FG Removes Tariffs On Rice Importation, Set To Import 500,000 Metric Tonnes Of Maize, Wheat To Tackle Food Inflation
The President Bola Tinubu-led Nigerian government has announced measures to tackle the skyrocketing food prices nationwide.
The Minister of Agriculture and Food Security, Senator Abubakar Kyari, said the measures would be implemented over the next 180 days.
“A 150-Day Duty-Free Import Window for food commodities which includes; suspension of duties, tariffs and taxes for the importation of certain food commodities through land and sea borders.”
The commodities the government is prioritising to benefit from this include: Maize, Husked Brown Rice, Wheat and Cowpeas.
The statement from the minister further noted that “Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).”
The government further promised to ensure importation of only quality produce.
“In addition to the importation by private sector, 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.”
According to the government, “it would engage relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve.”
According to the government, it plans the development of a strategic engagement for youth and women across the federation
“For immediate greenhouse cultivation of horticultural crops such as tomatoes and pepper to increase production volume, stabilise prices, and address food shortages.”
The government also stated that it would launch “The Renewed Hope National Livestock Transformation Implementation Committee” which would be inaugurated on Tuesday, 9th July 2024 with a view to developing and implementing policies that prioritise livestock development and ensure alignment with the National Livestock Transformation Plan.”
The Tinubu-led administration also noted that it plans to scale up support for Homs Green Initiative by the office of the First Lady of the Federal Republic of Nigeria.
“The success of the measures aforementioned is contingent on cooperation and collaboration of all relevant MDAs and stakeholders.” the government noted in its press statement.
Nigerians have continued to suffer from issues of rise in prices of food, with food inflation reaching highest in many years.
