Nigeria implements measures to curb food inflation

Nigeria is tackling soaring food inflation, the worst in three decades, with new measures. The government plans a 180-day duty-free import window for wheat, corn, and other crops.

Imported foods will have recommended retail prices. Guidelines for compliance are forthcoming. These actions respond to economic reforms since President Bola Tinubu took office, which devalued the naira and raised electricity tariffs, driving inflation to 41 per cent in May—the highest in 28 years. Despite previous efforts like releasing 42,000 tons of food and buying 88,500 tons of rice, shortages persist.

To increase supply, Nigeria will import 250,000 tons each of semi-processed wheat and corn for small-scale processors. Infrastructure challenges, taxes, and profiteering exacerbate food supply issues in a country where 19 million people are food insecure, and poverty levels are on the rise.

Attribution: Associated Press (AP)