• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Nigeria Imports 32,000 Tons of Thai Rice Amid Food Inflation Crisis

Olusola Blessing by Olusola Blessing
January 12, 2025
in Business, News
0
Rice Farmers Lament as Imports Crash Local Industry
Share

Nigeria has received 32,000 tons of brown rice from Thailand, marking its first shipment of the grain in a decade. This move, facilitated by logistics company DUCAT, aims to tackle soaring food prices, according to a Bloomberg report. The consignment arrived in Lagos under a tariff moratorium issued last year by the federal government on wheat, corn, rice, and other food crops.  

Adrian Beciri, CEO of DUCAT, stated, “Nigeria has been working hard to find solutions to broaden and strengthen its food supply accessibility.

To combat food inflation, the government approved a 150-day duty-free period in July 2023 for importing maize, husked brown rice, and wheat. This policy aimed to replenish the strategic grain reserve with 250,000 metric tons of these staples. Other measures under the initiative include setting a Guaranteed Minimum Price (GMP) for commodities, boosting smallholder farmer production for the 2024/2025 season, and promoting fortified food production.

Despite the policy, food inflation remains a pressing issue. The National Bureau of Statistics (NBS) reports a sharp rise in the Consumer Price Index (CPI), with food inflation reaching 39.93% in November 2024, compared to 32.84% in November 2023. Abuja and 19 states recorded food inflation rates exceeding 40%, driven by price hikes in staples like yam, rice, maize, and palm oil.  

While some experts believe the tariff policy could stabilize prices and ease inflation, others raise concerns about its impact on local farmers. Critics argue that cheaper imports could hurt domestic producers’ market share and profitability during the duty-free period.  

African Development Bank President Dr. Akinwunmi Adesina has been particularly vocal in opposing the reliance on food imports. He warned that this strategy undermines Nigeria’s agricultural policy and economic stability.  

As Nigeria grapples with high food costs, the government faces the challenge of balancing immediate relief with long-term agricultural development.

 

Post Views: 349
Share

Related Posts:

  • Wheat Development Programme Yield Underscores the Role of Research and Trials  
    Wheat Development Programme Yield Underscores the…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • FG Distributes Inputs to 2,000 Farmers in Niger State Under NAGS-AP Scheme
    FG Distributes Inputs to 2,000 Farmers in Niger…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2025 Guide to the Top Business Enabling…
  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Africa must prepare for the inevitability of a…
Tags: Food Inflation in NigeriaRice
Previous Post

Meta to Test eBay Listings on Facebook Marketplace, Expanding Product Access

Next Post

Call for Applications: Qualcomm® Make in Africa Startup Mentorship Program 2025 for Startups in Africa

Next Post
Call for Applications: Qualcomm® Make in Africa Startup Mentorship Program 2025 for early-stage startups

Call for Applications: Qualcomm® Make in Africa Startup Mentorship Program 2025 for Startups in Africa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • FG Establishes 270 Vocational Centres to Tackle Youth Unemployment, Drive Entrepreneurship
  • New Innovation Fund to Empower African Entrepreneurs with Up to $25,000 in Grants
  • JAMB Raises Alarm as Over 85,000 Candidates Risk Missing Mop-Up Exam
  • DBN Awards N13 Million to Three Start-Ups at 2025 Techpreneur Summit
  • Starlink Resumes New Customer Activations in Nigeria, Targets High-Demand Areas

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.