Connect with us
83% discount on VPN

BUSINESS

Traders Union Welcomes Duty-Free Import Window for Rice and Maize with Mixed Emotions

Published

on

rice market

The National Harmonized Traders Union of Nigeria has offered a nuanced perspective on the Federal Government’s recent decision to grant tax holidays on the importation of essential food items such as rice, maize, brown rice, and cowpeas.

In a statement personally issued by the Union’s President, Bature AbdulAziz, and shared with the press in Kano, concerns and cautious optimism were expressed. While acknowledging the temporary relief these measures might bring amidst current food insecurity, AbdulAziz highlighted persistent challenges such as foreign exchange rates impacting the ultimate retail prices of these commodities in Nigeria.

He emphasized, “Even with duty-free imports, the cost dynamics remain largely unchanged due to prevailing forex rates. A bag of rice imported under these conditions still arrives at over N60,000, ultimately reaching consumers at around N70,000. Thus, the overall impact on affordability may be minimal.”

Advertisement
RELATED NEWS  Terra Gold: The Preferred Choice for Quality Among Consumers

AbdulAziz welcomed any effort to alleviate the instability in commodity prices exacerbated by financial constraints among the populace but cautioned against viewing this as a permanent solution. He stressed the need for sustainable measures to support local agriculture, urging the government to prioritize providing necessary farming tools and support during critical seasons like the ongoing rainy season.

Regarding the government’s decision to suspend duties and tariffs on essential food imports, AbdulAziz commended President Tinubu for prioritizing the welfare of Nigerians. However, he urged caution to prevent adverse effects on local farmers, noting that sustained investment in domestic agriculture could foster self-sufficiency and reduce reliance on imported goods.

RELATED NEWS  Tinubu establishes a minimum wage of N70,000

He concluded optimistically, suggesting that a focused approach to enhancing local rice production could not only bolster employment but also stabilize market prices, ultimately benefiting both farmers and consumers alike.

Advertisement

Okereke Gabriel is a sports reporter and analyst with years of experience in the industry. He is a graduate of Anatomy. He likes surfing the Internet, researching for new things about sports and education.

Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Get Notifications on Latest Nigeria News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Nigeria News 247 will use the information you provide on this form to be in touch with you and to provide updates and marketing.