The National Food Security Council meeting will be held soon to address the rising cost of food prices across the country, the federal government has announced.
Minister of Finance Zainab Ahmed disclosed this on Wednesday while briefing State House correspondents after the FEC meeting presided over by Vice-President Yemi Osinbajo.
She said FEC gave approval for the council to meet “very quickly to address the issue of food inflation, and also provide a plan and some methods in which we can reduce the cost of food to support improved food prices for the citizenry”.
The minister said the council was briefed about the rising inflation rate and the need to effectively manage it.
She said the GDP report by the finance ministry showed that the Nigerian economy grew by 3.1 percent in the first quarter of 2022, compared with a 0.5 percent growth in the corresponding quarter in 2021.
Mrs Ahmed said, “This growth shows a gradual economic stability from the recession that we witnessed in 2020. And also, it shows the six quarters of positive growth that the Nigerian economy has presented,” she said.
“So of the 46 economic activities, the bulk sector performance showed that services sector grew strongly by 4.7%, agriculture also grew by 3.61%, while industry, on the other hand, declined by 6.81 percent.
“There’s also a significant contraction in the crude oil, petroleum and natural gas sector of 26.04%.
“Coal mining sector also declined, with oil refinery the biggest contraction of 44.26%, electricity sector, textile outcome.”
She noted that even though growth has been recorded in some sectors, there are significant contractions in others.
“We’re very mindful of the fact that unless we have most of the sectors growing, especially the growth in the jobs impacted sectors, this growth that is positive will not be directly felt by the people,” the minister said.
