The Federal Government has hinted at plans to establish a National Commodity Board as a solution to the escalating food inflation in the country. The board will be given the mandate to assess and regulate food prices, as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items.
Vice President Kashim Shettima made this disclosure during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization, held at the Banquet Hall of the Presidential Villa, Abuja. In his address titled, “Climate Resilience and Food Security: Nigeria’s Vision for the Future,” Senator Shettima highlighted Nigeria’s efforts to mitigate the effects of climate change and ensure food security for Nigerians.
Senator Shettima emphasized that food security was one of the eight areas of priority declared by President Bola Ahmed Tinubu as part of his Renewed Hope Agenda, which led to the declaration of a state of emergency on food security. He also mentioned ongoing policy reforms by the administration to ensure food and water availability and affordability.
The Vice President stated, “Our solution to the potential food crisis has become immediate, medium, and long-term strategies. The short-term strategy entails revitalizing food supply through specific interventions like the distribution of fertilizers and grains to farmers and households to counteract the effects of subsidy removal.”
He further added, “Fostering collaboration between the Ministry of Agriculture and the Ministry of Water Resources for efficient farmland irrigation, ensuring year-round food production, and addressing price volatility by establishing a National Commodity Board.”
The National Commodity Board will play a critical role in assessing and regulating food prices and maintaining a strategic food reserve to stabilize the prices of crucial grains and other food items. This is expected to alleviate the burden of skyrocketing prices for consumers and ensure food security for all Nigerians.
Furthermore, while speaking about the administration’s commitment to land restoration, Vice President Shettima revealed ongoing plans to restore four million hectares of degraded land within Nigeria’s borders as its contribution to the AFR100 Initiative.
The establishment of the National Commodity Board and the emphasis on climate resilience and food security demonstrate the Federal Government’s dedication to addressing the challenges faced in the agricultural sector. With these measures in place, it is hoped that Nigeria’s food inflation will be effectively controlled, ensuring an affordable and stable food supply for all citizens.
