Prices to Crash as Nigeria Gets Rice Supply From Thailand to Boost Food Security

• Nigeria has received a brown rice shipment in a move to alleviate increasing food prices
• According to a logistics firm, DUCAT, about 32,000 tons of consignment arrived in Lagos state
• Experts say the move will alleviate the rising food costs in Nigeria and enhance food security nationwide

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

Nigeria received a shipment of brown rice as it began to alleviate rising food costs, squeezing Nigerians.

A consignment of 32,000 arrived in Lagos, confirmed by the logistic firm DUCAT, which facilitated the shipment.

Nigeria received a rice consignment from Thailand

The rice from Thailand was shipped after the country issued a tariff moratorium on wheat, corn, rice, and other food crops in 2024.

Despite the duty waiver, purchases have been limited to not hurt local producers.

According to DUCAT Chief Executive Officer Adrian Beciri, Nigeria has been working hard to find solutions to increase and boost its food security and supply accessibility.

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Legit.ng reported that Nigeria announced measures to end food inflation six months ago by introducing a 180-day duty-free import window to import wheat, corn, and other food crops.

According to the Agriculture and Food Minister, Abubakar Kyari, imported foods will be subject to recommended retail prices.

Almost six months ago, Nigeria announced a series of measures to curb food inflation, which has been rising rapidly in three decades in a country where more than 200 million people, half its population, live in extreme poverty.

BusinessDay reports that a government official said that guidelines to ensure compliance are fine-tuned and will be released in the coming days.

Nigeria faces the consequences of economic reforms introduced by President Bola Tinubu when he assumed office in 2023.

Nigerians affected by rising food prices

The measures include the naira devaluation and several hikes in electricity tariffs, with food inflation rising to 41% in May last year.

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The increased prices and depreciating naira in 2024 made the Central Bank of Nigeria (CBN) hike interest rates.

In December 2024, the government announced plans to curb price growth under the Inflation Reduction and Price Stability Order.

Removes taxes on food import

Legit.ng earlier reported the Nigerian government has given importers the leeway to import food into the country to end food security,

The Minister of Agriculture and Food Security, Abubakar Kyari, said the government approved N2 trillion to curb food inflation.

Kyari stated that the government has also approved a 150-day duty-free import window for food commodities to allow the import of some commodities through land and sea borders

Source: Legit.ng