves to stabilize forex and overcome economic woes.

However, President Bola Tinubu urged Nigerians to be patient, assuring them that his economic reforms will stabilize the country.

President Tinubu, Obi and Moghalu also spoke at the Leadership annual event, which served as a stage for political figures, statesmen and other dignitaries to highlight the importance of increasing productivity as a means of elevating Nigeria from her current state of hardship and steering her toward economic stability and strength.

Address food insecurity with immediate priority, IMF tells FG

Echoing the governors, the IMF said addressing food insecurity should be an immediate priority of the Federal Government.

Stating that the new government inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over the years, IMF said: “Addressing food insecurity is the immediate priority. The recent approval of a well-targeted and effective social protection system is an important step towards addressing food insecurity in Nigeria, and its implementation will be crucial.”

Source: Vanguard News

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