- Imported food prices in Nigeria rose by 37.65% in 2024.
- Government’s duty-free import policy faced delays, limiting its impact.
- Analysts predict 33.1 million Nigerians may face food insecurity in 2025.
The price of imported food commodities in Nigeria surged by 37.65% between January and December 2024, defying government efforts to curb rising costs. This is according to the latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS).
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EKO HOT BLOG reports that the report revealed that the average price of imported food reached its highest level in December, recording an increase of 260.8 basis points from the 692.6 basis points recorded in January 2024. The upward trend in food prices has been consistent since 2020, further burdening Nigerian households already grappling with high inflation.
December 2024 also saw a 41.28% year-on-year increase in imported food prices, marking a steep rise of 278.6 percentage points. This surge comes amid government initiatives, including a 150-day duty-free import window announced in July 2024, to use food imports as a strategy to lower basic food costs and enhance food security.
The price hike has been attributed to several factors, including currency devaluation, global supply chain disruptions, and inefficiencies in domestic policies.
Under the government’s duty-free policy, commodities such as maize, husked brown rice, wheat, and cowpea were allowed into the country at zero import duty, with the aim of reducing costs and making staple foods more affordable. However, bureaucratic delays hindered implementation. A 32,000-ton shipment from Thailand, part of the initiative, only arrived in Lagos in December 2024.
At a briefing, Comptroller General of Customs, Bashir Adewale, highlighted the complexities of the policy. He explained that the government had intentionally restricted imports of polished rice to protect local farmers and millers, emphasizing that certain imported commodities serve as raw materials for manufacturing industries.
“Implementation has been ongoing, but we must understand the broader objectives of the policy. It’s not just about zero-duty concessions but also protecting the interests of local stakeholders,” Adewale stated.
Despite these efforts, economic analysts warn of worsening food insecurity in the coming year. PricewaterhouseCoopers (PwC) projects that the current economic challenges, high inflation, and violence in northern food-producing regions may push 33.1 million Nigerians into food insecurity by 2025.
