As food prices and economic hardship continues to bite, the Nigeria government is making some efforts to contain it. It is gradually stepping up its fight against rising food inflation and a weakening naira.
Recently, the government announced measures to ease the pressure on citizens, including a 180-day duty-free import window for essential food crops like wheat and corn. According to the Minister of Agriculture and Food Security, Abubakar Kyari, these imported foods will also come with recommended retail prices.
Against this backdrop, a shipment of 32,000 tons of wheat from Thailand—the first such consignment in over a decade—recently arrived in Lagos, facilitated by logistics company DUCAT. This follows a tariff moratorium issued last year to encourage imports of key food crops.
“Nigeria has been working hard to find solutions to broaden and strengthen its food supply accessibility,” said DUCAT CEO Adrian Beciri.
Guidelines to ensure compliance with these new measures are being finalized and will be issued soon, according to government officials. These actions come as Nigeria faces the fallout from economic reforms initiated by President Bola Tinubu in May 2023. Measures such as naira devaluation and electricity tariff hikes have driven inflation to record levels, with food inflation hitting 41% in May 2024—the highest in 28 years.
The situation has also made the naira the world’s worst-performing currency this year after the Lebanese pound, forcing the Central Bank to raise interest rates to unprecedented levels. In response, the government has announced plans to implement an “Inflation Reduction and Price Stability Order” to curb price growth.
Livestock Modernization Brings Hope
In northern Nigeria, efforts to enhance food security received a boost with the inauguration of the Ngarannam Livestock Estate in Borno State. The initiative, launched by Minister of Livestock Development Idi Maiha, aims to modernize livestock production, improve food security, and address the longstanding conflicts between farmers and herders.
Located in Mafa Local Government Area, the project is expected to restore livelihoods in affected communities and strengthen Nigeria’s food systems. Maiha emphasized that the estate is part of a broader plan to enhance nutrition security and bolster the agricultural sector.
The Bigger Picture
With almost half of Nigeria’s 200 million people living in extreme poverty, these measures are critical to stabilizing food prices and mitigating the impact of economic reforms.
However, the road to recovery remains challenging. As the government introduces new initiatives, Nigerians are hoping for lasting solutions to alleviate the economic burden and secure their food supply.
