Nigeria Mulls National Commodity Board to Tackle Food Price Volatility

Nigeria is considering the establishment of a National Commodity Board aimed at mitigating the escalating food inflation that has been a concern for the nation.

Vice President Kashim Shettima disclosed this during a high-level strategic meeting on climate change, food systems, and resource mobilization held at the Banquet Hall of the Presidential Villa in Abuja.

Shettima highlighted that the proposed board would play a pivotal role in assessing and regulating food prices, as well as maintaining a strategic food reserve to stabilize prices of essential grains and other food items.

This initiative underscores the government’s commitment to addressing the challenges posed by price volatility in the food market.

In his address titled “Climate Resilience and Food Security: Nigeria’s Vision for the Future,” Shettima underscored food security as a top priority for the administration.

He outlined both immediate and long-term strategies to tackle potential food crises, including the distribution of fertilizers and grains to farmers and households, fostering collaboration between the Ministry of Agriculture and the Ministry of Water Resources for efficient farmland irrigation, and establishing a National Commodity Board to address price fluctuations.

Also, Shettima assured participants of the government’s efforts to restore degraded lands, engage security architecture to protect farmers, and activate land banks to increase arable land for farming.

He stressed collaboration with mechanization companies and the Central Bank of Nigeria in funding the agricultural value chain to ensure food availability and affordability, thus contributing to Nigeria’s Human Capital Index improvement and job creation within the agriculture sector.

The proposal for a National Commodity Board reflects Nigeria’s commitment to enhancing food security and fostering economic stability amid evolving challenges.

As discussions progress, stakeholders await further details on the implementation and effectiveness of this proposed initiative.