- Suspension of duties, tariffs and taxes on imported maize, husked brown rice, wheat and cowpeas through land and sea borders for 150 days.
- Imported food commodities will be subjected to a Recommended Retail Price (RRP).
- The government will import 250,000 metric tonnes each of wheat and maize to target supplies to small-scale processors and millers.
- Collaboration with stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus food commodities to restock the National Strategic Food Reserve.
- Continuous ramp-up of production for the 2024/2025 farming cycle including support to smallholder farmers.
Newsypeople- The reaction to the Federal Government’s suspension of duties, tariffs, and taxes on necessary food products brought in through land and sea borders is a mix. Some people see this as progress towards food protection and economic steadiness.
However, there are also worries expressed by certain groups about how it might affect local production and the whole agricultural industry.
One more action is the 150-day duty-free import window. It affects some items like maize, wheat, husked brown rice, and cowpeas.
The purpose of this step is to manage the present food inflation issue and make sure that every person has enough food. Yet, a few specialists state that it might have unexpected results, such as lessening motivation for local farmers to invest in production, which could result in a reduction in home supply availability.
Dr. Amina Suleiman, an agricultural economist, gives advice for thinking about the consequences of the government’s policy. She says,
“The idea to guarantee cheap food for everyone is good-hearted, but we also need to ponder its effects at a later time.”
She continues by adding that, if not handled correctly, this method might create a circumstance where local farmers struggle against imported products, which could affect the nation’s food safety over time.
The government’s strategy to import 250,000 MT of wheat and 250,000 MT of maize to help private sector attempts has also caused worries regarding possible effects on local prices and competition from within the country.
Some people involved in this matter argue that the government must focus first on aiding nearby farmers as well as developing infrastructure for improving output while lessening losses after harvest.
“Although the duty-free window could give quick help, it is very necessary that the government also concentrate on plans for the long term to enhance efficiency and competition within the agricultural industry,”
says Alhaji Musa Sani, who farms rice.
“This means giving credit access, enhancing irrigation systems, and spending money on study plus growth to create types of crops that are both high-producing as well as resilient against climate change.”
Also, the worry about the government’s dedication to food safety and quality is a matter. Some interested parties doubt if agencies responsible for regulation have enough ability to watch over the flow of imported goods with effectiveness.
There is fear that low-quality or polluted products might get into the market, which could be harmful to people who consume them (stakeholders).
Dr. Fatima Abubakar, a food safety expert, stated,
“We need to make certain that the imported food items satisfy needed safety levels and are suitable for human use. The government should boost regulatory bodies’ abilities and put into operation strong tracking systems so that our country’s food chain remains trustworthy.”
See the news below…
𝐉𝐔𝐒𝐓 𝐈𝐍: 𝐅𝐆 𝐬𝐮𝐬𝐩𝐞𝐧𝐝𝐬 𝐭𝐚𝐱𝐞𝐬 𝐨𝐧 𝐦𝐚𝐢𝐳𝐞, 𝐰𝐡𝐞𝐚𝐭, 𝐫𝐢𝐜𝐞, 𝐨𝐭𝐡𝐞𝐫 𝐬𝐭𝐚𝐩𝐥𝐞𝐬 https://t.co/ZYnfcCNHep
— Punch Newspapers (@MobilePunch) July 8, 2024
Don’t Miss: Premier League Clubs Spend Big Early to Comply with Financial Rules
