Following the recent increase in petrol prices by the Nigerian National Petroleum Company Limited (NNPCL), the Federal Government has emphasized that its immediate focus is on ensuring food production meets the needs of Nigerians while paving the way for sustainable economic growth.
During a high-level dialogue at the African Development Bank (AfDB) Country Office in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the government’s efforts to accelerate the implementation of the Special Agro-industrial Processing Zones (SAPZ-1) Programme.
According to a statement from the Ministry’s spokesperson, Mohammed Manga, the SAPZ-1 programme is designed to transform agriculture into a key driver of Nigeria’s economic growth and industrialisation. Edun stressed the importance of collaboration between the federal government and the private sector to boost domestic production, create jobs, and alleviate poverty.
“The private sector is essential for realizing the President’s vision of industrialisation and sustainable economic growth,” Edun said, underscoring the sector’s role in the success of the programme.
The first phase of the SAPZ-1 programme is being implemented in seven states and the Federal Capital Territory, supported by international development partners such as the African Development Bank (AfDB), the Islamic Development Bank (IsDB), and the International Fund for Agricultural Development (IFAD).
Edun highlighted the urgency of the programme, stressing the need for successful wet and dry season harvests to combat inflation, stabilize the exchange rate, and create a foundation for future investment. He also noted that temporary importation may be necessary to address immediate food gaps but must not undermine ongoing domestic agricultural efforts.
“The success of this programme will directly impact inflation, interest rates, and the overall investment climate, making it a critical component of our broader economic strategy,” Edun concluded.
