Food prices to crash in 180 days – Agric Minister

Food prices to crash in 180 days – Agric Minister
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A view from Wuse Bazaar (Fruit Market) in Abuja, Nigeria on February 18, 2024. [Getty Images]

He announced that there would be a suspension of duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders.

Following Nigerians’ growing concerns about the soaring prices of essential food items, the Minister of Agriculture and Food Security, Senator Abubakar Kyari, has made a significant announcement.

He has reaffirmed his commitment to the issue and assured that food prices will soon see a substantial reduction.

Kyari announced on his X account that food prices would significantly drop within the next 180 days.

“Our administration has unveiled a series of strategic measures aimed at addressing the high food prices currently affecting our nation. These measures will be implemented over the next 180 days,” he wrote.

He, however, outlined a series of measures to be rolled out during this period.

150-Day Duty-Free Import Window for Food Commodities

He announced that there would be a 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 (RRP). We understand concerns about the quality of these imports, especially regarding their genetic composition,” he wrote.

A trader waits for costumers while selling grains, legumes and flours in his stall at a market in the Obalende area of Lagos on December 18, 2023. [Getty Images]
A trader waits for costumers while selling grains, legumes and flours in his stall at a market in the Obalende area of Lagos on December 18, 2023. [Getty Images]

He stated that 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 tons of wheat and 250,000 metric tons 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 and purchase surplus food commodities to restock the National Strategic Food Reserve.”

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