Nigeria Finance Minister Reports Households Spend 120 Percent Income on Food
Taiwo Oyedele reports that some Nigerian households spend over their total income on food, prompting government investments in agricultural technology and digital cash transfers.
Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele revealed that some Nigerian households spend up to 120 percent of their income on food, forcing them to borrow money or rely on relatives. Speaking at Chatham House in London, Oyedele noted that while the unemployment rate is approximately five percent, the poverty rate remains above 50 percent, creating a class of working poor.
Oyedele attributed the crisis to structural weaknesses, including insecurity in farming communities, poor storage facilities, and post-harvest losses, specifically citing a 60 percent loss of tomatoes after harvest. He argued that macroeconomic stability means little to citizens who cannot afford basic nutrition.
To address these issues, the Government of Nigeria is investing in irrigation, agricultural technology, and finance for smallholder farmers. The administration has also implemented a digital cash transfer program verified via National Identification Numbers, which has reached over 10 million households. The government is prioritizing agriculture and non-tradable services, which employ 81.4 percent of the workforce, to raise incomes and reduce dependence on state aid.
