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FG Mulls Commodity Board To Curb Rising Food Prices

Published

2 years ago

February 14, 2024

Editor

The Federal Government on Tuesday hinted at plans to establish a National Commodity Board to curtail the escalating food inflation in Nigeria.

Vice President Kashim Shettima, who revealed the plan, said in tackling price volatility, the board will be empowered to “continually assess and regulate food prices, maintaining a strategic food reserve for stabilising prices of crucial grains and other food items.”

Shettima said this when he declared open a two-day high-level strategic meeting on climate change, food systems, and resource mobilisation held at the Banquet Hall of the Presidential Villa, Abuja.

According to a statement signed by his Senior Special Assistant on Media and Communications, Stanley Nkwocha, the VP was delivering his address titled, “Climate Resilience and Food Security: Nigeria’s Vision for the Future,” saying the two-day event attests to Nigeria’s efforts at mitigating the effects of climate change and ensuring food security for Nigerians.

The statement is titled ‘Food Security: FG mulls commodity board to tackle price volatility, others.’

Describing food security as one of the eight areas of priority of the Tinubu presidency, the VP highlighted ongoing policy reforms to ensure food and water availability and affordability.

He explained, “Our solution to the potential food crisis has become immediate, medium, and long-term strategies.

“The short-term strategy entails revitalising food supply through specific interventions like the distribution of fertilisers and grains to farmers and households to counteract the effects of subsidy removal; fostering collaboration between the Ministry of Agriculture and the Ministry of Water Resources for efficient farmland irrigation, ensuring year-round food production, and addressing price volatility by establishing a National Commodity Board.”

He said while the Tinubu administration is fully invested in restoring degraded land, plans are underway to “restore four million hectares, or nearly 10 million acres, of degraded lands within” the nation’s borders as its contribution to the AFR100 Initiative.

Shettima apprised participants about the government’s handling of the security challenges preventing farmers from returning to their farms.

“I wish to assure you that we will engage our security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of attacks.

“We won’t only make it safe for farmers to return to their farms, but we will also ensure the activation of land banks.

“There are currently 500,000 hectares of already mapped land that will be used to increase the availability of arable land for farming, which will immediately impact food output,” he assured.

The VP Shettima also revealed that the Tinubu administration is collaborating “with mechanisation companies to clear more forests and make them available for farming,” even as the Central Bank of Nigeria “will also continue to play a major role in funding the agricultural value chain.

He noted that the FG would deploy concessionary capital to the sector, especially towards fertiliser, processing, mechanisation, seeds, chemicals, equipment, feed, labour, among others.

“The concessionary will ensure food is always available and affordable, directly impacting Nigeria’s Human Capital Index.

“This administration is focused on ensuring the HCI numbers, which currently rank as the third lowest in the world, are improved for increased productivity,” he added.

Senator Shettima also restated frantic efforts by the administration to make agriculture attractive for the teeming youth population to “create between 5 to 10 million more jobs for them within the agriculture value chain.”

He revealed that the FG would do this by working with the current 500,000 hectares of arable land and the several hundreds of thousands more farmlands to be developed in the medium term.

These efforts, the VP continued, are part of FG’s bid to actualise Sustainable Development Goal Two of “Zero hunger” and the African Union Agenda 2063, which aims to transform Africa into a global powerhouse of the future.

“But we can’t achieve this unless we guarantee food security by building the capacity of smallholder farmers who account for about 88 percent of the total food production in Nigeria,” he further noted.

Therefore, he implored participants, including development partners, private investors, and the diplomatic community to ensure that the high-level engagement results in a positive outcome.

Also speaking at the event, the National Coordinator of NEPAD, Mrs. Gloria Akobundu, said the programme decided to convene the stakeholders’ forum to strengthen smallholder farmers in Nigeria as a way of addressing the food shortage problem in the country.

“We have gathered key stakeholders from across Nigeria and all over the world to commence the resource mobilization conversation for smallholder farmers in Nigeria and Africa and emphasize the urgency of action required in the face of the current and growing food crisis,” Akobundu remarked.

On his part, AU Chairman of Food System, Dr Ibrahim Maiyaki, said Africa’s future challenges in the next 20 to 30 years could be tackled today through three parameters: the continent’s know-how, expertise, and leadership.

Maiyaki called for strong regional integration through food transformation as well as boosting of productivity and economic growth rates through the right policies and governance objectives

Other dignitaries who attended the opening ceremony of the high-level engagement include Chairman, Senate Committee on Cooperation and Integration in Africa, Senator Nasiru Zangondaura; Chairman, Senate Committee on Information and National Orientation, Senator Eze Emeka; representatives of the Governors of Bauchi, Edo, Delta, and Plateau States, as well as members of the Diplomatic Corps.

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PHOTOS: Brazil Welcomes Tinubu With Full Military Honours In Brasília

Published

11 hours ago

August 25, 2025

Editor

Brazil on Monday rolled out full military honours at the Planalto Palace in Brasília to receive President Bola Tinubu.

Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this on X on Monday.

Onanuga said Tinubu was welcomed by his host, President Luiz Inácio Lula da Silva.

He wrote, “More photos of the official reception for President Tinubu at the Planalto Palace in Brasília, Monday, August 25, 2025. Brazil’s President Luiz Inácio Lula da Silva welcomed President Bola Tinubu with full military honours.”

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Tinubu Signs Direct Flight, Other Agreements With Brazil

Published

11 hours ago

August 25, 2025

Editor

President Bola Ahmed Tinubu has signed a landmark Bilateral Air Service Agreement with Brazil, signalling the establishment of direct air links between Nigeria and South America’s largest economy.

The agreement was formalised on Monday during Tinubu’s official state visit to Brasília.

Media aide to the minister, Tunde Moshood, made this known through a statement, made available to The PUNCH.

At the signing ceremony which was witnessed by Messrs Nigerian President, Tinubu and the Brazilian President Luiz Inácio Lula da Silva in Brasilia also had the Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, signed the agreement on behalf of Nigeria, while Brazil’s Minister of Transport, Silvio Costa Filho, also signed for the host country.

The BASA creates a new framework for direct flights between Nigeria and Brazil, with the potential to significantly enhance trade, tourism, investment, and diplomatic relations.

The statement further noted that, “ It also marks a key step in Nigeria’s broader efforts to strengthen international partnerships and improve global connectivity.”

Tinubu had arrived in Brazil with a delegation that included Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of State for Foreign Affairs, Bianca Ojukwu; Minister of Agriculture and Food Security, Abubakar Kyari; and other senior government officials.

According to the statement, the Brazilian President welcomed the agreement, expressing his administration’s commitment to expanding cooperation with Nigeria in sectors such as aviation, agriculture, and infrastructure.

He described the BASA as a reflection of the strong ties between both countries and an opportunity to deepen economic and cultural collaboration.

Tinubu is also scheduled to hold meetings with key Brazilian government officials, including the President of the Senate, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.

The two-day visit will include high-level discussions between Nigerian and Brazilian delegations across various sectors, as both nations explore opportunities for mutual growth and development.

The statement reads, “The ongoing state visit will also see President Tinubu meeting the President of the Brazilian Senate at the National Congress, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.

“The working visit, which continues tomorrow, will also feature high-level engagements between Nigerian and Brazilian delegations across various sectors, underscoring both nations’ commitment to building a future of mutual growth and prosperity.”

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NAFDAC Warns Of Fake Postinor-2 In Circulation

Published

11 hours ago

August 25, 2025

Editor

The National Agency for Food and Drug Administration and Control on Monday issued a public alert, warning the public about confirmed counterfeit batches of Postinor-2 (Levonorgestrel 0.75 mg) now circulating in Nigeria.

The alert follows a report from the Society for Family Health, the marketing authorisation holder, confirming that they did not import the suspect batches.

Postinor-2 (Levonorgestrel 0.75mg) is a brand of emergency contraceptive pill containing the active ingredient levonorgestrel.

NAFDAC revealed there are noticeable labelling discrepancies between the authentic and fake products.

It said, “The National Agency for Food and Drug Administration and Control (NAFDAC) hereby notifies the public of falsified Type 1 and 2 batches of POSTINOR 2 (Levonorgestrel 0.75mg) product in circulation.

“The noticeable difference was found to be as follows: The font size of the text on the pin verification sticker appears smaller and has a wrong spelling of the word Veify instead of Verify on the fake; meanwhile, the text font on the sticker of the original appears bigger and more visible. There is also a wrong spelling behind the pack of the fake “Distnibuted in Nigeria” instead of distributed in Nigeria”, NAFDAC said.

NAFDAC identified the original Postinor-2 as batch T32458H, manufactured in February 2023 with an expiry date of February 2027 and registration number 04-6985.

The agency, however, confirmed two falsified versions: Counterfeit Product (Type 1), batch T36184B, manufactured in August 2024 with an expiry date of August 2028; and Counterfeit Product (Type 2), batch 332, manufactured in March 2023 with an expiry date of February 2027, both carrying the registration number 04-6985.

It said that due to the potential presence of incorrect, substandard, or harmful ingredients, improper dosages of levonorgestrel, and a lack of sterile manufacturing conditions, poses significant risks to individual health and public safety.

“The risks of administering falsified Postinor 2 (Levonorgestrel 0.75mg) include failure of contraceptive effect, toxic or harmful contaminants, unpredictable side effects, delayed or missed opportunity for genuine emergency contraception, and potential long-term reproductive health impact. Unexpected side effects: Unknown substances can trigger allergic reactions, organ damage, or death.

“Counterfeit medicines are unregulated, untested, and illegal, making their safety and efficacy impossible to guarantee. Patients should only obtain Postinor-2 from verified pharmacies or licensed healthcare providers.

“Although Investigations are still ongoing regarding the source of the falsified product, all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the falsified product of type 1 and 2 postinor 2 (Levonorgestrel 0.75mg) within the zones and states,” it added.

NAFDAC urged consumers and healthcare providers to verify PIN stickers carefully, report suspected counterfeit products, and always purchase medications from reputable sources.