Prices of Bread, Other Food Items to Crash as N96.3 Billion Worth of Maize, Wheat Arrive in Nigeria
- Vessels carrying about 263,015 tonnes of maize and husk wheat, estimated at N96.3 billion, are to arrive in Nigeria
- The Nigerian government authorised the import of the grains as data shows that the vessels will arrive in Lagos and Calabar ports
- The Minister of Finance, Wale Edun, disclosed recently that the Nigerian government had ordered some staples
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
About 263 015 tonnes of imported maize and husk wheat valued at N96.3 billion or $58.36 million are set to arrive at Nigerian ports.
Investigations show that the Nigerian government approved the imports as data from the Nigeria Ports Authority (NPA) shipping position indicated that six vessels would dock with the commodities at the Lagos and Calabar ports.
Source: Getty Images
Vessels due to arrive at Nigerian ports
The Nigerian government set December 2024 as the deadline to import these grains under the 150-day import duty-free window.
The vessels include Bulk Endurance, with 45,000 tonnes; Maina, with 25,674 tonnes; Capt Eugene, with 30,000 tonnes; Desert Harrier, with 54.041 tonnes; and Supra Duke, with 29,000 tonnes.
These vessels will arrive this month alongside 15,100 tonnes from MV Dirina due to dock at the Calabar port.
According to reports, the local price of the grain is estimated at N452,400 per tonne, while the imported price is about $226 per tonne or N372,000, making the local price higher than the imported one as of September 2024.
New Telegraph reports that Queen Alesia, with 25,000 tonnes of maize valued at N7.99 billion, will arrive at the Lagos port to combat food shortages in Nigeria.
Reports say that while the local price of the product is N550,000 per tonne, the global price is about $187 or N299,200, 46% lower than the imported price.
FG authorises massive food imports
The Minister of Finance, Wale Edun, recently disclosed that the Nigerian government had ordered staples like maise and wheat to fight food shortages.
Edun explained that the food items would arrive in the country soon, stressing that the import measure was an interim arrangement so it would not affect local production.
In August, the Nigeria Customs Service (NCS) released import guidelines for implementing zero duty rates and VAT exemptions on husked brown rice, grain, sorghum, and millet.
Nigerians angry as four food items refuse to crash in price
Legit.ng earlier reported that Despite significant reductions in the prices of some food commodities since last month, local rice, beans, eggs, and bread prices had remained steady.
The Nigerian Bureau of Statistics (NBS) disclosed in its report on September 26, 2024, that the commodities recorded between 2.5 and 5.5% price increases in August.
According to the report, the average price of brown beans stood at N2,574.63, indicating a 5.31% monthly increase from N2,44.81 in July.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
