…says 30% value addition bill advancing
Vice President Kashim Shettima, on Thursday, revealed efforts of the Bola Tinubu’s Administration to ensure food security, saying recently, “250,000 farmers have been insured across eight States, the 30% Value Addition Bill is advancing, and the ₦250 billion Bank of Agriculture facility is being activated to reach smallholders.”
Shettima stated this at the 152nd Meeting of the National Economic Council NEC held at the Presidential Villa, Abuja
Based on updates from the Presidential Food Systems Coordinating Unit, Shettima also stated that the “Green Imperative Project with Brazil is being repositioned for financing, while the World Bank-backed AGROW programme is mapping priority value chains for roll-out.
According to him “The Harvesting Hope Caravan has reached half a million citizens in eight states, building trust and grassroots mobilisation”.
Tayo Aduloju, the CEO of the Nigeria Economic Summit Group NESG, while briefing the Council Members on the forthcoming NESG Summit in Abuja, drew the Council’s attention to global trends and risks regarding uneven growth, divergent Inflation and policy, rising geopolitical tension, as well as climate and shifts in technology
He also highlighted what he described as key challenges to economic planning in Nigeria to structural bottlenecks, energy and transport deficiencies which inflate production costs, as well as foreign exchange liquidity crisis and over-reliance on oil weakening fiscal sustainability.
Others include “political economy risks, highlighting how Political instability, frequent policy reversals, and corruption hinder long-term reform.
He added that the upcoming 2027 election might further contribute to delaying necessary actions.
Aduloju, also highlighted how global Systemic Pressures, including,climate change, trade tensions, and capital flight strain the economy, adding that “Weak industrial base will create competitive pressures from the AfCFTA.”
The NESG CEO, called on the Government at all levels including the Sub-national Government to support the forthcoming NESG Summit, aimed at driving Industrialisation-led Growth.
The summit also aims to explore “Building Infrastructure for Competitiveness and Unlocking Investment amid Global Shifts”
Other areas of focus will include “One Nigeria, Many Markets: A Forum for Subnational competitiveness
“Nigeria’s economic transformation hinges on unlocking the potential of its diverse subnational markets.
“Enhancing state-level competitiveness, improving ease of doing business, and investing in infrastructure along key economic corridors will attract investment, foster regional productivity, and drive inclusive growth.
“A unified national vision must empower differentiated local economic strengths.”
Members of the council agreed to actively participate in the forthcoming NESG Summit with the view to synergise ideas and mobilise support for President Tinubu’s Renewed Hope Agenda.”
