The federal government intends to establish a National Commodity Board to address the country’s growing food inflation.
Vice President Kashim Shettima made the announcement on Tuesday during a two-day high-level strategic forum on climate change, food systems, and resource mobilization in Abuja.
Shettima added that the board would be tasked with assessing and regulating food prices, as well as maintaining a strategic food reserve to help stabilize prices for critical grains and other food staples.
He said the event demonstrated the government’s efforts to mitigate the consequences of climate change and ensure Nigerians’ food security.
Shettima stated that food security was one of the eight key sectors identified by President Bola Tinubu as part of his Renewed Hope Agenda.
According to him, this resulted in the proclamation of a state of emergency for food security.
He underscored the administration’s ongoing policy measures to assure food and water availability and affordability.
“Our solution to the potential food crisis has become immediate, medium, and long-term strategies.
“The short-term strategy entails revitalizing food supply through specific interventions like the distribution of fertilizers and grains to farmers and households to cushion the effects of subsidy removal.
“It also entails fostering collaboration between the Ministries of Agriculture and 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.”
He assured that the Tinubu administration was fully investing in the restoration of degraded land.