The Lagos Chamber of Commerce and Industry (LCCI) has expressed disappointment over the Federal Government’s delayed implementation of its duty-free food importation policy, especially in light of a recent shipment of 32,000 tonnes of brown rice from Thailand.
The rice, imported by logistics firm DUCAT, arrived at the Lagos port after the government’s 180-day duty-free window had expired, raising questions about the effectiveness and timing of the policy.
The importation was aimed at addressing Nigeria’s persistent food inflation, which slightly decreased from 39.93% in November 2024 to 39.84% in December 2024. However, the LCCI argued that the delayed execution of the policy undermined its purpose.
Chinyere Almona, the LCCI Director-General, stated that the late arrival of the shipment defeated the government’s efforts to ease food prices. “The delayed arrival of the rice shipment undermines the government’s intention to curb food inflation. Policies like this must be timely to effectively stabilise food prices,” Almona said.
According to the LCCI, food prices remain a significant challenge for Nigerians, eroding household purchasing power and impacting businesses. Almona explained that while importing rice to bridge the gap in local production was a necessary move, the government must ensure policies are implemented promptly.
“This is not about undermining local rice producers but about addressing supply gaps to meet growing demand,” she clarified.
The Chamber also pointed out that long-term solutions to food inflation lie in increasing agricultural productivity. Almona called for greater investment in agricultural value chains, including improved storage facilities and better distribution of fertilisers and grains to farmers.
She also stressed the need for consistency in government policies. “We need policies that are not only well-conceived but also implemented without delay,” she said.
Another major concern raised by the LCCI was insecurity, which it identified as a major obstacle to agricultural production in Nigeria. Almona urged the government to prioritise tackling security challenges, which she described as crucial to improving food supply and stabilising the economy.
The Chamber called for broader fiscal reforms, arguing that addressing structural economic challenges and boosting local production would bring more sustainable benefits than simply raising interest rates.
“Rate hikes alone will not curb inflation. Nigeria needs comprehensive fiscal interventions to stabilise food prices,” Almona concluded.
