The Bank of Agriculture (BoA) yesterday unveiled a N200 billion Guaranteed Minimum Price (GMP) Programme aimed at protecting farmers from depressed commodity prices and promoting stability in the food market.
The programme under the Renewed Hope Agenda, targets more than 500,000 farmers, 400,000 metric tonnes of grains and 11.25 million households.
The initiative, launched in Abuja is designed to provide a price floor for participating farmers while establishing a structured pathway for the aggregation, storage and marketing of agricultural commodities.
Speaking at the launch in Abuja, BOA Managing Director and Chief Executive Officer Ayo Sotinrin said the intervention was prompted by the losses suffered by farmers following the decline in the prices of major cereals and other commodities in 2024 and 2025.
He said farmers producing rice, maize, sorghum and soybeans were forced in some cases to sell below their production costs as market prices fell below import parity.
He noted that the GMP mechanism will ensure that farmers receive a minimum price for eligible produce when market prices fall below the guaranteed floor.
