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The Vice President, Senator Kashim Shettima, said that the Federal Government has mobilized over $500m for innovative, profitable, equitable, and sustainable food systems transformation initiatives in Nigeria.
Shettima made this disclosure at the first Stocktaking Moment (STM) Summit, themed ‘Transforming Food Systems for People, Planet and Prosperity’ in Rome, Italy where he is representing President Bola Ahmed Tinubu.
The Vice President while chairing a high-level meeting on the first day of the food summit declared open by the United Nations (UN) Secretary General, Antonio Guteress also gave the details of how the funds were mobilized.
“The funds were mobilised through domestic resources, multilateral development banks, international financial institutions, climate funds leading agro-businesses,” Shettima said.
He stated that the money would be used for innovation finance for food system transformation, development of Nigeria’s agro value chain, and Special Agro-Industrial Processing Zones programmes.
Shettima said at the event that the Federal 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.
“The VCDP which is co-funded by the of Nigeria and IFAD has empowered vulnerable farmers and youth to engage into 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,” Shettima said.
On the government’s plan to end hunger, the vice president added that building on the success of the VCDP, the FG is determined to capacitate Nigeria’s rural smallholders and operators, youth and women living below the poverty line to take advantage of the new Special Processing Zones.
On the Special Agro-Industrial Processing Zones (SAPZ), Shettima said it 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.
While featuring in the panel discussion with the Prime Minister of Somalia, Hassan Sheikh Mohamud; Deputy President of Kenya, Rigathi Gachagua; and Prime Minister of Niger Republic, Ouhoudou Mahamadou, the Nigerian vice president said President Tinubu is determined to transform the concept and meaning of modern governance by demonstrating commitment towards the food system in Nigeria.
According to him, Tinubu hit the ground running from day one of his administration, which is barely two months in office, and has therefore declared a state of emergency in food security and took it as a livelihood item within the National Security Council.
On removing impediments to economic recovery, he said that Nigeria has two albatrosses around its necks with both said to be subsidy on petrol and multiple exchange rates system.
“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 huge quantum of funds towards repositioning of 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,” Senator Shettima said in a statement signed by his spokesperson, Olusola Abiola.
Shettima will proceed from Rome to St. Petersburg in Russia to represent the President at the Russia-Africa Summit, scheduled from Wednesday to Saturday.
While in Russia, the Vice President will join other political and business leaders at the 2nd Russia–Africa Summit and Russia–Africa Economic and Humanitarian Forum, focused on strategising, to enhance relations between Russia and the African continent, among other benefits.
