On July 8, the Federal Government announced a 150-day duty-free import

window for food commodities, a move which was targeted at ensuring a

reduction in the inflation rate in the country. The government also

collaborated with states to expand land cultivation across the country.

This is coming after the government suspended duties, tariffs, and taxes for

the importation of certain food commodities through the land and sea

borders. Among other things, the latest directive is expected to reduce

demand for foreign exchange by food importers as the country spent

$2.13bn in 2023 to import food items from foreign countries.

The quarterly statistics of the Central Bank of Nigeria showed that the

country exported large amounts of food from foreign countries despite being

touted as the food basket of Africa.

Speaking at the press conference held in Abuja, the Minister of Agriculture

and Food Security, Abubakar Kyari, said, 150 days of duty-free imports would

be valid for commodities including maize, husked brown rice, wheat, and

cowpeas. He said the initiative, which is part of the Presidential Accelerated

Stabilisation and Advancement Plan, would also enable the Federal

Government to import 250,000 metric tonnes of wheat and 250,000MT of

maize, while, the imported food commodities were in their semi-processed

state would target supplies to small-scale processors and millers across the

country.

The minister also said, the imported food commodities in their semi-

processed state will target supplies to small-scale processors and millers

across the country, while, a follow-up to the earlier directive of the

government, the Comptroller General of Customs, Adewale Adeniyi, recently

announced that the NCS would begin implementation of the duty waiver on

imported foods soon, adding that, the long-term interests of Nigerian

farmers and other stakeholders who are involved in the production of the

affected food items must be considered, while, in Abuja during a combined

news conference by the heads of security agencies and service chiefs,

convened by the Chief of Defence Staff, Gen. Christopher Musa at the

Defence Headquarters said, the guidelines for implementation were still

being worked out at the Ministry of Finance, saying it would begin as soon as

the guidelines were ready.

Adeniyi appealed to Nigerians to exercise patience, adding that efforts were

ongoing to address the demands of the August protesters, especially

concerning food inflation and the cost of living, adding that, the decision by

the Federal Government has been themed by many industry players as a

move in the right direction because it was coming when the country’s

inflation rate was 34.19 per cent, while, the National Bureau of Statistics, in

its Consumer Price Index and Inflation Report for June 2024, stated that

Nigeria’s inflation rate increased to 34.19 per cent, an increase of 0.24

percentage points from the previous headline inflation rate of 33.95 per cent

in May.