UPDATED: Tinubu pledges to lower food, transport costs through support for farmers

President Bola Tinubu has pledged to reduce the cost of living in Nigeria by lowering agricultural production costs, improving food supply chains and expanding support for farmers, as his administration shifts its focus from economic reforms to widespread prosperity.

Mr Tinubu pledged in his Independence Day address to Nigerians on Thursday.

The Nigerian leader said the government would expand mechanised irrigation, dry-season farming, access to seeds and fertilisers, and investment in storage and transportation infrastructure to boost agricultural productivity and reduce food prices.

He said the administration’s priority was to lower the cost of living by reducing the cost of producing and transporting goods Nigerians consume, while ensuring savings from improved productivity and infrastructure are reflected in market prices.

“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” the president said.

Mr Tinubu said Nigeria had sufficient land and human resources to feed itself, adding that his administration was committed to improving agricultural production and connecting farms to markets through investments in roads, railways and ports.

He said reducing post-harvest losses, improving access to farm inputs, and lowering transportation costs would help make food more affordable for households struggling with rising living expenses.

Government targets agricultural productivity

On agriculture, Mr Tinubu said his administration would intensify efforts to increase food production through mechanisation, irrigation, improved access to agricultural inputs and investments in storage facilities.

He said the government would also work with state and local governments to improve agricultural infrastructure and expand opportunities for farmers to increase output at lower costs.

The president said investments in transportation infrastructure would complement agricultural interventions by reducing the cost and time involved in moving produce from farms to markets.

“When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.

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He added that the government was building and completing roads, railways and ports to strengthen connections between farms, factories and markets.

The president also identified natural gas as a key resource for powering industries, supporting manufacturing and creating jobs, saying the government would use it to stimulate industrial growth and revive factories in the country’s industrial centres.

He said the administration would expand digital connectivity, invest in skills development, and improve access to infrastructure and finance for businesses, particularly those with the potential to create employment.