The Nigerian Commodity Exchange, in collaboration with the Bank of Agriculture and the All Farmers Association of Nigeria, has launched the Guaranteed Minimum Price Programme to shield farmers from price fluctuations and support food security.

The programme is designed to guarantee farmers minimum prices for their produce while strengthening Nigeria’s commodity trading system and improving market stability.

The Managing Director and Chief Executive Officer of the NCX, Anthony Atuche, disclosed the development in a post on his official X account.

Atuche said the programme was designed to deliver measurable impact across the agricultural value chain by shielding farmers from market uncertainties and ensuring they receive fair returns for their produce.

He said the initiative aims to support more than 500,000 farmers across the country, secure 400,000 metric tonnes of grains and reach approximately 11.25 million households.

“Yesterday, alongside the Bank of Agriculture and the All Farmers Association of Nigeria, we officially launched the Guaranteed Minimum Price (GMP) Programme to transform Nigerian agriculture,” Atuche stated.

“Under His Excellency President Bola Tinubu’s Renewed Hope Agenda, we are targeting direct, measurable impact: 500,000+ farmers protected with fair price guarantees, 400,000 metric tonnes of grains secured, and 11.25 million households reached nationwide.”

Atuche said the programme was designed to address longstanding challenges affecting farmers’ profitability, particularly post-harvest losses and unfair pricing practices by middlemen.

He said the initiative would utilise structured warehousing systems and transparent commodity trading mechanisms to give farmers greater income security and improve their access to markets.

“For decades, post-harvest losses and predatory middleman dynamics have eroded farmer incomes. The GMP Programme changes this. We are leveraging structured warehousing and transparent trading to give our farmers the security they deserve,” he said.

The NCX chief executive added that the exchange remained committed to developing a world-class commodity trading system that would strengthen food security, boost rural prosperity and drive agricultural transformation.