Agriculture Minister Predicts Significant Decrease in Food Prices Within 6 Months
Abuja, Nigeria – The Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced on Wednesday that the Federal Government expects a substantial decrease in food prices over the next 180 days. This forecast follows the unveiling of several strategic measures aimed at addressing the high food prices currently affecting the nation.
Among the initiatives, a 150-day duty-free import window for key food commodities has been introduced. This window will allow for the suspension of duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas through land and sea borders. These imported commodities will be subject to a Recommended Retail Price (RRP) to ensure affordability for consumers.
Senator Kyari assured the public that the government will maintain strict standards to ensure the safety and quality of these imports, particularly concerning their genetic composition. He emphasized that these measures are designed to bring immediate relief to consumers and stabilize the food market.
Additionally, the Federal Government plans to import 250,000 metric tons of wheat and 250,000 metric tons of maize. These semi-processed commodities will be distributed to small-scale processors and millers nationwide, further supporting local production and reducing costs.
Key components of the strategic measures include:
- Engagement with Stakeholders: Collaborating with relevant stakeholders to set a Guaranteed Minimum Price (GMP) and purchasing surplus food commodities to restock the National Strategic Food Reserve.
- Ramp-Up of Production for 2024/2025: Continued support for smallholder farmers, strengthening and accelerating dry season farming, and embarking on aggressive agricultural mechanization to boost productivity.
- Collaboration with Sub-National Entities: Identifying irrigable lands and increasing cultivation, working with the Federal Ministry of Water Resources and Sanitation to rehabilitate and maintain irrigation facilities.
- Enhancement of Nutrition Security: Promoting fortified food commodities and supporting the Home Garden Initiative by the Office of the First Lady of Nigeria.
Senator Kyari also highlighted ongoing engagements with the Nigerian Military to rapidly cultivate arable lands under the Defence Farms Scheme and encouraged other para-military establishments to utilize available arable lands for cultivation.
The establishment of the Renewed Hope National Livestock Transformation Implementation Committee and the creation of the Ministry of Livestock Development are part of the broader strategy to enhance livestock development and align with the National Livestock Transformation Plan.
Over the next 14 days, the Ministry will convene with the Presidential Food Systems Coordinating Unit (PFSCU) and the Economic Management Team (EMT) to finalize the implementation frameworks. The aim is to ensure that information is publicly available to facilitate the participation of all relevant stakeholders across the country.
