The price of staple food rice is set to crash as Nigeria just received a shipment of 32,000 tonnes of brown rice from Thailand, marking the first significant import of the staple in a decade.
The move is part of the federal government’s efforts to reduce soaring food prices and address food insecurity in the country.
According to a report by Bloomberg, the shipment was facilitated by Ducat, a maritime logistics firm, and arrived in Lagos under a new policy that temporarily suspends import tariffs on essential food items.
“Nigeria has been working hard to find solutions to broaden and strengthen its food supply accessibility,” said Adrian Beciri, CEO of Ducat.
The tariff-free initiative, introduced in July 2024, included a 150-day suspension of tariffs, duties, and taxes on several commodities, including rice, maize, wheat, and cowpeas.
The policy aimed to ease the pressure on households grappling with rising food costs and improve overall food availability.
However, the implementation of the initiative faced significant delays. Reports indicate that bureaucratic hurdles within the Ministry of Finance hindered the policy’s early rollout.
To address these challenges, Finance Minister Wale Edun met with customs officials in September to fast-track the execution of the program, signaling a renewed urgency to mitigate the impact of inflation on Nigerians.
Despite these measures, inflation remains a critical issue for the country. The November Consumer Price Index (CPI) showed an overall inflation rate of 34.6%, with food inflation peaking at 39.93%. This highlights the pressing need for more robust and sustained interventions to stabilize food prices and enhance food security.
The arrival of the rice shipment is expected to provide temporary relief and bolster domestic supply, but experts emphasize the importance of structural reforms in agriculture and supply chain management to ensure long-term food affordability and economic stability.
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