NCX and BOA Launch Price Guarantee for 500,000 Farmers

The Nigerian Commodity Exchange (NCX), in collaboration with the Bank of Agriculture (BOA) and the All Farmers Association of Nigeria (AFAN), has launched the Guaranteed Minimum Price (GMP) Programme. This initiative aims to protect farmers from price volatility and enhance food security in Nigeria.

Announced by NCX Managing Director and CEO Anthony Atuche, the programme targets over 500,000 farmers and aims to secure 400,000 metric tonnes of grains, reaching approximately 11.25 million households. The initiative addresses challenges like post-harvest losses and exploitative pricing by middlemen, utilizing structured warehousing and transparent trading mechanisms to ensure fair returns for farmers.

The launch follows the BOA's introduction of the Renewed Hope Smallholder Agricultural Financing Programme, which aims to boost grain production. The first phase of the GMP Programme is expected to benefit 500,000 farmers this season, with plans to expand to two million next year and five million in the long term.

This programme aligns with government efforts to strengthen agricultural financing and improve food production.