A 32,000-tonne shipment of Thai rice has arrived in Lagos under Nigeria’s duty-free policy, aiming to ease soaring food prices while balancing support for local producers. the development may result in a drastic fall in the price of rice.
Nigeria has received a shipment of 32,000 tons of brown rice, marking the country’s first rice import in a decade.
Logistics company DUCAT facilitated the shipment, sourcing the grain from Thailand and bringing it in under a government tariff waiver.
This policy, introduced last year, aims to stabilise food supplies and alleviate soaring food costs that have left nearly half of Nigerians living in extreme poverty.
Speaking on the development, DUCAT CEO Adrian Beciri emphasised its significance.
“This shipment is a step forward in broadening Nigeria’s food accessibility,” he stated.
However, despite the tariff exemption, imports have remained limited, as stakeholders worry about undermining local farmers.
Duty-free Window
Earlier this year, the government introduced a series of measures to address the country’s food crisis.
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These include a 180-day duty-free window for importing staples like wheat, rice, and corn, alongside plans to introduce recommended retail prices for imported food.
According to officials, detailed guidelines to enforce these measures would be released soon.
Meanwhile, Nigeria continues to grapple with the economic consequences of sweeping reforms implemented by President Bola Tinubu.
Since May 2023, the devaluation of the naira and increased electricity tariffs have pushed inflation to unprecedented levels.
In May 2023, food inflation rose to 41%, the highest in 28 years.
As the naira remains the world’s worst-performing currency after the Lebanese pound, the Central Bank has raised interest rates to record highs.
While the rice shipment provides a glimmer of hope, it highlights the urgent need for sustainable solutions to Nigeria’s deepening food and economic crises.