Vice President Kashim Shettima on Thursday announced key efforts by the Tinubu administration to address food security and boost economic development in Nigeria. Speaking during the 152nd meeting of the National Economic Council (NEC) held at the Presidential Villa, Abuja, Shettima revealed several initiatives aimed at supporting farmers and strengthening the agricultural sector.
According to the Vice President, “250,000 farmers have been insured across eight states, the 30 percent Value Addition Bill is advancing, and the ₦250 billion Bank of Agriculture facility is being activated to reach smallholders.”
He explained that these steps are part of ongoing strategies to increase food production and improve the livelihoods of small-scale farmers across the country.
Shettima also shared 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.”
Highlighting progress in grassroots engagement, he stated, “The Harvesting Hope Caravan has reached half a million citizens in eight states, building trust and grassroots mobilisation.”
In his briefing to Council members, Tayo Aduloju, Chief Executive Officer of the Nigeria Economic Summit Group (NESG), spoke about the upcoming NESG summit scheduled to hold in Abuja.
He highlighted global economic trends and risks such as uneven growth, divergent inflation and policy measures, rising geopolitical tensions, and the impact of climate change and technological shifts.
Aduloju also outlined the major challenges facing Nigeria’s economy. These include structural bottlenecks, energy and transport deficiencies that increase production costs, foreign exchange liquidity crises, and over-reliance on oil, which weakens fiscal sustainability.
He added, “Political economy risks, including political instability, frequent policy reversals, and corruption, continue to hinder long-term reform.” Aduloju further cautioned that the 2027 election could delay urgent economic decisions.
Addressing broader global concerns, he said, “Global systemic pressures such as climate change, trade tensions, and capital flight strain the economy. A weak industrial base will create competitive pressures from the AfCFTA.”
Aduloju called on all levels of government to support the summit, which will focus on industrialisation-led growth. The event will also explore themes such as “Building Infrastructure for Competitiveness and Unlocking Investment amid Global Shifts” and “One Nigeria, Many Markets: A Forum for Subnational Competitiveness.”
The Council members agreed to actively participate in the NESG Summit to share ideas and mobilise support for President Tinubu’s Renewed Hope Agenda aimed at driving inclusive economic growth and national development.