Nigeria Raises $500m to Catalyze Food System Transformation — Shettima

Vice President Kashim Shettima, during the UN Food Systems Summit in Rome, Italy, chaired a high-level meeting and announced that Nigeria has successfully raised over $500 million for an innovative, profitable, equitable, and sustainable food systems transformation initiative.

These funds were mobilized from various sources, including domestic resources, multilateral development banks, international financial institutions, climate funds, and leading agro-businesses, according to the VP.

He said: “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.”

“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”.

On removing impediments to economic recovery, he added: “We had two albatrosses around our necks: subsidy on petrol and multiple exchange rates system.”

Categories: News