By Grace Samuel
The Federal Government of Nigeria has unveiled plans to address the escalating food inflation in the country by establishing a National Commodity Board.
This strategic move aims to stabilize food prices, regulate price volatility, and ensure food security for Nigerians.
Vice President Kashim Shettima made this announcement on Tuesday 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 in Abuja.
In his address titled “Climate Resilience and Food Security: Nigeria’s Vision for the Future,” Senator Shettima emphasized the urgency of addressing food security challenges.
He highlighted ongoing policy reforms by the administration, including efforts to ensure both food and water availability while maintaining affordability.
The restoration of degraded land is also a priority, with plans to restore millions of hectares within Nigeria’s borders as part of the AFR100 Initiative.
Furthermore, Vice President Shettima assured Nigerians that security forces would protect farmers, allowing them to return to their farmlands without fear of attacks.
This commitment is crucial for maintaining agricultural productivity and ensuring food self-sufficiency.
The proposed National Commodity Board will be tasked with several critical responsibilities:
The board will continually assess and regulate food prices, ensuring that they remain stable and affordable for consumers.
By closely monitoring market dynamics, the board aims to prevent sudden price fluctuations that can adversely affect both producers and consumers.
To mitigate the impact of supply shocks and emergencies, the board will establish a strategic food reserve. This reserve will serve as a buffer, allowing the government to release essential grains and other food items during times of scarcity or crisis.
The National Commodity Board will foster collaboration between the Ministry of Agriculture and the Ministry of Water Resources.
Efficient farmland irrigation and year-round food production are essential components of this collaboration. By optimizing water usage and promoting sustainable farming practices, the board aims to enhance food availability.
Recalling that food security was one of the eight areas of priority declared by President Bola Ahmed Tinubu under the Renewed Hope Agenda, the government remains committed to implementing immediate, medium, and long-term strategies.
The establishment of the National Commodity Board is a significant step toward achieving these goals.
As Nigeria faces the challenges posed by climate change and rising food prices, the proposed board aims to be a proactive force in stabilizing food markets and safeguarding the well-being of its citizens.