Inflation: We will not continue to import food — Tinubu insists  

President Bola Tinubu has strongly reaffirmed his administration’s stance against importing food into the country amidst the escalating food crises and inflation rates. 

The President made this statement at a meeting with the Forum of State Chairmen of the All Progressives Congress (APC) at the State House in Abuja on Friday.  

As per the latest figures from the National Bureau of Statistics, Nigeria’s food inflation rate has soared to a concerning 37.92% as of February 2024, prompting speculation that importing food could swiftly alleviate nationwide food price pressures. 

However, the President underscored that resorting to food imports won’t address the prevailing food crisis, warning that it merely fosters corruption and rent-seeking activities. 

He mentioned that his administration is determined to invest in the agricultural sector as well as promote mechanized farming in the country.  

The President mentioned that his government has prepared a comprehensive strategy for large-scale livestock farming, scheduled to be implemented soon. 

Earlier, ThePressNG reported that Nigerian inflation surged to a 28-year high, rising from 29.9% in January to 31.7% in February on a year-to-year basis.