FG Plans National Commodity Board to Tackle Food Inflation

by David Okoye

The federal government is set to establish a National Commodity Board aimed at addressing the rising food inflation crisis in Nigeria. Vice President Kashim Shettima announced this during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization in Abuja.

Mr. Shettima outlined the board’s mandate to assess and regulate food prices while maintaining a strategic food reserve to stabilize crucial grains and other food items’ prices. This initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, where food security is identified as a priority area, leading to the declaration of a state of emergency on food security.

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In response to the immediate, medium, and long-term food crisis, the administration has initiated policy reforms. Short-term strategies include distributing fertilizers and grains to farmers and households, fostering collaboration between ministries for efficient farmland irrigation, and establishing the National Commodity Board to address price volatility.

The government is also investing in restoring degraded land, with plans to restore four million hectares of degraded land as part of the AFR100 Initiative. Measures to ensure the safety of farmers and activation of land banks are underway, with 500,000 hectares of mapped land earmarked for farming to boost food output.

Additionally, collaborations with mechanization companies aim to clear more forests for farming, while the Central Bank of Nigeria will continue to fund the agricultural value chain.

Gloria Akobundu, the national coordinator of AUDA-NEPAD Nigeria, commended President Tinubu for his efforts towards Nigeria’s development.

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