JUST IN: FG Taking Steps To Control Food Prices in Nigeria

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In a bid to address the mounting challenges of food inflation, the Federal Government of Nigeria announces the establishment of a National Commodity Board. Vice President Kashim Shettima unveiled the initiative during a pivotal two-day summit in Abuja focusing on climate change, food systems, and resource mobilization.

The National Commodity Board is poised to play a pivotal role in assessing and regulating food prices while maintaining strategic reserves of essential grains and food items. This move underscores the government’s commitment to mitigating the impact of climate change and ensuring food security for all Nigerians.

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Vice President Shettima emphasized that food security ranks among the top priorities outlined in President Bola Tinubu’s Renewed Hope Agenda, prompting the declaration of a state of emergency on food security. The administration is implementing a spectrum of immediate, medium, and long-term strategies to tackle the impending food crisis.

Short-term measures include targeted interventions such as distributing fertilizers and grains to farmers and households to offset the effects of subsidy removal. Additionally, the government is fostering collaboration between the Ministries of Agriculture and Water Resources to enhance farmland irrigation for year-round food production and curb price fluctuations.

The National Commodity Board will serve as a vital mechanism for assessing and regulating food prices, ensuring stability in the market. Vice President Shettima reiterated the administration’s steadfast commitment to restoring degraded lands and investing in sustainable agricultural practices to safeguard the nation’s food security.

As Nigeria braces itself against the challenges of food insecurity, the establishment of the National Commodity Board marks a significant stride towards achieving resilience and stability in the food supply chain.

Source: Daily Post Nigeria

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