In response to the escalating food inflation in Nigeria, the Federal Government has revealed plans to establish a National Commodity Board.
Vice-President Kashim Shettima announced the decision at a two-day high-level strategic meeting on climate change, food systems, and resource mobilization in Abuja.
The National Commodity Board will be tasked with assessing and regulating food prices, as well as maintaining a strategic food reserve to stabilize prices of essential grains and other food items.
Shettima emphasized the government’s commitment to addressing the potential food crisis through immediate, medium, and long-term strategies.
The short-term strategy includes interventions such as the distribution of fertilizers and grains to farmers and households, collaboration between the Ministries of Agriculture and Water Resources for efficient farmland irrigation, and the establishment of the National Commodity Board to address price volatility.
Shettima reassured Nigerians that the government is actively working to restore degraded land and plans to restore four million hectares of degraded land as part of its contribution to the AFR100 Initiative.
He said efforts will be made to ensure the safety of farmers returning to their farms amid security challenges, with plans to activate land banks and clear more forests for farming.
The Vice-President highlighted collaborations with mechanization companies to make more land available for farming, and the Central Bank of Nigeria’s role in funding the agricultural value chain.
”Concessionary capital will be deployed to support fertilizer, processing, mechanization, seeds, chemicals, equipment, and other aspects of the agricultural value chain,” he said.
According to him, the government aims to make agriculture attractive to the youth population, creating between five to ten million jobs within the agricultural value chain.
He added that the efforts align with the UN Agenda 2030 on Sustainable Development Goals and the African Union Agenda 2063.
The meeting also focused on climate resilience and food security, with stakeholders, development partners, private investors, and the diplomatic community working together to address the challenges and ensure positive outcomes.
The National Coordinator of NEPAD, Mrs Gloria Akobundu, praised President Bola Tinubu’s efforts toward building a viable and great nation, expressing urgency in mobilizing resources for smallholder farmers to address the growing food crisis.
On his part, AU Chairman of Food System, Dr Ibrahim Maiyaki, emphasized the importance of strong regional integration, boosting productivity, and achieving economic growth through the right policies and governance objectives to overcome the challenges facing Africa in the next 20 to 30 years.
