The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured Nigerians that food prices will come down in the coming months.
He said, “Inflation, yes, it is high at 33.65%, food inflation at 40.5% is worrisomely high but the fact is that inflation is coming down, month-on-month. It is slowing and it is expected to reduce as we continue the dry season harvest and then we go into the wet season harvest. That is the place to focus on and a lot of emphasis is being placed on that to get agriculture output up, to get prices down, and that will be a nig factor in bringing down inflation.
He said, “One of the major drawbacks one of the major impediments for them was they did not have a liquid foreign exchange market. He said a proposal to make things easier for both local and foreign manufacturers operating in the country are in an Economic Stabilisation Package before the President. Others multinationals who exited Nigeria in the last one year are US-based Procter and Gamble , GlaxoSmithKline , Unilever, Sanofi-Aventi Nigeria, amongst others.‘Affordability Is Key’
“So, you are not setting a wage for Federal Government workers, for example. In a Federation, you are setting a minimum figure that states must pay, that local governments must pay, that the private sector must pay, that small businesses must pay.