According to the Minister of Agriculture and Food Security, Abubakar Kyari, a bumper harvest expected in Nigeria during October and November will lead to a significant drop in food prices across the country.
Kyari made this revelation during an interview with Channels Television on Sunday.
He elaborated that President Bola Ahmed Tinubu had given the green light for zero-import duties on rice, maize, wheat, and other essential food items to address potential food shortages.
It is recalled that the government had recently approved a 150-day zero import duty period on specific staple foods.
Providing further insight into the initiative, Kyari stated that the program is projected to remain in place until approximately October or November when the agricultural harvest season commences.
The minister emphasized that the government’s decision to import food items is a temporary measure aimed at curbing food inflation and will not be a permanent solution.
He noted that the country is poised to witness a considerable harvest in the forthcoming months, which is anticipated to result in a significant reduction in food prices.
“We are looking at an importation volume of 300,000 to 400,000 metric tonnes per month for all five crops. This will only be sustained until the harvest period. It is expected to be around October or November of this year. We are looking forward to a plentiful harvest,” Kyari mentioned.
“The current season is a cyclical phenomenon in agriculture. This period is known as the lean season, which falls between June, July, and August before the upcoming harvest,” he added.
“That’s why the President has decided to import rice, maize, wheat, and other staple foods, once all financial matters have been settled, and the Ministry of Finance and Customs have resolved the fiscal components,” Kyari explained.
His statements come amidst ongoing hunger protests, which entered their fifth day on Monday.