The President of Nigeria, Muhammadu Buhari has made a serious promise to Nigerians ahead of 2021. On December 29, 2020, during the fifth Economic Advisory Council meeting, he promised to keep an eye on food inflation in the country.
The year 2020 witnessed unprecedented hike in the prices of staple foods and other commodities. Although members of the public blame this on Buhari’s border closure policy, the president believes that the hike in prices is artificial.
By strengthening his hold on the Nigerian export and import market, President Buhari hopes to prevent a further increase.
Recall that Buhari has issued a directive to the Central Bank of Nigeria (CBN) to stop supporting food importation. This means that CBN will not encourage food importation into the country and this will be by ensuring no forex is granted importers in this category. This is to allow Nigerians to consume locally produced food, grow the local economy, and achieve price stability.