NIGERIA TO IMPORT FOOD WITHIN A 150 DAYS PERIOD WHILE EXPLORING FARMING

A 150-day duty-free import window for food commodities was announced by the Federal Government on Monday as part of its increased efforts to combat increasing inflation, which has left many Nigerians poor.

Additionally, the government announced its intention to work with the states to increase land cultivation nationwide.

As a result, the government stopped imposing taxes, levies, and tariffs on the import of specific food items across land and maritime boundaries.

The most recent directive is anticipated, among other things, to lower food importers’ demand for foreign exchange.

Nigerians imported food products worth $2.13 billion from outside in 2023.

Despite being referred to as the “food basket of Africa,” Nigeria exported a significant amount of food from other nations, according to the Central Bank of Nigeria’s quarterly figures.

The administration is concerned about the high cost of food imports. The nation has a sizable agricultural industry, and initiatives have been made to increase domestic output in order to lessen reliance on food imports.

However, issues including poor infrastructure, insecurity, and climate change have made it more difficult for the industry to advance.

Speaking at the press conference held in Abuja, the Minister of Agriculture and Food Security, Abubakar Kyari, said that 150 days of duty-free imports would be valid for commodities including maize, husked brown rice, wheat, and cowpeas.