FG targets 135m MT output of staple crops in 2024
Nigeria unveils plans to boost staple crop production to 135 million MT in 2024, targeting a 6% increase from 2023. The government aims to open borders for rice paddy importation by millers, suspending import duties and VAT on specific items. This move aims to curb accelerating food-driven inflation. The Accelerated Stabilisation and Advancement Plan (ASAP) outlines strategies to address food and nutrition security, emphasizing private sector involvement to bolster production by 4.9 million MT.
To tackle the food security challenges facing the country, the federal government has said it plans to boost the production of staple crops to 135 million metric tons (MT) in 2024.
The target will see that the output of staple crops grown by individual farmers increased by six percent from 127 million metric (MT) in 2023 to 135 million MT in 2024 cumulative aggregates of smallholder farmers in the country.
To tame accelerating inflation which food is its main driver, Nigeria plans to open its border to the importation of rice paddy by millers, suspend import duty and VAT to specific items, peg import duty exchange rate and priortise productive spending.
The plan which is also aimed at attaining food and nutrition security is stated in the recently launched Accelerated Stabilisation and Advancement Plan (ASAP) document – a strategic initiative designed to tackle the key challenges impeding reform efforts and to stimulate growth across various economic sectors.
“Increased output of staple crops grown by individual farmers by 6 percent from 127 million MT in 2023 to 135 million MT in 2024 and bolster production by an additional 4.9 million MT via the private sector participation,” the document said.
Source Link: https://businessday.ng/agriculture/article/fg-targets-135m-mt-output-of-staple-crops-in-2024/
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