FG Moves To Regulate Prices Of Goods As Hardship Bites Harder

The federal government has said plans are in the works to establish a National Commodity Board as a solution to the escalating food prices in the country.

The commodity board will be expected to assess and regulate food prices, as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items.

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

Speaking on “Climate Resilience and Food Security: Nigeria’s Vision for the Future”, Senator Shettima said the event was an attestation of Nigeria’s efforts at mitigating the effects of climate change and ensuring food security.

The VP, who highlighted ongoing policy reforms by the administration to ensure food and water availability and affordability, said the solution “to the potential food crisis has become immediate, medium, and long-term strategies”, adding that 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; and addressing price volatility by establishing a National Commodity Board.

He said: “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 is fully invested in the restoration of degraded lands, there are 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 is handling the security challenges that have 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.”

He implored those at the event, including development partners, private investors and the diplomatic community, among others, to make sure the high-level engagement results in a positive outcome.