Bank of Agriculture (BoA) launch N200 billion programme wey dem call Guaranteed Minimum Price (GMP) wey go help stabilise food prices for Nigeria.

Dis programme wey dey under di Renewed Hope Agenda, go reach over 500,000 farmers, 400,000 metric tonnes of grains, and 11.25 million households.

Dem launch am for Abuja, and di plan na to make sure farmers get minimum price for dia farm products, plus create better way to store and sell di food.

For di launch, BoA big man Ayo Sotinrin talk say dem do dis one because farmers lost plenty money when food prices drop for 2024 and 2025. Some farmers wey produce rice, maize, sorghum, and soybeans bin dey sell dia goods below wetin e cost dem to produce, because market prices fall well-well.

E talk say dis GMP programme go make sure farmers still get minimum price if market price fall below dat level. But e no mean say dem go fix price—farmers still fit sell above di minimum if market good.

Sotinrin talk say di aim na to make farmers believe again say farming fit pay, so dem no go abandon farming because of bad returns. E talk say “No farmers, no nations” – mean say without farmers, country no fit survive.

E warn say dis programme na only for real farmers wey produce di goods and dey suffer from di low prices. Traders wey just buy grains from market no fit benefit from am.

“Dis guaranteed minimum price na only for farmers wey plant for dia farm and dey suffer from dis low prices. E no be for traders,” e talk.

E urge di All Farmers Association of Nigeria (AFAN) to help identify and bring real farmers to join di programme. E say di bank go work with companies wey go buy di farm products directly from farmers, and dem go pay di farmers through di bank platform. Dose companies go collect small fee for every tonne wey dem handle.

Sotinrin also talk say dis programme no be only to buy grains from farmers and keep am for storage—e go do more dan dat.