Food security: FG raised $500m to set up agro-industrial processing zones, says Shettima

Vice-President Kashim Shettima says Nigeria has mobilised more than $500 million for innovative, profitable, equitable, and sustainable food system transformation initiatives.

Shettima spoke while chairing a high-level meeting at the United Nations Food Systems summit in Rome, on Monday.

According to Shettima, the $500 million was mobilised through domestic resources, multilateral development banks, international financial institutions and climate funds by leading agro-businesses.

The vice-president said the funds would be used for financing food system transformation, development of Nigeria’s agro value chain and the setting up of special agro-industrial processing zones.

“In this event, the government of Nigeria will be showcasing its value chain development programme (VCDP) as a unique example of a successful partnership between producers, the public sector and private operators, ” Olusola Abiola, director of information, office of the vice-president, quoted Shettima in a statement. 

“The VCDP, which is co-funded by Nigeria and International Fund for Agricultural Development (IFAD), has empowered vulnerable farmers and youth to engage in commercial partnerships with some of the biggest food processing and marketing firms in the world such as Olam. “

Shettima said the government’s vision of ending hunger, was to build on the success of the VCDP.

The politician added that the federal government was determined to empower Nigeria’s rural smallholders and operators, youth, and women living below the poverty line.

This, according to Shettima, is to enable the people to take advantage of the new special processing zones.

Stressing on the significance of the special agro-industrial processing zones (SAPZ), he said “the local governments, IFAD, African Development Bank (AfDB), Olam and other private actors were brought together alongside the government of Nigeria for transformative financing of food systems that leaves no-one behind”.

Speaking on a conducive business environment, he said “we had two albatrosses around our necks, subsidy on petrol and multiple exchange rates system”.

“We withdrew the subsidy on petrol from day one, just like President Ruto did in Kenya,” he added. 

“To mitigate the effects of the subsidy removal, the government embarked on the immediate release of grains and fertilisers.

“A commodity marketing board has been put in place to continuously review and monitor the prices of food items.

“Along this way, the president has already approved the infusion of a huge quantum of funds towards repositioning of our security architecture.

“We have similar problems with Somalia and Kenya, especially in the Northeast and Northwest regions of our country and so we are repositioning our security architecture to provide support for farms and farmers.”