In response to soaring food inflation, the Nigerian Federal Government is set to create a National Commodity Board. Vice President Kashim Shettima unveiled this plan during a crucial two-day meeting on climate change, food systems, and resource mobilization in Abuja.
The board’s primary task will be to evaluate and control food prices while also managing a strategic food reserve to stabilize the prices of essential grains and other foodstuffs. Shettima emphasized that this initiative reflects the government’s commitment to addressing the impacts of climate change and ensuring food security for the Nigerian populace.
Food security is a top priority for President Bola Tinubu, who has declared a state of emergency on the matter. The government is implementing policy reforms to guarantee the availability and affordability of food and water. The short-term strategy includes revitalizing the food supply through targeted interventions such as distributing fertilizers and grains to farmers and households to mitigate the effects of subsidy removal. Additionally, there is a focus on enhancing collaboration between the Ministries of Agriculture and Water Resources to ensure year-round food production through efficient farmland irrigation.
Moreover, the government aims to address price volatility by establishing the National Commodity Board, which will continually assess and regulate food prices while maintaining a strategic food reserve to stabilize the prices of crucial grains and other food items.
Vice President Shettima affirmed the Tinubu administration’s dedication to rehabilitating degraded land and resolving the potential food crisis through immediate, medium-term, and long-term strategies.
