Rising prices of food, commodities caused by demand & supply forces – Wale Edun

The Minister of Finance and Coordinating Minister of the Economy, Olawale Edun,has acknowledged concerns over the rising prices of food and commodities in Nigeria, attributing the situation to demand and supply forces.

Edun made this acknowledgement on Monday and said the rising prices of food and commodities in the country had become increasingly worrisome for the federal government.

He, however, revealed that the Federal government is looking forward to a good harvest that will reduce prices.

The minister spoke in Abuja during a bilateral meeting with a visiting German delegation, led by the European nation’s Minister of Economic Cooperation and Development (BMZ), Svenja Shulze.

Edun’s comments came in the wake of protests embarked upon by the people of Niger State on Monday due to frustration over the astronomical increase in the prices of all basic items across Nigeria.

“I think the issue of rising prices is of concern to the government and everybody in Nigeria,” and some major steps were being taken to address the situation,” Edun, speaking alongside the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, said.

“It is the issue of demand and supply and a lot of emphasis has been placed on increasing agricultural production, in particular.

“The president has intervened in that sector to provide grain, fertilisers to farmers and to bring additional acreage such as rice, wheat, maize, and cassava to increase the output and thereby bring down prices and that will help bring down inflation.”

Edun also pointed out that Nigeria is in the middle of the dry season farming but the country is anticipating a good dry season harvest.

According to the Minister, a good dry season harvest will reduce the prices of food in particular and the price level in Nigeria in general.