Nigeria to tackle soaring food prices

NIGERIA has touted plans to regulate food prices. On Tuesday, the vice-president of the country, Kashim Shettima revealed the federal government’s plans to set up a committee in charge of controlling the soaring food prices. He noted that they would be significantly empowered to control the prices of foods across the country.

A report by the Nigerian newspaper, The Cable, showed that the Vice President of Nigeria, announced on Tuesday during a two-day high-level strategic forum on climate change, food systems, and resource mobilization in Abuja, that the government plans to set up a committee in charge of combating food insecurity.

The Vice President also mentioned that the board would be entrusted with evaluating and controlling food costs in addition to keeping a strategic food reserve to keep the prices of essential grains and other food items stable.

This announcement came after the federal high court in Lagos directed the federal government on February 7, 2024, to fix the cost of goods and petroleum products within seven days. “Our solution to the potential food crisis has become immediate, medium, and longterm 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,” he said.

“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.