[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 5 sources · 9 days · First seen · Last updated

Agricultural support measures in Guyana and Nigeria

Overview

Governments in Guyana and Nigeria have introduced financial interventions to protect agricultural sectors from market volatility. In Guyana and Nigeria, measures were initially focused on mitigating the impact of falling global grain and commodity prices. Nigeria launched the ‘Renewed Hope Guaranteed Minimum Price Programme’ to pay maize farmers a set rate per tonne, while Guyana provided nearly $2.7 billion in support to rice farmers.

Subsequent actions in Guyana shifted toward reducing production costs and addressing food inflation. The government reversed significant increases in drainage, irrigation, and land rental fees, saving farmers approximately $1.4 billion annually. Additionally, the removal of Value Added Tax on agricultural inputs and excise tax on fuel was implemented to lower costs. To combat a 6.7% rise in food inflation, Guyana also introduced a nationwide farmers’ market initiative to connect producers directly with consumers.

Entities

Irfaan Ali · Bank of Agriculture · Ayo Sotinrin · Federal Government of Nigeria · Guyana

Timeline

  1. 7 days ago

    [BUSINESS] 2 sources
    Guyana implements measures to reduce agricultural costs and food prices

    Guyana is implementing agricultural fee reversals and a nationwide farmers’ market initiative to reduce production costs and combat rising food inflation.

  2. 15 days ago

    [BUSINESS] 3 sources
    Guyana and Nigeria implement farmer support amid falling grain prices

    Guyana and Nigeria are launching financial support schemes for farmers to counter falling global grain and commodity prices and protect local agricultural production.

Sources

guyanatimesgy.com · inewsguyana.com · investguyana.com · ncnguyana.com · punchng.com