The Minister of Agriculture and Food Security, Senator Abubakar Kyari, announced on Wednesday that the prices of food commodities in Nigeria will decrease significantly by December 2024.
Despite recent farming incentives, the National Bureau of Statistics (NBS) reported a food inflation rate of 40.66% in May 2024. Kyari, addressing this issue on his official X handle (formerly Twitter), outlined a series of strategic policies aimed at reducing high food prices currently affecting the nation.
Kyari recalled the recent suspension of duties, tariffs, and taxes for the importation of certain food items through land and sea borders. This move, directed by the president, aims to address food insecurity.
To achieve this directive, Kyari detailed several measures:
The government will grant a duty-free import window for food commodities. This includes the suspension of duties, tariffs, and taxes for the importation of specific food commodities such as maize, husked brown rice, wheat, and cowpeas, which will be subject to a Recommended Retail Price (RRP).
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 supplied to small-scale processors and millers across the country.
There will be engagements with relevant stakeholders to set a Guaranteed Minimum Price (GMP) and purchase surplus food commodities to restock the National Strategic Food Reserve. The government will also ramp up production for the 2024/2025 farming cycle by supporting smallholder farmers during the ongoing wet season and accelerating dry season farming nationwide. Additionally, aggressive agricultural mechanization will be pursued to reduce drudgery, lower production costs, and boost productivity.
Collaboration with sub-national entities to identify irrigable lands and increase the land under cultivation will be prioritized. The ministry will also work closely with the Federal Ministry of Water Resources and Sanitation to rehabilitate and maintain irrigation facilities under river basin authorities across the federation.
Strategic engagement with youth and women for immediate greenhouse cultivation of horticultural crops such as tomatoes and pepper will be developed. This initiative aims to increase production volume, stabilize prices, and address food shortages.
The ministry will fast-track ongoing engagements with the Nigerian military to rapidly cultivate arable lands under the Defence Farms Scheme. Other para-military establishments will be encouraged to utilize available arable lands for cultivation.
Kyari noted that within the next 14 days, the ministry, in close collaboration with the Presidential Food Systems Coordinating Unit (PFSCU) and the Economic Management Team (EMT), will convene with respective agencies to finalize the implementation frameworks.
This comprehensive approach aims to ensure food security and reduce prices, contributing to the overall economic well-being of the nation.
