In a significant move applauded by agricultural experts, President Bola Tinubu has announced plans to reintroduce a commodity board aimed at stabilizing food prices in the country. Various stakeholders in the agricultural sector have expressed their support for this initiative, highlighting its potential to boost food security.
According to Ayoola Olalusi, a professor at the Federal University of Technology, Akure, the reintroduction of the commodity board will effectively tackle the escalating cost of food and establish consistent market prices. Olalusi also commended President Tinubu for his focus on agricultural development and the potential to enhance the export of agricultural products.
Africanfarmer Mogaji, former chairman of the Lagos Chambers of Commerce and Industry, Agric and Agro-Allied Group, lauded the president’s commitment to prioritizing agriculture and ensuring food security. Mogaji remarked that Tinubu’s inaugural speech resonated with the challenges faced by the country, and he specifically appreciated the emphasis on storage, trading, credit facilitation, and the reestablishment of the commodity board.
Olufemi Ajayi from the Department of Agricultural Extension at Obafemi Awolowo University, Ile-Ife, emphasized the need for improved security around farmlands to attract new investors to the sector. Ajayi also suggested the reintroduction of the agric input supply unit within the Ministry of Agriculture to provide farmers with affordable machinery.
Femi Oke, chairman of the All Farmers Association of Nigeria (AFAN), Lagos chapter and South-West zone, stressed that the reintroduction of the commodity board was long overdue. Oke highlighted its vital role in price control, market regulation, and ensuring a seamless flow of food from farm to table.
Overall, the reintroduction of the commodity board has garnered widespread support, as it is seen as a crucial step towards addressing food price volatility and promoting agricultural stability in the country.