President Bola Tinubu has said that Nigeria is on the path to achieving food sovereignty on the back of measures put in place by his administration.

Tinubu said this on Thursday during his Democracy Day speech at the National Assembly.

He said, “Our ‘Nigeria First’ policy will further enhance progress as we consolidate market-driven growth. The improved economic performance is encouraging and validates the soundness of our policy measures. Our medium-term growth target remains an economy growing at a seven per cent clip with a stronger manufacturing base. We must learn to produce and grow most of our food, and we are on the path to achieving food sovereignty.

“These and other reforms have placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made.”

The president’s claims come on the heels of a new report from the World Bank titled ‘Transport Connectivity for Food Security in Africa: Strengthening Supply Chains’, which indicated that Nigeria ranked as the top cereal importer in Sub-Saharan Africa in 2023, recording a net cereal deficit of $2bn.

The report, which was released in May, disclosed that as the second-largest cereal producer south of the Sahara, Nigeria’s growing needs for both human consumption and industrial use have led to increased importation.

In his speech, Tinubu went on to express the commitment of his administration to boosting the economy’s productive base. This he intends to achieve through investment in critical infrastructure, roads, expansion of port operations, rail, and power to create a new environment in which industry and manufacturing can thrive.

“Our tax and fiscal policy reforms will streamline tax administration and eliminate burdensome and multiple taxes, enabling our industrialists and entrepreneurs to operate in a more conducive environment,” he said.

The president asserted that the reforms introduced by his administration have started to yield results.

“GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade. Inflation is easing gradually, steadying the price of food staples like rice and beans. Our net foreign reserves have increased fivefold, and the naira exchange rate has stabilised. Our balance of payments position is positive; our sovereign credit rating is improving as we continue to promote oil and non-oil exports. States now do not need to go about borrowing to pay salaries,” he stated.