The Nigerian federal government is contemplating importing paddy rice and maize seeds to combat food inflation and enhance production in staple crops.
Proposed by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Accelerated Stabilisation and Advancement Plan (ASAP) draft suggests executive orders to tackle inflation, generate employment, promote non-oil exports, ensure prudent financial management, and consolidate tax information.
Key aspects include suspending import duties and VAT on specific items, allowing millers to import paddy rice, and setting import duty exchange rates. The plan also advocates immediate importation of rice and maize seeds for both individual and commercial farmers.
However, this initiative appears to clash with President Tinubu’s previous stance on food imports. He had asserted his administration’s commitment to halt such imports, directing the Nigerian Customs Service to activate the Export Prohibition Act for securing domestic supply.
Nigeria currently grapples with a food security crisis, with food inflation soaring to 40.5%, and an estimated 31 million people facing severe food insecurity anticipated by August.
While the approval to import rice paddy may bolster market supply and potentially lower prices, it remains to be seen how this aligns with the broader strategy to achieve food self-sufficiency.
