Food Inflation: FG Moves To Establish Commodity Board To Fight Price Volatility


Feb 13, 2024

Following the food inflation in Nigeria, the Federal Government has moved to establish a National Commodity Board.
ADULAWO News reports that in tackling price volatility, the board will be given the mandate to assess and regulate food prices as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items.

This was revealed by the Vice President Kashim Shettima who disclosed these during a two-day high-level strategic meeting on climate change, food systems and resource mobilisation at the Banquet Hall of the Presidential Villa, Abuja.

Delivering his address titled: “Climate resilience and food security: Nigeria’s vision for the future,” Shettima said the two-day event is an attestation of Nigeria’s efforts at mitigating the effects of climate change and ensuring food security for Nigerians.
Read Also Senate, NSA, Service Chiefs Hold Closed-Door Meeting Over Insecurity
Recalling that food security was one of the eight areas of priority declared by President Bola Ahmed Tinubu as part of his Renewed Hope Agenda, which led to the declaration of a state of emergency on food security, the VP highlighted ongoing policy reforms by the administration to ensure food and water availability, as well as affordability.

In a statement by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, Shettima said: “Our solution to the potential food crisis has become immediate, medium, and long-term strategies.
Read Also Wigwe’s Death: Access Bank Appoints Agbede As Acting CEO
“The short-term strategy entails revitalizing 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,” the Vice President stated.

WP2Social Auto Publish Powered By :