Cost-of-living crisis: Tinubu approves massive, duty-free importation of rice, wheat, beans, others

President Bola Tinubu has approved a 150-day duty-free import window for key food items like maize, rice, and wheat to tackle soaring food prices in Nigeria. This measure aims to reduce inflation, with the government also importing 250,000MT each of wheat and maize for small-scale processors. Alongside, the government plans to boost local agricultural production through support for farmers, increased mechanization, and expanded irrigation. The strategy includes forming a National Livestock Transformation Committee and enhancing nutrition security through fortified foods and home garden initiatives. Source: Premium Time

Our Review
President Bola Tinubu’s approval of duty-free importation for key food commodities aims to alleviate Nigeria’s high food prices, exacerbated by economic policies affecting agricultural production. The move includes imports of maize, rice, wheat, and cowpeas over 150 days, alongside government imports to support small-scale processors. While intended to stabilize prices and mitigate shortages, concerns arise over the impact on local farmers and long-term food security. The policy underscores immediate relief measures but raises questions about sustainability and local production capacity. Stakeholder engagement and monitoring will be critical to balancing short-term price relief with long-term agricultural development goals.