President Bola Ahmed Tinubu has pledged to ensure price control for agricultural products.
Tinubu said this in his inaugural address after he was sworn in as the 16th democratically elected president of Nigeria on Monday in Abuja
Tinubu said rural income shall be secured by commodity exchange boards guaranteeing minimal prices for certain crops and animal products.
He said that agricultural hubs would be created throughout the nation to increase production and engage in value-added processes.
“The livestock sector will be introduced to best modern practices and steps taken to minimise the perennial conflict over land and water resources in the sector.
“Through these actions, food shall be made more abundant yet less costly. Farmers shall earn more while the average Nigerian pays less.”
Meanwhile, Tinubu, has promised to revisit the naira redesign policy of the Central Bank of Nigeria (CBN)..
He said that the policy was harshly applied by CBN, given the number of unbanked Nigerians.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN,” he said.
Tinubu said that the country’s monetary policy needed thorough housecleaning.
He urged the CBN to work toward a unified exchange rate.
