Vice President Kashim Shettima on Thursday outlined the Tinubu administration’s latest initiatives to tackle food security, disclosing recent progress in agricultural financing and support.
According to him, “250,000 farmers have been insured across eight states, the 30 per cent Value Addition Bill is advancing, and the ₦250 billion Bank of Agriculture facility is being activated to reach smallholders.”
Shettima made these remarks during the 152nd session of the National Economic Council (NEC), held at the Presidential Villa, Abuja. He cited updates from the Presidential Food Systems Coordinating Unit, noting 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.”
He further stated that “The Harvesting Hope Caravan has reached half a million citizens in eight states, building trust and grassroots mobilisation.”
Also addressing the Council, Dr. Tayo Aduloju, Chief Executive Officer of the Nigeria Economic Summit Group (NESG), briefed members on the upcoming summit scheduled for Abuja. He urged the NEC to consider the broader global and local economic context, pointing to challenges such as sluggish growth, rising geopolitical conflicts, divergent inflation policies, climate change, and rapid technological transformation.
Aduloju stressed that Nigeria’s economy faces persistent obstacles including structural bottlenecks, high transport and energy costs, foreign exchange shortages, and an excessive dependence on oil revenues. Political instability, frequent policy shifts, and corruption, he added, have further undermined long-term reform efforts. He warned that the 2027 elections could also slow down urgently needed reforms.
He identified climate pressures, trade disputes, and capital flight as global shocks straining Nigeria’s economy. According to him, the country’s weak industrial foundation could worsen competition challenges under the African Continental Free Trade Area (AfCFTA).
Calling for stronger collaboration across federal and state governments, Aduloju urged support for the forthcoming NESG summit, which is themed around industrialisation and growth. The summit will focus on areas such as “Building Infrastructure for Competitiveness and Unlocking Investment amid Global Shifts” and “One Nigeria, Many Markets: A Forum for Subnational Competitiveness.”
Council members pledged to actively participate in the summit and align its outcomes with President Bola Tinubu’s Renewed Hope Agenda.
