Despite FG’s interventions, imported food prices increase by 37.65% in 2024

• Imported food prices increased by 37.65 per cent in 2024
• The increase comes despite the Federal Government’s interventions
• The interventions include the 150-day import duty-free policy

Despite the interventions of the Federal Government, imported food prices increased by 37.65 per cent between January and December 2024.

According to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS), the average price of imported food commodities to Nigeria rose to its highest level in December, increasing by 260.8 basis points from 692.6 per cent recorded in January 2024.

The price of imported food has maintained a monthly upward trajectory since 2020. It rose by 41.28 per cent year-on-year in December 2024.

The increase was attributed to multiple factors, including currency devaluation, global supply chain disruptions, and inefficiencies in domestic policies.

FG announced 150-day duty-free importation of food items

To address the soaring cost of food and inflation, the Federal Government, in July 2024, announced the suspension of import duties, tariffs, and taxes on essential food items for 150 days.

The Minister of Agriculture and Food Security, Abubakar Kyari, said the policy only applies to the importation of such commodities as maize, husked brown rice, wheat, and cowpea, and aimed to beat down the price of basic food items and ensure food security.

However, the policy suffered delays with its implementation due to factors that include getting the list of beneficiaries from the Ministry of Finance and Customs agents lamenting policy inconsistency, even as food prices keep soaring.

Earlier in January, a 32,000-tonne consignment arrived in Lagos from Thailand under the import duty-free policy.

Addressing the soaring cost of food raises concerns as PricewaterhouseCoopers International Limited recently projected that the prevailing economic hardship, high inflation, and violence in food-producing regions in northern Nigeria may push 33.1 million Nigerians into food insecurity in 2025.

Price of imported rice records 144.77% increase in one year amid inflation

Meanwhile, TheRadar earlier reported that the average price of imported high-quality rice increased by 144.77 per cent in one year, rising from N49,103 in September 2023 to N120,193 in September 2024.

According to the selected food prices report from the National Bureau of Statistics, imported rice cost N982.07 per kilogramme (kg) in September 2023, but the price has more than doubled in one year.