Nigeria Customs reveals the reason for crash in food prices

• The Nigeria Customs Service has said it approved N95.1 trillion worthy of import waivers connected indispensable nutrient items successful 2024 and 2025
• The bureau disclosed that the argumentation was liable for the caller clang successful indispensable nutrient items specified arsenic rice, maize and others
• The improvement comes arsenic atom prices fell  arsenic overseas cereals deed the Nigerian market, driven by India’s exports

Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.

The Nigeria Customs Service (NCS) granted waivers connected indispensable nutrient imports, amounting to implicit N95.1 trillion betwixt 2024 and Q1 2025.

The Service said the determination contributed importantly to the caller clang successful nutrient prices specified arsenic maize, rice, and sorghum nationwide.

FG's work waiver was liable for the clang successful nutrient prices. Credit: Novatis
Source: Getty Images

FG grants a 150-day import duty-free window

The Comptroller General of Customs, Adewale Adeniyi, disclosed this precocious astatine a property briefing.

Legit.ng reported that the Nigerian authorities opened a 150-day import duty-free window to let for imports of indispensable nutrient items to combat nutrient inflation.

The determination allowed Nigerians to import indispensable nutrient items into the state to tame the rising nutrient inflation.

The Customs CG Adeniyi disclosed this connected Tuesday, August 13, 2024, successful Abuja astatine the 2nd Economic Confidential Lecture.

According to the Nigerian Customs Service, the Nigerian authorities volition forfeit astir N187 cardinal successful import work during the argumentation period.

This comes arsenic the prices of overseas parboiled atom deed the Nigerian marketplace pursuing a planetary glut successful large producing countries.

India’s atom floods the planetary market

The terms clang is owed to oversupply successful India, the world’s largest producer, which has accrued planetary stockpiles for the 2nd season, forcing atom prices to their lowest successful 15 years.

Since February, prices of section and overseas atom person reduced and remained comparatively stable.

Findings amusement that a 50kg container of overseas parboiled atom has crashed to N65,000 from N93,000 successful January, showing a 28% diminution year-to-date.

According to a BusinessDay’s report, India’s 5 per cent breached parboiled assortment was sold astatine $500 to $510/mt arsenic of Monday, April 21, 2025, from $530 to $536 past week.

Thai’s 100% breached rice, which was sold astatine $413/mt successful March, crashed to $405 successful April, representing an $8 terms drop.

Nigerians to acquisition much terms reductions

Experts accidental they expect further terms drops owed to the existent glut successful the planetary atom market.

FG identifies the crushed for cheaper nutrient prices successful Nigeria. Credit: Bloomberg/Contributor
Source: Getty Images

Also, the currency clang against USD contributed to terms reduction, causing the downward unit already acceptable by India’s abundant Kharif harvest supplies.

Nigerian traders explicate the crushed for the diminution successful nutrient prices

Legit.ng earlier reported that successful caller weeks, Nigerians person seen a slight diminution in the terms of nutrient items nationwide. In immoderate cases, the driblet recorded is arsenic steep arsenic 40%.

This is simply a large alleviation for Nigerians, particularly aft the accordant months of surging ostentation recorded successful 2024.

Traders person present offered reasons for the driblet successful nutrient prices, explaining however agelong it volition last.

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Source: Legit.ng