FG pushes food security drive as NESG warns of economic headwinds, calls for industrialisation-led growth
The Federal Government has rolled out fresh measures to boost food security and strengthen Nigeria’s agricultural sector, with the activation of a ₦250 billion Bank of Agriculture loan facility targeted at smallholder farmers and the insurance coverage of 250,000 farmers across eight states.
Vice President Kashim Shettima announced on Thursday during the 152nd meeting of the National Economic Council (NEC) held at the Presidential Villa, Abuja. He disclosed that the move is part of the Tinubu administration’s ongoing efforts to stabilize the food system and empower farmers nationwide.
Shettima further revealed that the 30 percent Value Addition Bill is making progress at the National Assembly, while the Green Imperative Project, a joint agricultural mechanisation initiative with Brazil, is being repositioned for financing. In addition, the World Bank-backed AGROW programme is mapping priority value chains for rollout to strengthen productivity and expand access to markets.
Highlighting grassroots mobilisation efforts, the Vice President stated that the “Harvesting Hope Caravan” has already engaged over half a million citizens in eight states, building trust and deepening citizens’ participation in the government’s food security drive.
During the meeting, Chief Executive Officer of the Nigeria Economic Summit Group (NESG), Tayo Aduloju, provided insights into both global and domestic challenges confronting Nigeria’s economy. He pointed to uneven global growth, divergent inflation and monetary policies, rising geopolitical tensions, as well as the impact of climate change and technological shifts as systemic pressures threatening stability.
Domestically, Aduloju identified structural bottlenecks, energy and transport deficiencies that inflate production costs, foreign exchange liquidity challenges, and over-reliance on oil revenues as key weaknesses undermining Nigeria’s economic sustainability. He cautioned that the run-up to the 2027 general elections may further slow down decisive reforms needed to reposition the economy.
According to him, Nigeria’s weak industrial base leaves it vulnerable to competitive pressures from the African Continental Free Trade Area (AfCFTA). He stressed the need for urgent investment in industrialisation, stronger infrastructure, and improved ease of doing business to enhance competitiveness across the country.
Aduloju urged both federal and state governments to throw their weight behind the forthcoming Nigeria Economic Summit in Abuja, which will focus on “Building Infrastructure for Competitiveness and Unlocking Investment amid Global Shifts.” Other key themes of the summit will include “One Nigeria, Many Markets: A Forum for Subnational Competitiveness,” aimed at unlocking the potential of diverse state economies.
He noted that Nigeria’s transformation agenda hinges on harnessing subnational strengths, investing in infrastructure along economic corridors, and driving inclusive growth through regional productivity.
Council members, in response, pledged to actively participate in the summit and collaborate with the NESG to synergise ideas and mobilise support for President Bola Tinubu’s Renewed Hope Agenda.
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