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July 10, 2024 Agric Minister Predicts Significant Drop in Food Prices Within 180 Days

As Nigerians take to the streets to protest against hunger, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, announced on Wednesday that food prices are expected to drop within 180 days.

Kyari shared this information on his X (formerly Twitter) handle, outlining several measures to be implemented over the next 180 days:

  • 150-Day Duty-Free Import Window for Food Commodities: Suspension of duties, tariffs, and taxes on the importation of maize, husked brown rice, wheat, and cowpeas through land and sea borders. Imported food commodities will have a Recommended Retail Price (RRP), with assurances that all standards for safety and quality will be maintained.
  • Government Imports: The Federal Government will import 250,000 metric tons each of wheat and maize, which will be supplied to small-scale processors and millers nationwide.
  • Stakeholder Engagement: Engaging with relevant stakeholders to set a Guaranteed Minimum Price (GMP) and purchase surplus food commodities to replenish the National Strategic Food Reserve.
  • Production Ramp-Up for 2024/2025 Farming Cycle: Supporting smallholder farmers during the current wet season and accelerating dry season farming. This includes aggressive agricultural mechanization, identifying irrigable lands, and collaborating with the Federal Ministry of Water Resources and Sanitation to maintain irrigation facilities.
  • Youth and Women Engagement: Encouraging immediate greenhouse cultivation of horticultural crops like tomatoes and peppers to increase production, stabilize prices, and address food shortages. Engaging with the Nigerian Military and other para-military establishments to utilize arable lands for cultivation.
  • Renewed Hope National Livestock Transformation Implementation Committee: This committee, inaugurated on July 9, 2024, will develop and implement policies prioritizing livestock development, aligning with the National Livestock Transformation Plan. A Ministry of Livestock Development has also been established.
  • Nutrition Security Enhancement: Promoting the production of fortified food commodities and supporting the scale-up of the Home Garden Initiative by the Office of the First Lady of Nigeria.

READ ALSO: Food Prices Set to Drop as FG Suspends Taxes on Imported Food Items

Over the next 14 days, Kyari stated that there would be close collaboration with the Presidential Food Systems Coordinating Unit (PFSCU) and the Economic Management Team (EMT) to finalize implementation frameworks, ensuring the public participation of all relevant stakeholders.

Kyari emphasized the importance of cooperation from all relevant MDAs and stakeholders, reiterating President Tinubu’s commitment to food security. He assured that his team would work diligently to implement these policies, aiming for immediate food security while also addressing long-term sustainability and resilience in Nigeria's food systems.

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