The Federal Executive Council (FEC) has approved a memo banning foreigners or their agents from purchasing agricultural commodities at farm gates across the country.
Minister of Industry, Trade and Investment, Niyi Adebayo, stated this when he briefed State House correspondents on the outcome of the Council meeting, presided over by Vice-President Yemi Osinbajo, on Wednesday in Abuja.
He said the approval was necessitated by the need for government to establish an appropriate mechanism that would protect local farmers in terms of achieving the right prices for their goods and commodities.
Adebayo added that the approval was also meant to ensure that the farmers have the appropriate incentives and the needed encouragement to guarantee their continued participation in the farming business.
“I presented two memos to the Federal Executive Council. One of the memos was the promotion of agribusiness in Nigeria through right farm gate pricing and ban on foreigners or their representatives from purchasing agricultural commodities at the farm gates.
“As you are all aware, this memo was necessitated by the need for government to establish an appropriate mechanism that would not only protect our farmers in terms of achieving the right prices for their goods and commodities, but also ensure that they have the appropriate incentives and the needed encouragement to guarantee their continued participation in the farming business.
“Over the years, foreigners have been going to the farm gates and buy produce from the farmers at low prices, thus deincentivising the farmers from continuing with their trade.
“So, we finally got approval from FEC today for only licensed local buying agents who must be registered by the relevant national commodity associations, they are the ones who now will be able to buy goods directly from the farmers and sell to the foreigners.
“This way, the farmers will no longer be cheated by these foreigners who just throw money at them and are able to buy their goods,’’ he said.
The minister also disclosed that the Council approved the Trade Policy Action Plan.
“This way, the farmers will no longer be cheated by these foreigners who just throw money at them and are able to buy their goods,’’ he said.
The minister also disclosed that the Council approved the Trade Policy Action Plan.
