FG Expresses Concern Over Soaring Living Costs, Protests Erupt in Niger and Kano

In a bilateral meeting with a German delegation, the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, expressed the Federal Government’s concern over the escalating prices of food and commodities in Nigeria. The situation has led to protests in Niger and Kano, reflecting growing discontent among citizens.

Mr. Edun attributed the price surge to demand and supply forces and addressed the public’s concerns about mass purchases, hoarding, and exports of essential food items. The state government, in response, blamed food speculators for the unrest.

During the protests, the police reported using “minimum force” to disperse demonstrators who blocked the Minna-Bida Road. Some individuals were arrested for obstructing traffic and human movement.

Kano State Governor Abba Yusuf lamented the dire situation in his state, citing misery, starvation, and acute hunger among residents. He highlighted the significant impact of inflation outpacing incomes, resulting in deaths as people struggled to cope with the rising cost of living.

In response to these challenges, Mr. Edun emphasized the need to boost agricultural production to combat inflation. The government has intervened in the agricultural sector by providing support such as grains, fertilizers, and additional acreage for crops like rice, wheat, maize, and cassava.

Speaking alongside Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, Edun stated that significant steps were being taken to address rising prices. The partnership with Germany is expected to contribute to skills development, job creation, and poverty reduction.

Uzoka-Anite added that the collaboration with Germany aims to develop Nigeria’s Small and Medium-sized Enterprises (SMEs) subsector. A Memorandum of Understanding (MoU) is anticipated to be signed to improve access to finance for women-owned enterprises. The minister highlighted the potential for SMEs to contribute approximately 55% to the country’s GDP.

The German delegation, led by Minister of Economic Cooperation and Development, Ms. Svenja Shulze, emphasized the common interest between both countries. Shulze acknowledged over 90 German companies operating in Nigeria and stressed the importance of addressing security challenges by tackling underlying causes such as jobs and education.

The partnership with Germany is poised to deepen cooperation and explore avenues for mutual benefit between the two nations.