President Bola Tinubu has declared that Nigeria is steadily progressing toward food sovereignty, driven by policies and reforms initiated by his administration.
Speaking during his Democracy Day address at the National Assembly on Thursday, Tinubu said, “Our ‘Nigeria First’ policy continues to drive economic transformation as we reinforce market-led growth. The gains we’ve seen so far affirm the strength of our reforms. Our goal is to achieve a medium-term growth rate of seven percent, supported by a more robust manufacturing sector. We must focus on growing and producing the majority of our food. We are on track to attain food sovereignty.”
He noted that recent reforms have laid a more stable economic foundation, enabling large-scale investments.
However, Tinubu’s remarks come amid findings in a recent World Bank report titled “Transport Connectivity for Food Security in Africa: Strengthening Supply Chains,” released in May.
The report reveals that Nigeria was the leading cereal importer in Sub-Saharan Africa in 2023, with a net cereal trade deficit of $2 billion. Despite being the region’s second-largest cereal producer, rising domestic and industrial demand continues to fuel reliance on imports.
Addressing this, the president reaffirmed his administration’s commitment to strengthening the productive sectors of the economy.
This includes investments in key infrastructure such as roads, ports, railways, and power—aimed at creating a favorable environment for industrial and manufacturing growth.
“Our tax and fiscal policy reforms will simplify tax collection and eliminate redundant levies, making it easier for businesses to thrive,” Tinubu added.
He cited early signs of economic recovery, stating, “GDP grew by 3.4% in 2024, with the fourth quarter recording 4.6% growth—the highest in over ten years. Inflation is gradually declining, and food prices, particularly for staples like rice and beans, are stabilizing. Foreign reserves have grown fivefold, and the naira exchange rate has steadied. Our balance of payments is positive, and our sovereign credit rating is improving. States no longer need to borrow to meet salary obligations.”
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Despite ongoing challenges, Tinubu expressed optimism that his administration’s reforms are laying the groundwork for sustainable development and self-reliance in food production.
