Imported food prices in Nigeria have surged by 42%, driven largely by delays in the implementation of duty waivers by the Federal Government (FG). This rise has compounded the economic challenges faced by citizens, particularly as Nigeria heavily depends on imported goods for staples such as rice, wheat, and cooking oil. The delays have created a bottleneck for importers, increasing operational costs and directly impacting retail prices for consumers.
Stakeholders in the food industry have expressed frustration, noting that the duty waivers, initially promised by the FG to ease importation costs, remain inaccessible. This has forced many importers to pay higher tariffs or halt operations altogether. The situation is further exacerbated by the depreciating naira, which has increased the cost of purchasing goods in foreign currencies.
Experts have warned that the prolonged waiver delays could trigger further inflationary pressures, worsening the purchasing power of Nigerians. According to economic analysts, the ripple effects are also being felt across related industries, including logistics and distribution. They emphasize the need for immediate government intervention to stabilize the market and address policy bottlenecks.
Consumers have reported significant price hikes in markets nationwide, with some staples experiencing double-digit increases within weeks. Many households now struggle to afford basic food items, intensifying calls for government action. Civil society groups have also raised concerns, urging the FG to expedite the waiver process and provide support to vulnerable populations.
In response, the FG has assured the public that efforts are underway to streamline the waiver system and ensure timely implementation. However, critics argue that previous assurances have not materialized, casting doubt on the government’s ability to manage the situation effectively. The growing inflation highlights the urgent need for comprehensive reforms in Nigeria’s food supply chain to reduce dependency on imports and shield consumers from external shocks.
