Nigeria Plans Minimum Price Guarantee for Farmers to Curb Food Inflation

The Nigerian government, led by Minister Abubakar Kyari, plans to implement a minimum price guarantee for agricultural products to combat food inflation and ensure fair prices for farmers. This initiative is part of efforts to protect both farmers and consumers following lessons learned from previous food price volatility and hoarding incidents.

The government also aims to support smallholder farmers in becoming more productive through various interventions, including financial support and infrastructure improvements. President Bola Tinubu has approved the recapitalization of the Bank of Agriculture to enhance credit access for smallholder farmers.