The Lagos Chamber of Commerce and Industry (LCCI) has issued a response to the recent announcement by the Federal Government regarding its plan to establish a National Commodity Board aimed at regulating the rising food prices in the country.
Nigeria’s food inflation stands at 33.9 percent as of January 15, 2024, according to National Bureau of Statistics data.
While acknowledging the potential benefits of the proposed commodity board in bringing stability to food prices and creating a strategic food reserve, the LCCI emphasized the need for careful implementation to avoid market distortion and over-regulation. The Chamber recommends a comprehensive approach that combines short-term interventions with medium-term strategies for sustained and effective results.
“The Chamber emphasizes the importance of private sector involvement in decision-making and implementation processes for inclusivity and effectiveness. LCCI stands ready to collaborate with the government to address the critical issue of food security and stabilize prices for the benefit of all Nigerians.”
The LCCI also recommended the need for government to include prioritizing the distribution of fertilizers and grains to counteract the immediate effects of subsidy removal, fostering collaboration between ministries for efficient farmland irrigation, expediting the establishment of the National Commodity Board, and actively engaging the youth population in agriculture.
