"Government Plans National Commodity Board to Tackle Soaring Food Prices and Ensure Stability"

 

"Government Plans National Commodity Board to Tackle Soaring Food Prices and Ensure Stability"

The Federal Government said yesterday it was planning to establish a National Commodity Board as a solution to the escalating food inflation in the country.

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 to stabilise prices of crucial grains and other food items.

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

Delivering his address, titled “Climate Resilience and Food Security: Nigeria’s Vision for the Future,” Senator Shettima said the two-day event was an attestation of Nigeria’s efforts at mitigating the effects of climate change and ensuring food security for Nigerians.

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.

Shettima in a statement by his spokesman, Stanley Nkwocha, said:  “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, such as 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.”

He assured that while the Tinubu administration was fully invested in the restoration of degraded land, there were ongoing plans “to restore four million hectares, or nearly 10 million acres, of degraded lands within” the nation’s borders as its contribution to the AFR100 Initiative.

On how the government was handling the security challenges that had prevented farmers from working on their farms, he said:  “I wish to assure you that we will engage our security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of attacks.

“We won’t only make it safe for farmers to return to their farms, but we will also ensure the activation of land banks. There is currently 500,000 hectares of already mapped land that will be used to increase the availability of arable land for farming, which will immediately impact food output.”

VP Shettima added that the Tinubu administration was also collaborating with mechanisation companies to clear more forests and make them available for farming, adding that even the Central Bank of Nigeria would also continue to play a major role in funding the agricultural value chain.

He said:  “We will deploy concessionary capital to the sector, especially towards fertilizer, processing, mechanization, seeds, chemicals, equipment, feed, labour, among others.

”The concessionary funds will ensure food is always available and affordable, thereby having a direct impact on Nigeria’s Human Capital Index, HCI. This administration is focused on ensuring the HCI numbers, which currently rank as the 3rd lowest in the world, are improved for increased productivity.”

He also revealed frantic efforts by the administration to ensure a massive boost in employment and job creation, noting that it was another presidential area of priority.

“The government will make agriculture attractive for our teeming youth population, with a view to creating between 5 and 10 million more jobs within the agriculture value chain, working with the current 500,000 hectares of arable land and the several hundreds of thousands more farmlands to be developed in the medium term,” he said.

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