Bumper harvest in October will crash food prices in Nigeria – Agric Minister Kyari

The Minister of Agriculture and Food Security, Abubakar Kyari, stated that food prices in Nigeria are expected to drop significantly following bumper harvests in October and November. In a recent interview, Kyari explained that President Bola Tinubu approved a temporary 150-day zero-import duty on rice, maize, wheat, and other staple foods to address current food shortages.
Kyari emphasized that this importation is a short-term measure to curb food inflation until the anticipated harvests, which are expected to stabilize prices. He noted that the country is importing 300,000 to 400,000 metric tonnes of these crops monthly until the harvest season begins.
Source: Daily Post

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The Minister of Agriculture and Food Security, Abubakar Kyari, announced that food prices in Nigeria are expected to drop significantly following bumper harvests in October and November. In an interview, Kyari revealed that President Bola Tinubu approved a temporary 150-day zero-import duty on rice, maize, wheat, and other staple foods to tackle current food shortages.
This short-term importation measure aims to curb food inflation until the anticipated harvests, expected to stabilize prices. The country is importing 300,000 to 400,000 metric tonnes of these crops monthly until the harvest season begins.
These measures will impact the entire agri-food value chain by temporarily alleviating supply shortages and reducing food prices. Lower food costs can improve consumer access to essential staples and enhance food security. Additionally, the bumper harvests will bolster local production, providing long-term stability. The government’s proactive approach helps in making informed decisions, fostering growth, and ensuring a resilient agricultural sector.