Economic reforms prevented deeper hardship in Nigeria, says Oyedele

Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele stated that economic reforms, such as the removal of the petrol subsidy and the unification of the foreign exchange market, prevented a deeper crisis in Nigeria despite ongoing hardship and high food inflation. Speaking at Chatham House in London, Oyedele acknowledged that many Nigerians have yet to feel the benefits of these reforms and noted that macroeconomic stability must be reflected in household living conditions.

Punch reports that Oyedele admitted food prices and the cost of living remain major challenges, stating that falling headline inflation does not necessarily mean households are experiencing relief. He identified several factors affecting food production and supply, including insecurity in farming communities, low agricultural yields, seasonal farming, post-harvest losses, and inadequate storage and transportation.

Brief written by urgent.news from Punch Nigeria, Punch — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.