Nigeria has acquired a cargo of 32,000 tons of brown rice from Thailand as the federal government seeks to alleviate the rising prices of meals within the nation.
In response to a Bloomberg report citing the logistics firm that facilitated the cargo, DUCAT, the consignment, the primary in a decade, has arrived in Lagos.
The grain from Thailand was shipped after the federal authorities issued a tariff moratorium on wheat, corn, rice, and different meals crops final 12 months, DUCAT added.
“Nigeria has been working onerous to search out options to broaden and strengthen its meals provide accessibility,” DUCAT Chief Govt Officer Adrian Beciri stated in an announcement.
The coverage
To fight rising meals inflation, the federal authorities in July final 12 months accepted a 150-day duty-free for importing maize, husked brown rice, and wheat, below which it was to import 250,000 metric tonnes of wheat and maize to replenish the strategic grain reserve.
Different plans below the coverage embrace setting a Assured Minimal Worth (GMP) for commodities, rising manufacturing amongst smallholder farmers for the 2024/2025 season, and selling fortified meals manufacturing.
Nonetheless, regardless of the coverage’s announcement, meals prices have remained excessive within the nation.
- Whereas some trade specialists had counseled the coverage, saying it will make important items extra reasonably priced and stabilize and even cut back inflation, thereby easing the monetary pressure on households, others have been in opposition to it citing attainable impacts on native producers.
- In response to among the arguments in opposition to the coverage, by making imported items cheaper, there’s a threat that native farmers and producers might face elevated competitors, doubtlessly harming their market share and profitability through the duty-free interval.
- Nonetheless, African Growth Bank President Dr. Akinwunmi Adesina criticized the reliance on meals imports, arguing it undermines Nigeria’s agricultural coverage and financial stability.
- One key opposition to this coverage is the African Growth Bank President Dr. Akinwunmi Adesina, who argued that the reliance on meals imports undermines Nigeria’s agricultural coverage and financial stability.
Meals inflation in Nigeria
- In the meantime, the most recent Client Worth Index (CPI) report from the Nationwide Bureau of Statistics (NBS) confirmed that Abuja and 19 states recorded meals inflation charges above 40% in November 2024.
- The report highlighted important will increase in meals costs throughout a number of states, additional aggravating the cost-of-living disaster for thousands and thousands of Nigerians.
- In response to the NBS report, meals inflation has seen a pointy rise, reaching 39.93% in November 2024, up from 32.84% in the identical interval final 12 months.
- Costs for staple meals equivalent to yam, rice, maize, and palm oil have surged, contributing to the rise in meals inflation. Different objects equivalent to guinea corn, millet, and meat have additionally seen notable value hikes.
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