Tinubu Government Lifts Tariffs on Rice Importation, Plans to Import 500,000 Metric Tonnes of Maize and Wheat to Combat Food Inflation

Tinubu government lifts ban on rice importation

The Nigerian government, led by President Bola Tinubu, has unveiled a series of measures aimed at addressing the escalating food prices across the nation.

These initiatives will be implemented over the next 180 days, as announced by the Minister of Agriculture and Food Security, Senator Abubakar Kyari.

Key measures include a 150-day duty-free import window for specific food commodities, including maize, husked brown rice, wheat, and cowpeas. This suspension of duties, tariffs, and taxes will apply to imports through both land and sea borders.

Additionally, the government plans to import 250,000 metric tonnes each of wheat and maize. These imported food commodities, in their semi-processed state, will be distributed to small-scale processors and millers nationwide. This initiative aims to stabilize prices and ensure a steady supply of essential food items.

The government will also implement a Recommended Retail Price (RRP) for the imported commodities and will engage stakeholders to set a Guaranteed Minimum Price (GMP).

This strategy includes mopping up surplus food commodities to replenish the National Strategic Food Reserve.

In a move to boost local production, the government is developing a strategic engagement for youth and women to promote greenhouse cultivation of horticultural crops such as tomatoes and peppers. This initiative aims to increase production volumes, stabilize prices, and address food shortages.

The Tinubu administration will also launch “The Renewed Hope National Livestock Transformation Implementation Committee” on July 9, 2024.

This committee will focus on developing and implementing policies that prioritize livestock development, aligning with the National Livestock Transformation Plan.

Furthermore, the government plans to enhance support for the Homs Green Initiative, backed by the Office of the First Lady of Nigeria. The success of these measures, according to the government, will rely on the cooperation and collaboration of all relevant ministries, departments, and agencies (MDAs) and stakeholders.

Nigerians have been grappling with surging food prices, with food inflation reaching unprecedented levels in recent years.

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