Nigeria Considers National Commodity Board to Regulate Food Prices

In response to the escalating food inflation crisis, the Nigerian federal government is contemplating the establishment of a National Commodity Board. This revelation came during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization at the Banquet Hall of the Presidential Villa, Abuja, where Vice President Kashim Shettima outlined the government’s plan.

During his address titled, “Climate Resilience and Food Security: Nigeria’s Vision for the Future,” VP Shettima emphasized the urgency of addressing food security as one of the eight areas of priority declared by President Bola Ahmed Tinubu. Shettima detailed the administration’s strategies, which include short-term measures like fertilizer and grain distribution, collaboration for efficient farmland irrigation, and the establishment of a National Commodity Board to regulate food prices.

The proposed board would assess and regulate food prices while maintaining a strategic food reserve to stabilize prices of crucial grains and other food items. Shettima assured that this initiative aligns with ongoing policy reforms geared towards ensuring food and water availability and affordability.

Addressing security challenges hindering farmers, the Vice President affirmed plans to engage the security architecture to protect farms, activate land banks, and collaborate with mechanization companies to clear more land for farming. Additionally, the Central Bank of Nigeria will continue funding the agricultural value chain, deploying concessionary capital for various agricultural sectors.

VP Shettima stressed the administration’s commitment to job creation within the agriculture value chain, aiming to make agriculture attractive for the youth population. These efforts align with UN-Agenda 2030 on Sustainable Development Goals 2 of “Zero Hunger” and the African Union Agenda 2063.

At the same event, National Coordinator of NEPAD, Gloria Akobundu, praised President Tinubu’s dedication to nation-building. NEPAD convened the forum to mobilize resources for smallholder farmers, addressing the growing food crisis in Nigeria.

AU Chairman of Food System, Ibrahim Maiyaki, highlighted the need for regional integration and policy measures to boost productivity and economic growth rates. Dignitaries at the event included Senate Committee representatives, governors, and members of the diplomatic corps.

The proposed National Commodity Board signals the government’s commitment to proactively address the cost of living crisis and ensure food security for the Nigerian population.