How Nigerian states can achieve self-sufficiency in food production

The Amalgamated Union of Foodstuff and Cattle Dealers of Nigeria have called off their nationwide strike and agreed to lift the ban on food supply from the north to southern Nigeria. The union made this decision after the government addressed their concerns and agreed to their demands. This move has sparked conversations about achieving self-sufficiency in food production in Nigerian states. Joining the discussion on CNBC Africa was Akinyinka Akintunde, the Vice President for Financial Markets at Afex Commodities Exchange. During the interview, Akintunde emphasized the importance of infrastructure in promoting self-sufficiency in food production. He highlighted key areas where states could focus their efforts to enhance food security at a state level. Akintunde stressed the need for states to provide adequate infrastructure, establish ready markets for commodities, and structure financing to support agriculture in their regions. He outlined how these measures could ensure food security and prevent disruptions in the food supply chain. The conversation also delved into the challenges around logistics and transport infrastructure for agricultural products, underscoring the critical role of infrastructure in maintaining price stability and preventing shortages. Akintunde pointed out that inadequate infrastructure, especially in storage facilities for perishable goods, can lead to quality loss and price fluctuations. He called for a shift towards long-term sustainable solutions to promote stability in food prices. The discussion touched upon the potential for new investments at the state level, particularly in storage and transportation infrastructure, following recent events. While acknowledging the limitations in state government funding, Akintunde proposed structuring funds that states could access to promote agricultural activities. He emphasized the importance of enabling visibility on actors across the food production system, particularly smallholder farmers, to ensure secure financing and increase production capacity. In conclusion, Akintunde highlighted the crucial role of organizations like Afex Commodities Exchange in facilitating financing and improving production in the agricultural sector. As Nigeria aims for self-sufficiency in food production, building robust infrastructure and enhancing financing mechanisms will be key to achieving this goal.