Inflation: Federal Govt Bans Foreigners From Buying Food Commodities At Farm Gates
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The federal government has set up an inter-ministerial standing committee to oversee the implementation of a memo on the “Promotion of Agri-Business in Nigeria through Right Farm Gate Pricing and Ban of Foreigners from Purchasing Agricultural Commodities at the Farm Gates.”
Government said this is to strengthen the commodity sub-sector.
Minister of industry trade and investment, Mr. Adeniyi Adebayo, who inaugurated committee yesterday, said the memo specifically seeks to address challenges impeding the development of the agricultural commodity subsector of the economy, curtail unfair trade malpractices and exploitation of Nigerian farmers by foreigners as well as promote competitive premium pricing as the impetus for increased productivity in the commodity subsector among others.
Adebayo, decried the exploitation of farmers by foreigners who come to Nigeria to mop up agricultural commodities at the farm gates and in turn offer farmers prices below market value said, “This situation has indeed led to the failure of many contractual agreements between farmers and indigenous off-takers. It has also affected the production capacity of our local factories due to the fact that foreigners buy off supplies and deprive the factories of required stocks.
The minster explained that a number of activities have been outlined for implementation and the committee is expected to ensure that they are properly articulated and implemented for the growth and development of our economy.
According to him, the committee would also facilitate the establishment of enforcement organs in the states and local governments, and facilitate the signing of Executive Order by Mr. President, specifying penalties and fines for violators.
It will further liaise with the state governments for the establishment of commodity aggregation centers for export in some strategic locations nationwide and, carry out periodic assessments (quarterly) on the implementation.
By Kingsley Alu
https://leadership.ng/inflation-federal-govt-bans-foreigners-from-buying-food-commodities-at-farm-gates/
