July 17, 2024

 

Nigeria suspends import duties on wheat and maize

Nigeria's Minister of Agriculture, Abubakar Kyari, has confirmed the suspension of duties, tariffs, and taxes on the importation of major commodities like maize and wheat under the Tinubu administration, Premium Times reported.

 

The minister said that the imported food would be subject to a Recommended Retail Price (RRP).

 

The minister explained that the new policy aims to drastically reduce the prices of basic food items, which have surged since President Bola Tinubu removed petrol subsidies and floated the naira.

 

In addition to allowing duty-free importation, the federal government will import 250,000 metric tonnes each of wheat and maize. These semi-processed commodities will be supplied to small-scale processors and millers nationwide.

 

This translates to importing approximately 2.5 million bags (100 kg each) of maize and wheat to alleviate shortages and reduce market prices.

 

Nigerians have been grappling with rising food prices, a situation worsened by the removal of petrol subsidies and the floating of the naira in 2023.

 

The surge in prices has forced some businesses and farm owners to shut down, while many farmers have reduced production due to insecurity and fluctuating weather conditions.

 

President Tinubu declared a state of emergency on food insecurity last year, but food inflation has persisted.

 

Recent reports indicate that several poultry farmers have cut down production due to the high cost of poultry feed ingredients like maize and soybeans, making poultry farming unsustainable.

 

The government has granted a "150-Day Duty-Free Import Window for Food Commodities."

 

Kyari assured that all standards would be maintained to ensure the safety and quality of imported food items.

 

The government will engage stakeholders to set a GMP and purchase surplus food commodities to restock the National Strategic Food Reserve and increase production for the 2024/2025 farming cycle.

 

Other measures include continued support to smallholder farmers during the ongoing wet season farming, strengthening and accelerating dry season farming nationwide, and embarking on aggressive agricultural mechanization to reduce drudgery, lower production costs, and boost productivity.

 

Additionally, the government will collaborate with sub-national entities to identify irrigable lands and increase cultivation.

 

A "Renewed Hope National Livestock Transformation Implementation Committee" has been inaugurated to develop and implement livestock development policies, aligning with the National Livestock Transformation Plan. A Ministry of Livestock Development has also been created.

 

Over the next 14 days, the government will work with the Presidential Food Systems Coordinating Unit (PFSCU) and the Economic Management Team (EMT) to finalise implementation frameworks and ensure public availability of information.

 

-      Premium Times