The Nigerian government has made plans to halt taxes on certain food imports (wheat, brown rice and maize) for 150-days, and recommend a retail price in an attempt to bring the rising prices of food under control, according to the agricultural minister on Monday.
The move is part of the federal government’s policy to stop food inflation – a development that has steadily climbed to over 40% year-on-year – and increase growth in the country.
Prior to this development, President Tinubu had asked his economic management team to prepare a 2 trillion Naira ($1.33 billion) stimulus plan to address the crises over food supplies and pricing and bolster key sectors, according to the finance minister.
What They’re Saying
The Agricultural Minister, Abubakar Kyari had in a statement posted on X, said:
“To ameliorate food inflation in the country caused by affordability and exacerbated by availability, the government has taken a raft of measures to be implemented over the next 180 days.”
He also revealed that the government would import 250,000 metric tons of wheat and 250,000 metric tons of maize in addition to imports by the private sector. These commodities will be imported in their semi-processed state and target supplies to small-scale processors and millers.
Finally, the minister said that the tax waiver would cover food commodities imported through the country’s land and sea borders.
Why It Matters
Food inflation has soared in the West African nation with insecurity in parts of the country’s food producing regions and poor road network linking farms to markets.
Soaring costs of food staples have deepened the cost of living crisis and added to double-digit inflation which is stuck at nearly 30-year high.
