Nigeria mobilizes over half a billion dollars for food systems transformation
Nigeria has mobilized over $500 million for innovative, profitable, equitable, and sustainable food systems transformation. The funds will be used to support small farmers, improve agricultural productivity, and make food more affordable.
The Vice President of Nigeria, Kashim Shettima, made the announcement at the UN Food Systems Summit in Rome, Italy. He said that the funds were mobilized through a variety of sources, including domestic resources, multilateral development banks, international financial institutions, climate funds, and leading agro-businesses.
Shettima said that the funds would be used to support the government's Value Chain Development Programme (VCDP), which has empowered vulnerable farmers and youth to engage into commercial partnerships with some of the biggest food processing and marketing firms in the world. He also said that the funds would be used to develop Nigeria's agro value chain and Special Agro-Industrial Processing Zones (SAPZ).
The SAPZ are a new initiative that brings together local governments, IFAD, AfDB, IsDB, GCF, OLAM, and other private actors alongside the government of Nigeria for transformative financing of food systems that leaves no-one behind.
Shettima said that President Tinubu is committed to transforming the concept and meaning of modern governance by demonstrating commitment towards the food system in Nigeria. He said that the President has declared a state of emergency in food security and taken it as a livelihood item within the National Security Council.
Shettima also said that the government has taken steps to remove impediments to economic recovery, such as the withdrawal of the subsidy on petrol and the implementation of a commodity marketing board. He said that the government is also repositioning its security architecture to provide support for farms and farmers.
The UN Food Systems Summit is a global gathering of leaders from governments, businesses, civil society, and the United Nations to discuss how to transform food systems to achieve sustainable development. The Summit is taking place in Rome, Italy from 23-25 September 2023.
