NEC Endorses Finance Ministry’s 90-Day Plan to Improve Food Affordability, Attract Investment

The National Economic Council (NEC) has endorsed a 90-day action plan proposed by the Federal Ministry of Finance to improve food affordability, attract investment and strengthen Nigeria’s economic outlook.

The endorsement followed deliberations at the council’s meeting, chaired by Vice-President Kashim Shettima, where economic challenges and measures to improve living conditions were discussed.

The plan is designed to support efforts to reduce pressure on food prices while creating a more favourable environment for domestic and foreign investment.

Food affordability remains a major concern for Nigerian households amid the effects of inflation, transportation costs, exchange-rate fluctuations and challenges across agricultural supply chains.

The action plan is expected to encourage closer coordination among relevant ministries, departments and agencies to address factors contributing to high food prices and improve the movement of agricultural produce from farms to markets.

It also seeks to strengthen investor confidence by addressing barriers to investment and improving the business environment.

Increased investment is considered important for expanding productive capacity, creating employment opportunities and supporting sustainable economic growth.

The Finance Ministry’s proposal comes as the Federal Government continues to pursue reforms intended to stabilise the economy, improve revenue generation and attract private-sector capital.

NEC serves as an advisory body to the Federal Government on economic affairs and provides a platform for cooperation between federal and state governments on policies affecting national development.

The council’s endorsement is expected to support collaboration among different levels of government in implementing measures aimed at improving food supply, affordability and investment flows.

However, the effectiveness of the 90-day plan will depend on the specific measures adopted, their implementation and the extent to which they produce measurable improvements in food prices and investor confidence.

Further details on the plan’s implementation timetable, performance indicators and funding arrangements were not immediately available.

The initiative comes amid calls for practical economic measures that can ease the cost-of-living burden on households while creating opportunities for businesses and investors.