In a bold move to address soaring food prices, the Nigerian government under President Bola Tinubu has unveiled a series of dynamic measures aimed at stabilizing the nation’s food supply and curbing inflation. The Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced these strategic initiatives, set to unfold over the next 180 days.
150-Day Duty-Free Import Window
“A 150-Day Duty-Free Import Window for food commodities is now in effect, suspending duties, tariffs, and taxes for specific imports via land and sea borders,” Senator Kyari revealed. This suspension prioritizes essential commodities such as Maize, Husked Brown Rice, Wheat, and Cowpeas.
Under this initiative, imported food items will adhere to a Recommended Retail Price (RRP) to ensure affordability. The government is committed to importing only high-quality produce. In a historic move, the Federal Government will facilitate the importation of 250,000 metric tonnes of Wheat and 250,000 metric tonnes of Maize. These semi-processed imports will primarily support small-scale processors and millers nationwide.
Guaranteed Minimum Price and National Strategic Food Reserve
The administration plans to collaborate with key stakeholders to establish a Guaranteed Minimum Price (GMP) and strategically stockpile surplus food commodities to bolster the National Strategic Food Reserve. Additionally, the government is spearheading initiatives to engage youth and women in greenhouse cultivation of horticultural crops such as tomatoes and peppers, aiming to boost production volumes, stabilize prices, and mitigate food shortages.
National Livestock Transformation
On July 9th, 2024, the Tinubu administration will launch “The Renewed Hope National Livestock Transformation Implementation Committee.” This committee is tasked with developing and implementing policies to enhance livestock development in alignment with the National Livestock Transformation Plan.
Support for the Homs Green Initiative
Further underscoring its commitment to agricultural transformation, the government intends to scale up support for the Homs Green Initiative, championed by the Office of the First Lady of Nigeria. The success of these comprehensive measures hinges on the cooperation and collaboration of all relevant Ministries, Departments, and Agencies (MDAs) and stakeholders.
Nigerians have been grappling with unprecedented food inflation, but the Tinubu administration’s proactive measures signal a decisive shift towards ensuring food security and economic stability.
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