The Federal Executive Council (FEC) has today during a weekly meeting has approved the ban on foreigners and their agents from purchasing farm produce from direct local farmers. By this directive henceforth, only licensed local buyers and their agents will be accessing local markets for purchasing farm produce in Nigeria. The step was taken by the government to safeguard the local farmers from giving their produce at giveaway prices to foreigners who exploit the system.
Minister of Industry, Trade and Investment, Niyi Adebayo, during the meeting, hinted that the office of the Attorney General would draft an executive Bill and passed to the National Assembly to make the law.
The Minister said, “We will also use commodity associations, to which the farmers belong, to ensure effective implementation,”
Briefing newsmen shortly after the FEC meeting which was chaired by the Vice President, Prof. Yemi Osinbajo, the Minister disclosed that his office has already submitted two memos to that effect.
According to Mr. Adebayo, one of the said memos was for the promotion of agribusiness in Nigeria through the right Farm gate pricing and a ban against foreigners and their agents from partaking in such.
He added that the FEC has swiftly approved the establishment of a mechanism that will drive the policy to protect indigenous farmers to ensure they get the best from their farm products.
The policy would also include an incentive to ensure the farmers see a reason to continue in the business, the Minister added.
The Minister expressed dissatisfaction on how some foreigners approach farmers in the local environment to purchase the product at a giveaway price from the farmers, saying it will no longer be tolerated.
He said the second memo he presented was for the policy action plan with the theme “Unleashing Nigeria’s Development Potentials through Trade and Investment”, saying aside from oil, Nigeria needs to generate revenue from other sources of production.
The Minister in his remarks said, “The whole idea is that because we’re not making as much money as we used to from the sale of oil, and because of reduction in the money that comes from that aspect of Nigeria’s revenue generation, we want to utilize trade as a means of generating revenue for the country,” Adebayo explained.
“So, the action plan aims to utilize the existing national trade policy to facilitate effective use of international trade and investment as tools for economic growth and poverty reduction in the country.
He explained therefore that he has secured the approval of FEC, what is remaining is for him and other revenue-generating MDAs to fashion out an action plan together with civil society organizations to ensure a successful implementation.
Adebayo revealed that “One of the next steps that we will be taking now that we have this approval is to inaugurate a committee which will look into the update of the existing trade policy, which was last updated in 2002.
He disclosed that the next line of action by his office is to come up with an investment policy that will drive the agenda, promising these policies will be made available to the public before the end of this year.
