The Federal Government of Nigeria is set to launch a comprehensive National Agribusiness Policy Mechanism (NAPM) aimed at addressing food inflation, boosting agricultural productivity, and stabilizing food prices across the country. The $1.1 billion initiative, which will be launched under the supervision of the Presidential Food Systems Coordinating Unit (PFSCU), seeks to transform Nigeria’s agricultural sector by fostering greater efficiency and sustainability.
Vice President Kashim Shettima announced the initiative on Friday during a meeting with the PFSCU Steering Committee at the Presidential Villa. He emphasized that the NAPM would provide a structured framework to ensure that Nigeria’s agriculture sector is more resilient, economically viable, and able to meet the growing demand for food.
The core objective of the policy is to stabilize food prices by improving productivity, reducing market volatility, and ensuring sustainable farming practices. The NAPM will incorporate data-driven strategies and real-time market analytics, allowing policymakers to make more informed decisions regarding the regulation and pricing of key agricultural commodities.
According to the Vice President, the new mechanism will bring together stakeholders from various sectors, including farmers, agribusinesses, and financial institutions. By leveraging these collaborations, the government hopes to establish a more robust supply chain and ensure that food production is more efficient, which will help mitigate the effects of inflation on essential food items.
The NAPM is part of a broader strategy to revamp Nigeria’s agricultural landscape, which also includes the establishment of a National Commodity Board. The board, which was announced in early 2024, will be tasked with assessing food prices and maintaining strategic reserves of essential food items such as grains, to prevent price hikes and ensure food security.
The launch of the NAPM marks a significant step toward addressing Nigeria’s ongoing food inflation crisis, which has severely impacted the cost of living. With the country’s growing population and increasing food demand, the government is hopeful that the policy will lead to long-term improvements in the agricultural sector, contributing to both food security and economic growth.
As the initiative moves toward implementation, stakeholders across the agricultural value chain have been encouraged to actively engage in the process, ensuring that its objectives are achieved and that Nigeria’s agriculture sector becomes a pillar of economic stability.
