Nigeria To Create National Commodity Board To Regulate Food Prices

News in Brief: - Nigeria plans to create a national commodity board to regulate food prices and stabilise grain prices in a bid to address inflation linked to climate change and policy reforms. - This short-term solution is part of broader efforts to ensure food and water availability and affordability for Nigerians. Nigeria’s Vice President Kashim Shettima has announced plans to establish a National Commodity Board, a move he says is crucial in addressing rising food prices in Nigeria. His statement came during a high-level meeting on climate change, food systems, and resource mobilisation. The meeting, held over two days, was an exclusive strategic engagement on climate change, food systems and resource mobilisation. Shettima, in his speech, revealed that the board will assess and regulate food prices. He added that the scope of work includes maintaining a strategic food reserve to stabilize prices of crucial grains and other food items. Specifically, these moves are aimed at tackling rising prices of food, which have been affected by events like climate change, to fallout of subsidy removal policies.

Government's short-term strategy

Speaking further on measures to address current food challenges, the Vice President gave a list of actions to be undertaken in that regard. These include;

• Revitalizing food supply: Distributing fertilisers and grains to farmers and households to mitigate the impact of subsidy removal.
• Addressing price volatility: Establishing the National Commodity Board for ongoing price assessment and regulation.

Furthermore, Shettima stressed the need for immediate, medium, and long-term strategies. He said these were necessary in addressing potential food crisis. He also highlighted ongoing policy reforms focused on ensuring food and water availability and affordability for Nigerians.