The prices of key food items in Nigeria are expected to experience a significant drop following the federal government’s decision to suspend duties, tariffs, and taxes on the importation of essential food commodities. This move is part of a broader strategy by the government to address the soaring food prices that have been affecting citizens across the nation.
On Wednesday, Abubakar Kyari, Nigeria’s Minister of Agriculture and Food Security, confirmed the federal government’s decision to temporarily suspend these import duties, which had been widely anticipated in recent reports. Kyari shared the details of this initiative through a social media post, outlining the steps being taken to tackle the rising costs of food in the country.
The government’s new measures include a 150-day duty-free import window for several critical food items such as maize, husked brown rice, wheat, and cowpeas. The suspension covers both land and sea border imports, aiming to make these essential commodities more accessible and affordable. This policy will remain in effect for 180 days, as announced by Kyari.
Further clarifying the government’s approach, Kyari noted that the imported food items will be sold at Recommended Retail Prices (RRP), ensuring that the pricing remains controlled. He also addressed concerns over the quality of these imports, particularly regarding their genetic composition, assuring the public that strict quality standards will be upheld to guarantee the safety and suitability of the food products for consumption.
This government intervention follows a motion passed by the Senate urging the federal government to take immediate action to address food insecurity and curb the manipulation of food prices in the market. The motion, which was supported by Senators Sunday Karimi and Ali Ndume, highlighted the growing concerns over the affordability and availability of food items across Nigeria.
Senator Karimi, who led the debate on the issue, pointed out the alarming rise in the prices of goods and essential consumables. He noted that food inflation had surged to 40.66%, a sharp increase from the previous rate of 24.82% in May 2023, according to data from the National Bureau of Statistics (NBS). This sharp inflation is linked to a variety of factors, including insecurity in food-producing regions, poor infrastructure, and the rising costs of transportation.
Additionally, Karimi emphasized that the devaluation of the Naira had further contributed to the surge in food prices, which has led to a decline in the purchasing power of the average Nigerian. However, he attributed much of the price hikes to the actions of merchants and retailers who are taking advantage of the situation by inflating prices to maximize profits.
He criticized the behavior of traders, suggesting that their actions are driven by a desire for excessive profits, compounded by the perceived lack of accountability among political and corporate elites, many of whom have been accused of exploiting public funds without facing legal consequences.
In response to this market manipulation, the government is hopeful that the suspension of import duties will help stabilize prices and alleviate the burden on Nigerian consumers. The long-term aim is to ensure that the country can address its food security challenges while fostering a more equitable market environment.
