Vice-President Kashim Shettima announced that Nigeria has successfully mobilized over $500 million to implement innovative, profitable, equitable, and sustainable food system transformation initiatives.
This landmark achievement was disclosed during a high-level meeting at the UN Food Systems Summit in Rome, where prominent leaders gathered to address global hunger and malnutrition.
In this event, we explore the funding sources, Nigeria’s Value Chain Development Programme (VCDP), and the commitment to empowering rural communities through Special Agro-Industrial Processing Zones (SAPZ).
During the UN Food Systems Summit in Rome, Vice-President Shettima proudly shared that Nigeria has secured $500 million to support various food system transformation initiatives.
The funding was sourced from domestic resources, multilateral development banks, international financial institutions, and climate funds. Leading agro-businesses played a pivotal role in contributing to these efforts.
The funds will finance the much-needed food system transformation, enhance Nigeria’s agro value chain, and establish Special Agro-Industrial Processing Zones. The Nigerian government will notably showcase its successful partnership model, the Value Chain Development Programme (VCDP).
In collaboration with IFAD (International Fund for Agricultural Development), the VCDP empowers vulnerable farmers and youths to engage in commercial partnerships with significant global food processing and marketing firms, including OLAM.
OLAM, a renowned international company with a yearly revenue of approximately $39.8 billion, operates in over 60 countries.
Vice-President Shettima expressed the government’s vision of ending hunger and empowering marginalized communities. Building on the VCDP’s success, the government is determined to support rural smallholders, youths, and women below the poverty line.
They aim to enable these groups to leverage the opportunities offered by the new Special Agro-Industrial Processing Zones (SAPZ).
The SAPZ initiative brings together various stakeholders, including local governments, IFAD, AfDB (African Development Bank), IsDB (Islamic Development Bank), GCF (Green Climate Fund), OLAM, and other private actors, with the government of Nigeria.
The collaboration aims to achieve transformative financing for food systems that prioritize inclusivity and leave no one behind.
During a panel discussion with leaders from Somalia, Kenya, and Niger Republic, Vice-President Shettima highlighted President Bola Tinubu’s dedication to revolutionizing modern governance by prioritizing food security as a crucial aspect of the National Security Council’s agenda.
The Nigerian government addressed two significant challenges to facilitate economic recovery: the petrol subsidy and multiple exchange rate systems. They promptly removed the petrol subsidy, similar to President Ruto’s action in Kenya.
Additionally, the government released grains and fertilizers to mitigate the effects of subsidy removal. A commodity marketing board was also established to monitor food item prices continually.
Vice-President Shettima emphasized the significance of repositioning the security architecture to support and protect farms and farmers in regions facing similar challenges in Somalia and Kenya.
Vice-President Shettima’s announcement of Nigeria’s successful mobilization of $500 million for food system transformation marks a significant step towards addressing hunger and malnutrition in the country. Collaborating with international institutions, private enterprises, and agro-businesses, alongside implementing the VCDP and SAPZ initiatives, demonstrates Nigeria’s commitment to sustainable and inclusive agricultural development. Focusing on empowering rural communities and securing food security, the government is determined to positively change Nigeria’s food systems.