The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has praised the administration of President Bola Tinubu for implementing a 150-day import duty-free window for rice, maize, wheat, and other cereals.
This policy, announced by the Minister of Agriculture and Food Security, aims to mitigate economic hardship and curb high food inflation.
On Monday, NACCIMA National President Dele Oye described the federal government’s initiative as a decisive and appropriate measure to address the ongoing food inflation crisis. Oye expressed optimism that this policy would lower food prices and enhance the purchasing power of Nigerian households, offering much-needed relief to millions.
Oye stated, “On behalf of NACCIMA, we commend the federal government’s decisive action to suspend duties, tariffs, and taxes on the importation of key food commodities. This initiative represents a significant step towards mitigating the severe food inflation currently impacting Nigerian households.”
He continued, “The 150-day duty-free import window for essential items such as maize, husked brown rice, wheat, and cowpeas is a commendable move that will likely stabilize food prices and provide much-needed relief to millions of Nigerians. By addressing the multiple factors contributing to rising food prices, including infrastructural challenges and market profiteering, this policy demonstrates a comprehensive approach to ensuring food affordability.”
NACCIMA, however, urged the federal government to remain vigilant in implementing the policy to prevent importers and foreign companies from exploiting it and turning Nigeria into a dumping ground. The association emphasized the importance of protecting local investors and farmers.
Oye added, “While we applaud these measures, it is imperative that the government immediately engages with stakeholders across the agricultural value chain. This engagement is crucial to ensure that Nigeria is not turned into a dumping ground for commodities where we already have reasonable self-sufficiency. Protecting local investments and sustaining the growth of our agricultural sector must remain a priority.”
NACCIMA also expressed readiness to support the federal government in balancing the policy’s implementation to safeguard local farmers and investors. “NACCIMA stands ready to support the government in these efforts, ensuring that the strategic importation of food commodities complements rather than undermines our domestic agricultural production. Together, we can secure a balanced approach that safeguards both the immediate needs of our citizens and the long-term sustainability of our agricultural economy,” Oye said.
