The federal government has granted a 150-day duty-free window for maize, husked brown rice, and wheat imports as part of measures to tackle rising food prices in the country.
Sen. Abubakar Kyari, the Minister of Agriculture and Food Security, revealed this information in a press release as part of the Presidential Accelerated and Stabilisation Advancement Plan (ASAP) execution.
The report states that the federal government plans to import 250,000 metric tonnes of wheat and maize to replenish the depleted strategic grain reserve to address the issue of food security within 180 days. Additionally, the government plans to grant a 150-day import window for specific food commodities.
Additionally, to get a Guaranteed Minimum Price (GMP) for commodities, increase output, particularly among small-holder farmers during the 2024–2025 growing season, and promote the production of fortified food commodities, among other things, the federal government will involve stakeholders.
It said,
“To find the greatest ways to provide Nigerians with the finest outcomes, the EMT has been meeting day and night. To alleviate food inflation in the country, which is caused by affordability and exacerbated by availability, the government has taken a series of measures to be implemented over the next 180 days.
- “A 150-Day Duty-Free Import Window for Food Commodities
- suspension of duties, tariffs, and taxes for the importation of certain food commodities (through land and sea borders)
- these commodities include Maize, Husked Brown Rice, Wheat, and Cowpeas
- Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).
- In addition to the importation by the private sector, the Federal Government will import 250,000MT of Wheat and 250,000MT of Maize. The imported food commodities in their semi-processed state will target supplies to the small-scale processors and millers across the country.
- Engage relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve.
- Continuous ramp-up production for the 2024/2025 farming cycle.”
The Agriculture Minister also announced that the Ministry will engage with the Economic Management Team (EMT) and the Presidential Food Systems Coordinating Unit over the next 14 days to establish the implementation framework for the policy objectives.
What to note
The Presidency’s previous stance on food imports, which held that Nigeria should grow its own food because it can feed itself and export, is in contrast to the decision to approve food imports.
As previously reported by the News Chronicles, the federal government is considering the temporary importation of food commodities to curb the nation’s spiraling food prices.
Food inflation in Nigeria reached 40% in May 2024, making it one of the greatest food crises the country has seen in a decade. According to data from the NBS, the average increase in the price of staple foods over the past year has been more than 100%, including rice, maize, wheat, bread, beans, and others.
According to projections by international development agencies such as the World Bank, FAO, World Food Programme (WFP), and others, the present food crisis will cause over 32 million Nigerians to suffer from severe hunger by 2024.
