Rice import: LCCI slams FG over delayed implementation

The Lagos Chamber of Commerce and Trade has criticised the Federal Authorities for its delay in implementing the duty-free meals importation coverage, notably following the arrival of a 32,000-tonne cargo of brown rice from Thailand in Lagos.

The rice, imported by way of logistics agency DUCAT, was supposed to mitigate the escalating meals inflation, which dropped to 39.84 per cent in December 2024 from the November 2024 fee of 39.93 per cent.

The LCCI famous that the cargo arrived after the expiration of the federal government’s 180-day duty-free import window, elevating issues concerning the coverage’s effectiveness and timing.

In a press release to The PidomNigeria, LCCI Director-Normal Chinyere Almona stated, “The delayed arrival of the rice cargo undermines the federal government’s intention to curb meals inflation.

Such insurance policies should be executed well timed to stabilise meals costs successfully.”

The Chamber highlighted that regardless of the federal government’s efforts, meals costs stay on an upward trajectory, considerably affecting family buying energy and enterprise operations.

“The rising price of meals is eroding the common Nigerian spending capability and threatening financial stability. The importation of rice to fill native provide gaps is a essential fiscal intervention, however the timing of this coverage implementation is essential,” Almona added.

The LCCI clarified that such interventions should not geared toward undermining native rice producers however at addressing provide gaps within the face of mounting demand.

The LCCI DG beneficial that to deal with the persistent meals inflation disaster, Nigeria should enhance agricultural productiveness by growing funding in agricultural worth chains, together with higher storage amenities and the distribution of fertilisers and grains to farmers.

She urged coverage consistency, stating, “We want insurance policies that aren’t solely nicely conceived but additionally carried out at once.”

Additional, Almona referred to as for renewed deal with addressing safety challenges. She harassed that insecurity stays a major impediment to agricultural manufacturing, and resolving these challenges is vital to enhancing meals provide.

The Chamber reiterated its name for fiscal reforms, emphasising that tackling structural financial challenges and investing in native manufacturing would yield long-term advantages.

“Fee hikes alone is not going to curb inflation. Nigeria wants complete fiscal interventions to stabilise meals costs,” Almona concluded.

The rice cargo and its implications sparked renewed debates on the federal authorities’s dealing with of meals inflation and the effectiveness of its coverage measures, in keeping with organised non-public sector members’ criticisms.

Reviews of the rice cargo got here on January 10, following a Bloomberg report.