The federal government has unveiled its intention to establish a Commodity Board aimed at addressing the escalating prices of food within the nation.
Vice President Kashim Shettima made the announcement on Tuesday during a two-day high-level strategic meeting focused on climate change, food systems, and resource mobilization. The gathering took place at the Banquet Hall of the Presidential Villa in Abuja.
Shettima outlined the board’s primary objectives, which encompass evaluating and managing food prices, alongside supervising a strategic food reserve designed to mitigate fluctuations in prices of crucial grains and other essential food commodities.
“Our solution to the potential food crisis has become immediate, medium, and long-term strategies. The short-term strategy entails revitalizing the 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 Board.
“This board will continually assess and regulate food prices, maintaining a strategic food reserve for stabilizing prices of crucial grains and other food items,” Shettima said.
The Federal Government has announced its commitment to restoring 4 million hectares of degraded land. Vice President Tinubu highlighted the administration’s dedication to this endeavor, emphasizing ongoing plans to rehabilitate nearly 10 million acres of degraded lands within the nation’s borders. This initiative forms part of the government’s commitment to the AFR100 Initiative.
Regarding the security challenges impeding farmers from working on their farms, he provided insights into the government’s approach, stating:
“I wish to assure you that we will engage our security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of attacks.
“We won’t only make it safe for farmers to return to their farms, but we will also ensure the activation of land banks. There are currently 500,000 hectares of already mapped land that will be used to increase the availability of arable land for farming, which will immediately impact food output.”
Here are key points to consider:
- Food inflation poses a significant concern in Nigeria, with many citizens grappling with the escalating prices of food items in the market.
- Nigeria’s food inflation rate currently stands at a notable 33.39%, as reported by the Nigeria Bureau of Statistics.
- Despite the government’s declaration of a state of emergency on food security, prices of food items continue to rise.
- The Food and Agricultural Organisation (FAO) projects that approximately 26.5 million Nigerians will face the risk of hunger in 2024.
- Particularly vulnerable regions include the Federal Capital Territory (FCT), Sokoto, Borno, and Zamfara states.
- In response to the crisis, the President has directed the Ministry of Agriculture and Food Security to release approximately 42,000 metric tons of maize, millet, and other commodities from the national strategic reserves. This directive aims to reduce the prices of food items across the country.
