Just In : Tinubu Moves to Regulate Food Prices in Nigeria, Establishes National Commodity Board
The federal government has hinted at plans to establish a National Commodity Board as a solution to the escalating food inflation in the country. In tackling price volatility, the board will be given the mandate to assess and regulate food prices, as well as maintain a strategic food reserve for stabilising prices of crucial grains and other food items. Vice president (VP) Kashim Shettima disclosed this on Tuesday, February 13, 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. Delivering his address titled, ‘Climate Resilience and Food Security: Nigeria’s Vision for the Future,’ Shettima said the two-day event is an attestation of Nigeria’s efforts at mitigating the effects of climate change and ensuring food security for Nigerians. Recalling that food security was one of the eight areas of priority declared by President Bola Tinubu as part of his Renewed Hope Agenda, which led to the declaration of a state of emergency on food security, the VP highlighted ongoing policy reforms by the administration to ensure food and water availability, as well as affordability. Shettima said: “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; 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 This board will continually assess and regulate food prices, maintaining a strategic food reserve for stabilizing prices of crucial grains and other food items. He assured that while the Tinubu administration is fully invested in the restoration of degraded land, there are ongoing plans “to restore four million hectares, or nearly 10 million acres, of degraded lands within” the nation’s borders as its contribution to the AFR100 Initiative.
