The Bank of Agriculture (BOA), represented by its Managing Director/CEO, Mr. Ayo Sotinrin, has signed a landmark deal with African Export-Import Bank (Afreximbank), represented by the Executive Vice President for Intra-African Trade and Export Development, Mrs. Kanayo Awani. The agreement was finalisedduring the recently concluded and highly successful Intra-African Trade Fair (IATF) 2025 in Algiers, Algeria.

The Federal Ministry of Agriculture and Food Security (FMAFS) has assured of its readiness to revitalize the sugar value chain, expand sugar cane production and reduce the cost of importation as well as create jobs.

In line with President Bola Ahmed Tinubu’s Renewed Hope Agenda, to eradicate poverty, attain Food and Nutrition Security, Economic Growth as well as reduce Postharvest losses, Federal Government has unveiled an ambitious Nigeria Postharvest Systems Transformation Programme (NiPHaST), to ensure a resilient, efficient, and inclusive postharvest handling and storage system that reduces losses, enhance incomes as well as achieve food sovereignty.

Analysts at AFEX have predicted a decline in grain production in Africa’s most populous country in 2023 over the continuous surge in production costs and erratic climate conditions. They also forecasted that food inflation could further worsen in 2023, and household misery increase, as the production outlook of paddy rice, maize, sesame, and cocoa declined by an average of 11.5 percent in 2022/23 trading season. The forecast is contained in AFEX’s 2023 Annual Commodity Review and Outlook Report unveiled at a virtual meeting held recently.