Food duty suspension threatens private investments – Stakeholders

Experts have criticized the Nigerian government’s decision to allow duty-free food imports for 150 days, arguing it could harm local agricultural investments. Despite intentions to combat food inflation, figures like Akinwumi Adesina of the African Development Bank and Afrinvest analysts warn this policy undermines domestic agriculture. They emphasize the need to address systemic issues like infrastructure, insecurity, and farmer support to ensure sustainable food security. The All Farmers Association of Nigeria also stresses that import subsidies for local farmers would be a more sustainable solution. Source: Punch

Our Review
The Nigerian government’s decision to allow duty-free food imports for 150 days aims to address immediate food price hikes but risks undermining local agriculture. Experts, including Dr. Akinwumi Adesina of the African Development Bank, warn this could discourage private investment and harm long-term food security. To sustainably stabilize food prices, Nigeria must enhance local agricultural production, address infrastructural and security challenges, and provide consistent support to farmers. A more calculated approach is necessary to balance short-term relief with long-term agricultural resilience and economic stability.