Economic Management Team Reviews Critical Policies, Focuses on Strengthening Resilience

•Targets cocoa, sesame, ginger export in 2025  

•Food crises reported in 31 states, severely affecting North-East

Ndubuisi Francis in Abuja

The Economic Management Team (EMT), led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, met in Abuja yesterday to review critical economic policies and progress in key sectors. The meeting,  it was disclosed, focused on strengthening Nigeria’s economic resilience, with presentations from the Central Bank of Nigeria (CBN) and the Ministry of Agriculture addressing foreign exchange (FX) market reforms and agricultural performance.

According to a statement by the Director,  Press and Public Relations, Ministry of Finance, Mohammed Manga, the CBN presentation centred around the apex bank’s activities, including enhancing capital market efficiency.

This was with emphasis on the

launch of the Electronic Foreign Exchange Matching System (EFEMS) to improve transparency and market operations, hhased-out high-interest FX swaps to stabilise financial markets, settlement of 80 per cent of FX forwards obligations, boosting liquidity and market confidence.

It also included maintaining “robust external reserves and supported exchange rate appreciation.’

On the agricultural sector, the statement disclosed that the presentation was on the 2024 wet season performance.

The presentation, the statement said, revealed that there was a 4.5 per cent increase in overall crop production, though millet declined by 0.2 per cent.

They year 2024 also witnessed rising production costs as maize production costs surged by 69.7 per cent.

Significant food price increases were reported, including cowpea prices which surged by 300 per cent.

The statement added that food crises were reported in 31 states, severely affecting the North East.

However,  it noted that mechanisation and farmland expansion improved slightly, with 2 per cent growth in tractor use and a 2.3 per cent increase in cultivated farmland.

For 2025, the EMT is targeting a boost in food security with hybrid seed production, technology adoption, and climate-smart practices.

It also seeks to promote export crops like cocoa, sesame, and ginger, enhance rural infrastructure through cold chain facilities, feeder roads, and electrification.

“The Minister commended the progress made in both sectors, urging all stakeholders to accelerate efforts toward economic stability, food security, and sustainable growth.

“He emphasized the need for coordinated implementation of policies to support President Bola Ahmed Tinubu’s Renewed Hope Agenda and ensure affordable food and improved living conditions for Nigerians,” the statement said.