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

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.”

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.

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.