The All Farmers Association of Nigeria (AFAN) has called for the establishment of Commodity Regulatory Boards to tackle the continuous rise in food prices across the country.
AFAN Southwest/Lagos State Chairman, Mr. Femi Oke, appealed during an interview with journalists in Lagos on Thursday.
Oke highlighted that implementing commodity boards would benefit both consumers and local farmers.
 “The Commodity Regulatory Board is crucial for regulating the prices of essential commodities in the market. Even during periods of excess production, these boards are vital; the government could intervene by purchasing the surplus and assisting farmers, preventing them from incurring losses,” Oke explained.
He further emphasised that establishing these boards would create a win-win situation for both farmers and consumers, helping to reduce price inflation and address food insecurity.
Oke also pointed out that commodity boards were previously enforced under past administrations, yielding positive outcomes for the country.
“In the past, we have seen how commodity boards benefited the country, particularly during certain presidencies. For example, during Governor Jakande’s tenure in Lagos State, a commodity board was set up, which significantly reduced inflation in commodity prices,” he said.
He called on the government to establish these boards nationwide, noting their potential to benefit everyone, not just farmers, but also consumers by reducing food inflation.
Meanwhile, agriculture expert and co-founder of Corporate Farmers International, Mr. Akin Alabi, argued that the government cannot effectively regulate food commodity prices without providing substantial support to farmers.
“The government cannot influence commodity prices without offering subsidies on farming inputs.”
“Commodity regulatory boards can only work effectively if the government provides direct support to small farmers, including funding for inputs such as seeds and other essential resources,” Alabi stated.
Alabi further explained that farmers, who invest their funds to produce food, should not have prices dictated to them without government assistance in acquiring necessary inputs.
“If the government supports farmers with direct funding for inputs, they will be in a better position to regulate prices,” he said, emphasising the importance of encouraging cash crop production to boost agricultural exports
