Nigeria’s President, Bola Tinubu, has pledged to reduce inflation to 15% by December 2025, focusing on agricultural development and food security.
In a statement shared on social media, Olusegun outlined the administration’s ambitious plans to revamp the agricultural sector as a tool to combat inflation.
According to him, several mechanisms have already been put in place, including the delivery of essential farm equipment to support local farmers.
“It’s not just the 2,000 tractors mentioned by President Tinubu in his New Year speech,” Olusegun said.
“4,000 disc ploughs, 1,000 disc ridgers, 1,200 tractor trailers, and other spare parts are set to be delivered to Nigeria over the next few weeks as part of the National Agricultural Mechanization Programme (NAMP).”
The mechanization project, he explained, will also see global agricultural equipment giant John Deere setting up assembly and maintenance plants in Nigeria.
This initiative is expected to provide long-term support for the country’s agricultural infrastructure over the next five years.
In addition to mechanization, Olusegun highlighted the government’s focus on enhancing food storage and reducing market manipulation through zonal commodity exchanges and state-level initiatives.
This approach aims to mitigate the impact of hoarding and middlemen-induced inflation, which has historically driven up food prices.
The administration also plans to collaborate with the African Development Bank (AfDB) to develop Special Agro-Processing Zones, which will provide targeted support to states and improve food production and distribution.