Vice President Kashim Shettima has said the federal government has mobilized half a billion U.S. dollars for innovative, profitable, equitable, and sustainable food systems transformation initiatives in the country.
Sen. Kashim Shettima disclosed this during the first day of the food systems summit in Rome Italy.
Source of the $500 million
In a message on his social media handle, the Vice President noted that the funds were sourced “through domestic resources, multilateral development banks, international financial institutions, climate funds leading agro-businesses,” and would be used for “Innovation finance for food system transformation; development of Nigeria’s agro value chain and Special Agro-Industrial Processing Zones programs.”
He further used the opportunity to unveil the VCDP- a collaboration between the government, private players, and food producers to the attendees at the summit.
He said, “The VCDP which is co-funded by the of Nigeria and 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, a world-leading agri-business company operating in over 60 countries with an annual revenue of about $39.8 billion,”
Agro-processing zones for rural farmers
Further speaking, the Vice-President noted FG’s commitment to end hunger and increase the capacity of rural farmers through the special processing zones. Speaking on the agro-processing zones, he said “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 leave no one behind.”
Post-subsidy removal palliatives
Speaking on Pres. Tinubu administration’s effort at addressing the country’s macro-economic malaise, he commented on the fuel subsidy removal and the unification of the currency exchange market which he described as “two albatrosses around our necks.”
The Vice President commented on palliative measures being put in place by the administration to cushion the effect of the reforms on Nigerians.
In his words, “We withdrew the subsidy on petrol from day one, just like President Ruto did in Kenya. To mitigate the effects of the subsidy removal, the government embarked on the immediate release of grains and fertilizers.
- “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 our security architecture because we have similar problems with Somalia and Kenya, especially in the northeast and northwest regions of the country. We are repositioning our security architecture to provide support for farms and farmers.”
Vice-President Kashim Shettima is representing President Bola Tinubu at the UN Food systems summit in Rome, Italy.
Please is our currency in Nigeria now dollar. I don’t understand evey monetary value in Nigeria now is always in dollars. What concerns dollar with Nigeria concerning food security within our country here.
The money is NOT being sourced (entirely) from Nigeria.