Nigerian Govt moves to regulate food prices as hardship looms

The Nigerian Government is taking steps to regulate the prices of food in response to hardship.

To address the growing issue of food inflation in the nation, The Federal Government is proposing to establish a National Commodity Board.

On Tuesday, during a two-day strategic meeting in Abuja focused on climate change, food systems and resource mobilization, Vice President Kashim Shettima announced this information.

Shettima elaborated on the fact that the board will receive authorization to evaluate and manage food costs, in addition to preserving a strategic reserve of essential grains and other food products for maintaining price stability.

He declared that the occurrence was proof of the government’s endeavors to reduce the impact of climate change and guarantee sustenance for Nigerians.

As part of the Renewed Hope Agenda, President Bola Tinubu declared food security to be one of his eight areas of priority, as noted by Shettima.

He claims that this resulted in the declaration of a state of emergency concerning food security.

He emphasized the current measures implemented by the government to guarantee accessible and reasonably-priced food as well as water.

“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 like the distribution of fertilizers and grains to farmers and households to cushion the effects of subsidy removal.

“It also entails fostering collaboration between the Ministries of Agriculture and 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 guaranteed that under the Tinubu administration, there was complete commitment towards investing in the rehabilitation of deteriorated land…[CONTINUE READING HERE]>>