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According to the think tank, this decision is expected to reduce the high cost of food within a few weeks.
Addressing a press conference in Abuja, IMPI Chairman Chief Niyi Akinsiju highlighted the positive impact of President Bola Tinubu’s administration on the nation’s economy.
“President Tinubu’s interventions in agriculture have successfully injected ₦309 billion into the economy within one year, suggesting a revival in agricultural exports,” Akinsiju stated.
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He added that the government’s recent move to waive import duties and taxes on food will ensure food availability and affordability.
Akinsiju emphasised the importance of the $20 billion foreign investment commitments to revolutionise Nigeria’s agricultural sector and secure food security.
He also noted the creation of the Ministry of Livestock Development as a strategic step to harness Nigeria’s livestock potential and address the Farmers-Herders clash.
IMPI acknowledged the significant improvement in Nigeria’s foreign reserves, which rose from $32.29 billion in April 2024 to $37.05 billion in July 2024.
The think-tank also lauded the government’s efforts in the power sector, highlighting the addition of 700 megawatts to the national grid through the Zungeru Hydro-Electric Power Station and the commissioning of substations in Kebbi and Lagos.
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Despite these advancements, Akinsiju appealed to state governments to enhance their agricultural efforts and support the federal government’s initiatives.
He also urged protesters to exercise patience and not disrupt the economic progress.
“Protests should be anchored on substantive reasons that are achievable. We appeal for patience to avoid counterproductive disruptions to the nation’s economic momentum,” Akinsiju concluded.
