Nigeria: Govt Revives Commodity Board Scheme

4 December 2008

Abuja — The Guaranteed Minimum Price regime effectively took off yesterday after officials of the Federal Ministry of Agriculture met with agents and banks to finalise details of the programme.

The new scheme is similar to the old commodity board arrangement which operated until 1986 in two main areas. The first is that one central body, the National Food Reserve Agency, instead of multiple organs, is overseeing its operations. The second is that large industrial silos will serve as storage facilities in place of the warehousing system that was used in the past.

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