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VP Shettima announces policy shift ahead of UN Food Systems Summit
Abuja, Nigeria – Vice President Kashim Shettima announced Nigeria will adopt a private sector-led approach to transform the country’s food systems during a briefing at the Presidential Villa on Wednesday. The timing appears deliberate, coming just days before Nigeria heads to the UN Food Systems Summit in Addis Ababa from July 27-29.
Government Role Changes to Support Function
The Federal Government plans to step back from direct control, instead focusing on policy support and risk mitigation for private agricultural companies. It’s a significant shift though whether it will work remains to be seen, given Nigeria’s long history of state-dominated agricultural planning.
“Our role as a government is to de-risk, catalyse, and convene. We will be deliberate in policy formulation and institutional support, but the private sector must drive this process,” Shettima told stakeholders during the briefing.
The announcement comes at a critical time. Millions of Nigerians are struggling with rising food prices, and access to basic nutrition has become increasingly difficult for many families.
Single-Digit Credit Rates Promised
Perhaps the boldest part of Shettima’s announcement was his commitment to single-digit interest rates for agricultural finance. He drew an interesting comparison to South Korea’s industrial development though critics might question whether the analogy holds up in Nigeria’s current economic climate.
“If it means providing single-digit credit to support agricultural finance, we will do it. That’s how countries like South Korea built their industrial base by backing their conglomerates. Nigeria can do the same for its food systems,” the Vice President stated.
Here’s the reality: agricultural lending rates in Nigeria often exceed 20 percent. That’s a crushing burden for farmers and agribusinesses. If the government can actually deliver on single-digit rates, it could be a game-changer. The big question is implementation.
UN Summit Participation Strategy
Dr. Sanjo Faniran from the Federal Ministry of Budget and Economic Planning seems optimistic about Nigeria’s role at the upcoming summit. He believes the country’s participation will strengthen its regional leadership position though Nigeria has made similar claims before at international gatherings.
“We’re working with all 36 states and the FCT to mainstream food systems transformation. The Addis summit is pivotal, and the Vice President’s participation will strengthen our national and regional advocacy,” Faniran explained.
The ministry has lined up side events with heavy hitters like the World Bank and IFAD. These sessions are designed to attract investment, though translating international interest into actual funding has often proved challenging for Nigeria in the past.
Three-Point Leadership Goals
Shettima laid out Nigeria’s objectives in fairly ambitious terms: establishing continental thought leadership in food systems, aligning international partnerships with national priorities, and creating a market-driven model for other African countries to follow.
The strategy may position Nigeria as Africa’s leading voice on food transformation. But there’s also the pressing matter of domestic challenges food inflation continues to bite, and agricultural productivity gaps persist across the country. Success at home might be more convincing than grand pronouncements on the international stage.
By Abdullah Korede
