Experts seek more crude, farm support to tame inflation
Lagos, Aug. 2026 (TBL Africa) Some economic experts have urged the Federal Government to increase crude oil supplies to local refineries and intensify interventions in agriculture to check inflation.
The experts made the call in separate interviews in Lagos on Monday.
They said the measures would reduce petroleum imports, lower production and transportation costs, boost food supply and ease economic pressures on households.
They were reacting to the latest inflation figures released by the National Bureau of Statistics (NBS).
The NBS said Nigeria’s headline inflation rate fell to 15.43 per cent in July, extending the recent moderation in overall price pressures.
The headline inflation rate, measured year-on-year, declined from 15.91 per cent in June and was significantly lower than the 24.94 per cent recorded in July 2025.
However, food inflation rose to 20.31 per cent year-on-year in July, from 17.52 per cent in June.
The statistics agency disclosed the figures in its latest Consumer Price Index (CPI) released on Monday.
Dr Uju Ogubunka, former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), said increased crude oil supplies to local refineries would help moderate petroleum product prices.
“The government should accord priority to Dangote and other indigenous petrochemical plants to stop crude oil importation.
“This will conserve foreign exchange that would have been used for importation and curb transportation costs, with their attendant consequences on inflation,” he said.
He urged the government to remain innovative in addressing insecurity undermining food production and sufficiency.
Ogubunka said the government should support community policing and explore the use of drones to tackle security threats in farming communities.
“This will enable more youths to return to the farms without fear and increase food output,” he said.
Also, Dr Femi Oke, Secretary General, All Farmers Association of Nigeria, said the high cost of petroleum products was partly responsible for rising food prices.
Oke urged the government to increase subsidies on agricultural inputs to boost food production and strengthen food security.
“Although the government has been supporting farmers across the country, the volume is not adequate enough to achieve self sufficiency.
“The government should increase its budgetary allocation to the sector to reduce food costs and change the narrative,” he said.
He also urged state governments to improve rural infrastructure to support farming activities and reduce post harvest losses.
“Many roads in the hinterland are impassable, particularly during the rainy season, thereby increasing post harvest losses,” he said.
Dr Muda Yusuf, Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), said reducing production costs was critical to addressing inflationary pressures.
“The government should do more to improve electricity supply and provide it at subsidised rates for businesses and households.
“This will reduce the volume of refined petroleum products used to power businesses and allow funds to be channelled to other productive sectors,” Yusuf said.
He urged the government to pay greater attention to food inflation because of its implications for social stability and poverty reduction.
Yusuf also called on state governments to allocate more funds to agriculture and subsidise transportation costs because of their impact on people at the grassroots.
