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Consequently, the government suspended duties, tariffs, and taxes for the importation of certain food commodities through the land and sea borders. Among other things, the latest directive is expected to reduce demand for foreign exchange by food importers as the country spent $2.13bn in 2023 to import food items from foreign countries.

The quarterly statistics of the Central Bank of Nigeria showed that the country exported large amounts of food from foreign countries despite being touted as the food basket of Africa.

Speaking at the press conference held in Abuja, the Minister of Agriculture and Food Security, Abubakar Kyari, noted that 150 days of duty-free imports would be valid for commodities including maize, husked brown rice, wheat, and cowpeas. He said the initiative, which is part of the Presidential Accelerated Stabilisation and Advancement Plan, would also enable the Federal Government to import 250,000 metric tonnes of wheat and 250,000MT of maize.

Kyari explained that the imported food commodities were in their semi-processed state would target supplies to small-scale processors and millers across the country.

“To ameliorate food inflation in the country caused by affordability and exacerbated by availability, the government has taken a raft of measures to be implemented over the next 180 days. A 150-day duty-free import window for food commodities, suspension of duties, tariffs, and taxes for the importation of certain food commodities (through land and sea borders). These commodities include maize, husked brown rice, wheat, and cowpeas. Under this arrangement, imported food commodities will be subjected to a recommended retail price.

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