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“Companies importing husked brown rice, grain sorghum, or millet need to own a milling plant with a capacity of at least 100 tons per day, operated for at least four years and have enough farmland for cultivation. Those importing maize, wheat, or beans must be agricultural companies with sufficient farmland or feed mills/agro-processing companies with an out-grower network for cultivation,” it said.
By eliminating these charges, the government aims to cushion the impact of inflation on household budgets, particularly for low-income families. However, the policy also includes measures to ensure compliance, requiring that at least 75 per cent of imported items be sold through recognised commodities exchanges and that all transactions and storage be documented.
This economic shift has led to a steep increase in the cost of staple foods, including rice, wheat, and bread, pushing many Nigerians further into poverty and heightening food insecurity amid high inflation. At Premium Times, we firmly believe in the importance of high-quality journalism. Recognizing that not everyone can afford costly news subscriptions, we are dedicated to delivering meticulously researched, fact-checked news that remains freely accessible to all.
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