Prices of Rice, Other Food Items to Crash as Customs Is Set to Begin Import Waiver, Sets Rules

• The Nigerian government is reportedly fine-tuning a framework to guide the import of certain food items
• The Comptroller General of Customs, Adewale Adeniyi, disclosed that the guidelines will be ready next week
• President Bola Tinubu approved an N2 trillion package and a 150-day duty-free import window for massive food imports into Nigeria

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The ministry of Finance is developing a framework to guide the expected huge food imports that will soon begin.

The move is one strategy of the Nigerian government to ease the high cost of living across the country.

Nigerians to begin food imports duty-free

The framework will be ready next week, the Nigeria Customs Service comptroller general, Adewale Adeniyi, said on Tuesday, August 6, 2024.

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Adeniyi said the guidelines include zero tariffs on certain food imports, which is necessary to protect local production while providing long-term relief to the country's hunger.

Reports say the Customs boss assured Nigerians of the service's effective implementation of the service's guidelines.

In July, President Tinubu approved an N2 trillion package to tackle food inflation and implement the government’s accelerated stabilization and advancement plan.

Part of the policy is a 150-day duty-free window, which allows the importation of certain commodities via land and sea borders.

Food crisis hits Nigeria

According to reports, Nigeria is facing a food crisis as food inflation reached 40.66% in May 2024, from 24.82% the previous year.

Experts say insecurity in certain food-producing areas is stalling production across the country as farms have been abandoned and farmers seeking refuge in cities and elsewhere.

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Data from the Ministry of Agriculture and Food Security shows that Nigeria is the highest producer of yam tubers, with 40 million metric tons per annum, but demand in the country stands at about 60 million metric tons annually, leaving a gap of 20 million metric tons.

FCCPC finally speaks on a solution to food price hike

Legit.ng earlier reported that in response to the nationwide rise in food prices, the Federal Competition and Consumer Protection Commission (FCCPC) advised Nigerians to be patient.

This was stated on Tuesday during an interactive session with traders at the Dawanau and Galadima markets in Kano, as reported by NAN.

Adamu Abdullahi, the acting executive vice chairman of the FCCPC, said that the government is making appropriate efforts to address the problem.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng