The Federal government has convened a meeting of the Economic Management Team (EMT) to assess critical economic policies and progress in key sectors.
The meeting, chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, focused on strengthening Nigeria’s economic resilience and featured presentations from the Central Bank of Nigeria (CBN) and the Ministry of Agriculture.
The Director, Information and Public Relations at the Ministry of Finance, Mohammed Manga, disclosed in a statement that the meeting noted efforts to address foreign exchange (FX) market reforms and agricultural performance.
He said the CBN’s presentation titled Enhancing FX Market Efficiency, was delivered by Mohammed Sani, Deputy Governor of Monetary Policy.
It highlighted the launch of the Electronic Foreign Exchange Matching System (EFEMS), which aims to improve transparency and enhance market operations.
Sani further disclosed that the apex bank had phased out high-interest FX swaps to stabilise financial markets, settled 80 percent of FX forward obligations, thereby boosting liquidity and market confidence, and maintained robust external reserves to support exchange rate appreciation.
The Minister of Agriculture, Abubakar Kyari, presented a report on the 2024 wet season performance, revealing a 4.5 percent increase in overall crop production. However, millet production declined slightly by 0.2 percent.
The minister expressed concern over rising production costs, particularly maize, which surged by 69.7 per cent, and significant food price increases, with cowpea prices rising by 300 percent. He lamented the food crises reported in 31 states, which have severely impacted the North-East region.
Despite these challenges, the report noted slight improvements in mechanization and farmland expansion, with a 2 percent increase in tractor use and a 2.3 percent rise in cultivated farmland.
The Ministry of Agriculture outlined ambitious plans for 2025, including boosting food security through hybrid seed production, technology adoption, and climate-smart practices; promoting export crops such as cocoa, sesame, and ginger; and enhancing rural infrastructure with cold chain facilities, feeder roads, and electrification.
Minister Wale Edun commended the progress made in the foreign exchange and agricultural sectors while urging stakeholders to accelerate efforts toward achieving economic stability, food security, and sustainable growth.
He emphasized the importance of coordinated implementation of policies to support President Bola Tinubu’s Renewed Hope Agenda, aimed at ensuring affordable food and improved living conditions for Nigerians.
The meeting concluded reiterating the government’s commitment to tackling economic challenges and delivering tangible benefits to the citizens.