FG takes credit for crash in price of rice, predicts another 18% crash in food prices

• The national authorities has implemented respective measures since 2024 to power the rising nutrient inflation
• While nary of these methods seems to amusement immoderate contiguous impact, the caller diminution successful nutrient prices is being traced to the import waivers
• The waiver exempted indispensable nutrient items from paying import duties, successful the hopes of transferring little prices to Nigerians

Legit.ng journalist Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.

At the highest of the ostentation successful 2024, the national authorities of Nigeria introduced an involution to waive import duties for indispensable nutrient items peculiarly rice, sorghum and maize.

This was to code the nutrient situation crossed the state arsenic basal foods became unaffordable for the communal man.

Data obtained from the Nigeria Customs Service shows that the import waivers connected nutrient items from 2024 to 2025 amounted to N97 billion.

Price of atom precocious crashed to the N50,000 range, acknowledgment to an abundance of the merchandise successful the market. Photo credit: NCS/State House
Source: UGC

The Comptroller-General of Customs, Adewale Adeniyi, explained successful the papers that the work had complied with the government’s import waivers connected cardinal nutrient items.

The information covers the import duties waived from July to December 2024 and from January to March 2025.

FG predicts further driblet successful nutrient prices

Adeniyi stressed successful the papers that the national government's waivers valued astatine N97 cardinal truthful acold contributed to the caller nutrient terms reduction, the PUNCH reports.

He said;

“The NCS’s work exemptions connected nutrient imports person contributed to caller nutrient terms reductions, with effects seen some instantly and implicit time. The Q1 2025 waivers connected maize, N45.3 cardinal free-on-board value, atom N751.6 million, and sorghum, N2.3 billion, besides contributed to little prices by 12 -18% this year.“At the aforesaid time, the larger exemptions from 2024 connected rice, N45.9 cardinal free-on-board worth and wheat, N2.8 billion, are present showing their afloat effect aft taking clip to enactment done the proviso chain.”

Inflation remains precocious contempt waivers

It is absorbing to enactment that adjacent though the impermanent waivers started successful July 2024, the interaction was not felt by the mean Nigerian.

Food ostentation continued to propulsion upward, yet reaching a highest of 39.8% successful November 2024.

Inflation lone started to abate this twelvemonth aft the National Bureau of Statistics rebased the Consumer Price Index (CPI), changing the basal twelvemonth to 2024.

Since then, ostentation has gone up again, with the past information from NBS showing that Headline ostentation roseate to 24.23 portion food ostentation roseate to 21.79.

Adeniyi, however, credited the caller diminution successful nutrient prices, peculiarly rice, to the cumulative effects of the waivers.

He noted that by the extremity of 2025, further diminution successful the nutrient prices would mean the nutrient inflation.

Rice is 1 of the astir commonly eaten staples successful Nigeria, and a emergence successful terms instantly tells connected different items. Photo credit: Benson Ibeabuchi
Source: Original

Adeniyi besides noted that the Nigeria Customs Service (NCS) would beryllium launching innovative solutions to modernize its processes and procedures.

Buhari's Ex-Aide Predicts When Food Prices Will Rise

Legit.ng earlier reported that farmers and experts bash not expect the diminution successful nutrient prices to past precise long.

A erstwhile Special advisor to the contiguous past President Muhammadu Buhari, Mr. Dolapo Bright, besides a husbandman noted that the terms diminution is seasonal.

He predicted that the onset of the rainy play would origin different summation successful the price of respective food items.

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Source: Legit.ng