The Federal government’s decision to implement a 150-day import duty-free period for a limited selection of food items in an effort to combat price increases is viewed as a positive move by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Center for the Promotion of Private Enterprise (CPPE).
Remember that the government will permit a 150-day duty-free period for rice, maize, wheat, and cowpeas under its Accelerated Stabilization and Advancement Plan, Senator Abubakar Kyari, Minister of Agriculture and Food Security, informed journalists on Monday.
“They include the suspension of duties, tariffs, and taxes for the importation of certain food commodities (through land and sea borders); and a 150-day duty-free import window for food commodities.”
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Center for the Promotion of Private Enterprise (CPPE) see the Federal government’s decision to impose a 150-day import duty-free period for a restricted selection of food items as a proactive measure to counteract price increases.
Senator Abubakar Kyari, Minister of Agriculture and Food Security, reminded journalists on Monday that under the Accelerated Stabilization and Advancement Plan, the government will allow a 150-day duty-free period for rice, maize, wheat, and cowpeas.
“They include the suspension of duties, tariffs, and taxes for the importation of certain food commodities (through land and sea borders); and a 150-day duty-free import window for food commodities.”
He stated that in order to keep Nigeria from becoming an importer’s dump, the government needs involve all parties involved in the value chain.
“With this program, Nigerian households would be able to lessen the high food inflation that is now plaguing them.
But even though we support these steps, the government needs to start talking to all the parties involved in the agriculture value chain right away.
In order to prevent Nigeria from becoming a commodity dump where we already have a respectable level of self-sufficiency, this participation is essential. NACCIMA stated that maintaining the expansion of our agricultural sector and safeguarding local investments must continue to be top priorities.
Muda Yusuf, the Director-General of CPPE, stated that an urgent solution was needed to address Nigeria’s skyrocketing food inflation, which was recorded at 40.66 percent in May 2024.
‘’With food inflation at over 40%, it’s possible that the nation’s largest problem right now is food inflation, particularly in terms of social issues.
‘’The ramifications of rising food prices are really alarming. Since it’s an emergency, an emergency response is required.
‘’In light of this, I will support the government’s choice to investigate the possibility of using trade policy to address the issue.
From my perspective, this is a positive move. Naturally, this has no bearing on the ongoing initiatives to increase domestic food production.
This occurs while rising food prices continue to be a source of frustration for Nigerians.
According to the National Bureau of Statistics, in April 2024, the prices of several commodities such as yam, beans, garri, and rice skyrocketed by more than 130%.