The Federal Government of Nigeria is considering the establishment of a National Commodity Board to tackle the surging food inflation in the country. Vice President Kashim Shettima announced this plan at a high-level strategic meeting on climate change, food systems, and resource mobilization held at the Banquet Hall of the Presidential Villa, Abuja.
Shettima emphasized that the board would be empowered to assess and regulate food prices continuously, maintain a strategic food reserve to stabilize the prices of essential grains, and manage other key food items to curb price volatility. Describing food security as a top priority of the administration, Shettima highlighted ongoing policy reforms aimed at ensuring food and water availability and affordability.
The strategies outlined by the Vice President to address potential food crises include revitalizing food supply with interventions like distributing fertilizers and grains to farmers and households, fostering collaboration for efficient farmland irrigation, and establishing a National Commodity Board to address price volatility. The government also plans to restore degraded land and make millions of hectares available for farming to boost food output.
Furthermore, the administration aims to protect farms and farmers from security challenges, activate land banks, collaborate with mechanization companies to clear more forests for farming, and channel concessionary capital towards funding the agricultural value chain. There is also a focus on making agriculture attractive for youth, with the goal of creating millions of jobs within the agricultural value chain.
The Vice President emphasized the government’s commitment to achieving Sustainable Development Goal Two of “Zero hunger” and the African Union Agenda 2063, while urging participants, including development partners and private investors, to collaborate towards ensuring a positive outcome from the high-level engagement.
During the event, the National Coordinator of NEPAD, Mrs. Gloria Akobundu, stressed the urgency of resource mobilization for smallholder farmers in Nigeria and Africa, while Dr. Ibrahim Maiyaki, the AU Chairman of Food System, emphasized the need for strong regional integration and boosting productivity and economic growth rates through appropriate policies and governance.
The meeting was attended by various dignitaries, including senators, representatives of governors, and members of the Diplomatic Corps, signifying the importance and broad support for addressing the pressing food security and agricultural development challenges in Nigeria.
