To encourage farmers to produce more and ensure food sufficiency for Nigeria, Vice President Yemi Osinbajo said on Monday that government would implement a buy back scheme to guarantee minimum price for agricultural products.
The scheme, Mr. Osinbajo explained, would involve government buying up agricultural products by farmers and storing them for distribution to consumers at a time prices come down.
“During harvest when prices of products are low, farmers are not usually happy. Low prices will discourage them from engaging activities to produce more food. Now, what government wants to do is to buy up all the agricultural produce when prices are high and store them so that when prices are falling, it would be able to keep a very standard price for the farmers,” the VP said. See more