Bank of Agriculture Launches N200bn Programme to Support Food Prices

The Bank of Agriculture has launched a N200 billion Guaranteed Minimum Price programme aimed at stabilising food prices and giving farmers greater certainty over the value of selected crops.

The initiative is designed to provide farmers with a predictable floor price for selected staples and reduce the sharp seasonal swings that hurt both producers and consumers.

Officials said the scheme will operate through participating aggregators and off-takers who commit to the minimum price.

The bank expects the programme to encourage higher production in the coming planting season, while details on eligible crops and registration processes are being circulated to state agricultural offices.

Analysts note that the success of the programme will depend heavily on timely payment to farmers and effective monitoring against side-selling.

The launch forms part of broader federal efforts to address food inflation through supply-side measures, with the focus on increasing production while giving farmers more confidence to invest in the next planting cycle.

How effectively the N200 billion programme reaches farmers and translates into increased food supply will be important to its wider impact on prices.