The Digest:
Rice prices in Nigeria have surged once again, reaching N100,000 per bag, which has significantly impacted consumers. Dealers point to the end of duty-free importation and accuse the government of secrecy regarding the rice import waivers.
Key Points:
- The price of rice has risen sharply, with some brands selling for as much as N100,000.
- Dealers blame the end of the 150-day duty-free import window for essential food items.
- Millers allege that only a few firms benefited from the import waivers.
- Rice dealers are frustrated by the price hike and have begun selling in smaller, more affordable packages.
- Local rice farmers are struggling due to inconsistent government policies and increasing production costs.
- Smuggling of rice continues to undermine local production and affects market stability.
- Experts are calling for long-term solutions, including policy changes and improved infrastructure for local rice production.
The surge in rice prices has sparked a growing concern among dealers and consumers. While temporary fixes, such as import waivers, have been implemented, the need for long-term strategies to support local rice production remains urgent.
Sources: Vanguard News
