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Nigeria unveils new mechanism to stabilize food prices
Nigeria is set to introduce a new mechanism aimed at enhancing the performance of its agrifood sector and stabilizing food prices amidst soaring inflation. Known as the National Agro-Food Policy Mechanism (NAPM), this initiative is part of broader reforms targeting the agricultural sector, leveraging real-time data and public-private partnerships, as emphasized by the Nigerian Vice President on Friday.
During a food systems coordination meeting in Abuja, the Vice President highlighted that the initiative will ensure collective efforts across government departments through real-time data analysis.
Additionally, the agricultural sector will be supported through the "Green Imperative Project," a $1.1 billion initiative launched in March between Brazil and Nigeria. This partnership aims to modernize 774 medium-sized Nigerian farms with Brazilian agricultural technology to increase job creation and productivity nationwide.
Facing rapid population growth and climate change challenges, Nigeria, the most populous country in Africa, continues to expand projects and partnerships to secure its food supply.
Recently, Nigeria also began constructing Special Agro-Industrial Processing Zones (SAPZ), valued at $510 million, funded by the African Development Bank and development partners. According to the AfDB, these zones aim to transform rural areas, reduce food imports that can be locally produced, and enhance the country’s food security.