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1 month ago
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- Farmers and agriculture stakeholders person predicted a crisp emergence successful nutrient prices by mid-2025
- They disclosed that the I50-day import work waiver connected imported nutrient would origin a emergence successful nutrient prices
- According to them, nutrient prices are rising again but comparatively amended than earlier the import waiver
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
Agriculture stakeholders person forecasted a caller nutrient rhythm terms summation by the mediate of the year, owed to a surge successful nutrient imports past year.
According to Foreign Trade successful Goods information by the National Bureau of Statistics, the worth of nutrient imported successful 2024 roseate by 51.06% to N3.78 trillion.
Source: Getty Images
Stakeholders blasted FG’s nutrient import duty
Stakeholders connected the spike successful nutrient import worth to the Nigerian government’s 150-day duty-free import window connected selected nutrient items successful July 2024 to trim precocious prices.
Farmers and immoderate backstage assemblage players roseate against the import waiver window, which recorded a consignment of 32,000 tonnes of atom from Thailand.
They revealed that earlier President Bola Tinubu’s import waiver, authorities policies restricted nutrient imports.
Investigations revealed that the worth of nutrient imports reduced by 0.54% to N1.85 trillion successful 2023 from N1.86 trillion successful 2022.
The terms of nutrient items accrued past twelvemonth by 37.65% arsenic marketplace surveys reported that nutrient prices were crashing successful Kano’s Singer Market.
In March 2025, the Nigerian authorities praised the reported clang successful nutrient prices arsenic a fulfilment of its committedness to trim nutrient inflation.
FG nutrient imports pb to clang successful nutrient prices
However, stakeholders person cautioned that the prices of indispensable nutrient items volition emergence by midyear 2025.
Punch reports Kabir Ibrahim, the President of the All Farmers Association of Nigeria (AFAN) arsenic saying that contempt the import work waiver achieving its purpose, continuing imports to conscionable the country’s nutrient needs is not sustainable.
He warned that Nigeria cannot spend to import to execute nutrient information oregon availability.
He asked the state to enactment wrong itself to nutrient capable nutrient to execute nutrient security.
Farmers lament the deficiency of inputs
The Chairman of the Lagos Chamber of Commerce and Industry Agriculture and Allied Group, Tunde Banjoko, said much concern successful retention would beryllium a lasting measurement arsenic nutrient prices person begun skyrocketing.
He said the prices of garri, beans and different items person risen but comparative to the erstwhile prices, are inactive moderate.
Source: Getty Images
He said that harvest income contributed to nutrient terms crashes, an denotation of a bigger situation of Nigeria’s anemic nutrient retention systems.
Prices of beans, rice, different nutrient items clang by 40%
Legit.ng earlier reported that arsenic Nigerians rejoice implicit the crash successful nutrient prices, atom hoarders are crying implicit a 40% dip successful nutrient costs betwixt December 2024 and March 2025.
Many traders bought grains successful December for storage, hoping to merchantability astatine higher prices from February to March.
However, atom prices person continued to plummet arsenic a 50kg container of beans sold betwixt N100,000 and N140,000 has crashed to N75,000 and N85,000.
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Source: Legit.ng
