Connect with us

Business

FG to regulate price of imported food items

Published

on

FG to regulate price of imported food items

Nigeria’s Federal Government says food items to be imported into the country in the next 150 days will be subjected to recommended retail price to bring down the high cost of food in Nigeria.

The Minister of Agriculture and Food Security, Abubakar Kyari, who disclosed this on his X handle on Wednesday, said having suspended duties and taxes on food items, the Federal Government will take a step further to subject items to be imported to what he described as the recommended retail price.

He also assured that the prices of food items in the country will crash in the next 180 days, and pleaded with Nigerians to be patient with the government.

News continues after this Advertisement

The minister said: “Our administration has unveiled a series of strategic measures aimed at addressing the high food prices currently affecting our nation. These measures will be implemented over the next 180 days, including 150-day duty-free import window for food commodities.

“It also includes suspension of duties, tariffs, and taxes for the importation of certain food commodities through land and sea borders. These commodities include maize, husked brown rice, wheat, and cowpeas.

“Imported food commodities will be subjected to a Recommended Retail Price, RRP. We understand concerns about the quality of these imports, especially regarding their genetic composition.

‘’The government assures that all standards will be maintained to ensure the safety and quality of food items for consumption.

“The Federal Government will import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be supplied to small-scale processors and millers across the country.’

“There will also be engagement with relevant stakeholders to set a GMP and purchase surplus food commodities to re-stock the National Strategic Food Reserve; Ramp-up production for the 2024/2025 farming cycle

“Continued support to smallholder farmers during the ongoing wet season farming through existing government initiatives; strengthening and accelerating dry season farming nationwide.’’

The minister also explained that over the next 14 days, the Presidential Food Systems Coordinating Unit, PFSCU, and the Economic Management Team, EMT, will, in collaboration, meet with respective agencies to finalize implementation frameworks for the new policy of making food cheaply available for Nigerians.

‘’We will ensure that information is publicly available to facilitate the participation of all relevant stakeholders across the country,’’ he added.

News continues after this Advertisement
News continues after this Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *