Food price relief on the horizon? Nigerian Govt projects crash in Jan 2025

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In a move aimed at curbing the nation’s rising food prices, the Nigerian Federal Government (FG) has announced its projection of a significant price decrease by January 2025. This optimistic forecast comes amidst a backdrop of growing concern over food insecurity, with prices steadily climbing and availability becoming a challenge for some Nigerians.

The Minister of Agriculture, Abubakar Kyari, outlined the government’s strategy, which includes a multi-pronged approach:

• Import Relief: Suspension of duties, tariffs, and taxes on specific food imports transported by land and sea.
• Strategic Stock Release: Releasing 42,000 metric tons of assorted food commodities from the National Strategic Food Reserve.
• Direct Procurement: Purchase of 58,500 metric tons of milled rice from the Rice Processors Association of Nigeria, along with an additional 30,000 metric tons.
• Long-Term Solutions: Ongoing agricultural initiatives aimed at boosting domestic food production.

While acknowledging the effectiveness of past agricultural programs, Minister Kyari emphasized the urgent need to address the immediate availability crisis.

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In his posts on X, the agriculture minister said, “Our administration has unveiled a series of strategic measures to address the high food prices currently affecting our nation. These measures will be implemented over the next 180 days: 150-day duty-free import window for food commodities; suspension of duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders. These commodities include maize, husked brown rice, wheat, and cowpeas.

“Imported food commodities will be subjected to a recommended retail price. We understand concerns about the quality of these imports, especially regarding their genetic composition. The government assures that all standards will be maintained to ensure the safety and quality of food items for consumption.

“The Federal Government will import 250,000 metric tonnes of wheat and 250,000 metric tonnes of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country; engagement with relevant stakeholders to set a GMP ( good manufacturing practices) and purchase surplus food commodities to restock the National Strategic Food Reserve.”

Only time will tell if the FG’s plan delivers the projected price crash by January. In the meantime, Nigerians grapple with the current high prices and hope for a more affordable and readily available food supply in the coming months.

Tags: Food, Abubakar Kyari, Nigeria, CBN, Duty-free import window, Minister of Agriculture, Bola Tinubu, Federal Government, January, Wheat, Maize, National Strategic Food Reserve