Nigeria Plans National Commodity Board to Combat Food Inflation

Abuja, Nigeria – In a strategic move to address the escalating food inflation and ensure food security, the Federal Government of Nigeria has announced plans to establish a National Commodity Board. This initiative aims at regulating food prices and maintaining a strategic food reserve to stabilize the prices of essential grains and other food items.

Vice President Kashim Shettima unveiled the plans during a two-day high-level strategic meeting on climate change, food systems, and resource mobilization at the Presidential Villa, Abuja. The meeting, titled “Climate Resilience and Food Security: Nigeria’s Vision for the Future,” highlights Nigeria’s proactive measures to mitigate the effects of climate change and secure food availability for its population.

Addressing Climate Change and Food Security Emphasizing the importance of climate resilience, Vice President Shettima outlined the government’s comprehensive approach to ensuring food security, which includes revitalizing food supply chains and fostering collaboration between various ministries for efficient irrigation and year-round food production. The establishment of the National Commodity Board is a critical component of this strategy, aimed at addressing price volatility and ensuring food affordability.

Land Restoration and Security Measures The Vice President assured attendees that the administration is committed to restoring degraded land, with plans to restore four million hectares as part of the AFR100 Initiative. Security measures will also be reinforced to protect farms and farmers, enabling them to return to their land without fear of attacks. This effort is complemented by the activation of land banks to increase the availability of arable land for farming, which is expected to have an immediate impact on food output.

Boosting Agricultural Productivity The Tinubu administration is focused on making agriculture appealing to the youth, aiming to create between 5 to 10 million jobs within the agriculture value chain. This aligns with the government’s broader objectives to achieve the UN’s Sustainable Development Goal of “Zero Hunger” and the African Union’s Agenda 2063. The central role of smallholder farmers, who account for about 88% of Nigeria’s total food production, was underscored as vital to achieving food security.

Collaboration and Resource Mobilization The event also saw contributions from various stakeholders, including the National Coordinator of NEPAD, Gloria Akobundu, and the AU Chairman of Food System, Ibrahim Maiyaki, who emphasized the importance of regional integration and boosting productivity through sound policies and governance.

The high-level meeting marks a significant step towards addressing the challenges of food security in Nigeria, emphasizing the government’s commitment to sustainable development and the well-being of its citizens.