In a bid to alleviate the soaring prices of essential food items across Nigeria, the federal government has announced sweeping measures to facilitate the importation of key commodities without levies or duties. The Minister of Agriculture and Food Security, Abubakar Kyari, revealed that the government has earmarked a substantial N2 trillion to combat food inflation.
Minister Kyari disclosed during a press briefing in Abuja that the government has implemented a 150-day duty-free import window specifically targeting food commodities. This initiative encompasses maize, husked brown rice, wheat, and cowpeas, aiming to bolster food availability through both land and sea borders.
President Bola Tinubu’s Presidential Accelerated Stabilisation and Advancement Plan is the cornerstone of this effort, designed to enhance food security and stabilize the economy amidst rising global uncertainties.
Strategic Importation and Price Regulation
Highlighting the urgency of the situation, Minister Kyari emphasized that recent months have seen unprecedented hikes in food prices nationwide. As part of the new policy, imported food items will be subjected to a Recommended Retail Price (RRP) to prevent market exploitation.
Furthermore, the government plans to import 250,000 metric tons each of wheat and maize in semi-processed forms. These imports are slated to support small-scale processors and millers across Nigeria, ensuring a steady supply chain.
Guaranteed Minimum Price and Strategic Reserves
Addressing concerns over future food security, the minister underscored plans to collaborate with stakeholders to establish a Guaranteed Minimum Price (GMP). Additionally, efforts will focus on replenishing the National Strategic Food Reserve by procuring surplus food commodities.
In recent months, Nigerians have faced exorbitant price hikes across staple food items such as rice, maize, and yam tubers. According to the National Bureau of Statistics, the average prices of these commodities have surged significantly year-on-year, compounding economic hardships for citizens.
Government Intervention and Stability Measures
Earlier reports from Legit.ng indicated that the federal government had procured 58,500 tons of milled rice from the Rice Farmers Association to stabilize the market. Minister Kyari also revealed ongoing efforts to halt the World Food Programme’s purchases from local markets to mitigate food scarcity concerns.
Furthermore, the minister highlighted the Central Bank of Nigeria’s recent fertilizer donation as a critical step towards enhancing agricultural productivity and stabilizing food prices nationwide.
The government’s comprehensive approach seeks to tackle immediate price escalations while laying the groundwork for sustained food security and economic stability in the months ahead.
**Keywords:** Nigerian government, food prices, import duties, food inflation, Abubakar Kyari, maize, rice, wheat, cowpeas, duty-free import window, economic stability
