The Federal Government of Nigeria has unveiled plans to address the critical issue of escalating food inflation in the country. Vice President Kashim Shettima revealed the government’s intention to establish a National Commodity Board during a high-level strategic meeting on climate change, food systems, and resource mobilization held in Abuja.
Vice President Shettima emphasized the necessity of the proposed National Commodity Board, which will be empowered to continually assess and regulate food prices. The board will also aim to maintain a strategic food reserve to stabilize prices of crucial grains and other food items. This initiative is part of Nigeria’s broader strategy to tackle price volatility and ensure food security for its citizens.
The two-day strategic meeting highlighted the government’s commitment to addressing the effects of climate change and ensuring food security for Nigerians. Vice President Shettima emphasized the significance of food security, emphasizing that it is one of the eight areas of priority declared by President Bola Tinubu as part of his Renewed Hope Agenda.
In light of the relentless rise in food prices, experts have stressed the urgent need to address the structural deficiencies limiting agricultural productivity in Nigeria. Farmers and industry experts have pointed out that rising insecurity and storage challenges are significantly impacting food production, leading to the continuous escalation of food prices. The impact of rising insecurity on farmers has resulted in a significant reduction in food production in key-producing states, with farmers expressing concerns about their ability to sustain production under current circumstances.
To stabilize food prices and ensure food security, industry experts have underscored the critical importance of addressing the worsening insecurity hindering farmers from returning to their farms. They have emphasized the need for immediate, short-term, and long-term plans to improve security and productivity. Additionally, the provision of essential infrastructure across the agricultural value chain has been identified as a prerequisite to enable the country to feed its 200 million people and reduce post-harvest losses.
The establishment of a National Commodity Board and addressing structural deficiencies limiting agricultural productivity and security are crucial steps toward curbing food inflation and ensuring food security in Nigeria. These initiatives reflect the government’s commitment to addressing the multifaceted challenges in the agricultural sector and fostering a more resilient and sustainable food system for the country’s growing population.
