Nigeria Receives Seven Imported Wheat Vessels As Food Inflation Continues To Climb

Nigeria Receives Seven Imported Wheat Vessels As Food Inflation Continues To ClimbAbout 688,793 metric tonnes of bulk wheat are set to be imported and distributed to food markets across Nigeria by the end of October 2024. This influx is anticipated to significantly reduce food costs, making essential items more affordable for citizens.

The wheat shipments began arriving at four seaports between October 23 and October 30, 2024, as detailed in a document from the Nigerian Port Authority. The ports include Apapa and Tincan in Lagos State, Calabar Port in Cross River State, and Rivers Port in Rivers State.

Attempts to confirm the involvement of the Federal Government in these wheat imports were unsuccessful, as inquiries to the ministries of agriculture and finance, along with the Nigerian Customs Service, went unanswered.

Previously, on July 8, 2024, the government announced a 150-day duty-free import window for food commodities, including maize, rice, wheat, and cowpeas, aimed at mitigating food inflation. The initiative was designed to eliminate or reduce import duties and value-added tax to promote food imports and lower consumer prices. However, the scheme has not met its goals, largely due to bureaucratic delays and the lack of a published list of qualified importers by the Federal Ministry of Finance.

At a press briefing on October 1, 2024, Finance Minister Wale Edun acknowledged the government’s interim measures for importing wheat and corn, assuring that these procured items would soon arrive without disrupting local food production.

Despite these efforts, imported food inflation rose by 8.97% from an average price index of 806.0 in July 2024 to 878.3 in September. Year-to-date, this reflects a 21.14% increase from 692.6 in January 2024, indicating a growing dependence on imported food amid local supply shortages.

The Central Bank of Nigeria has allocated N1.73 trillion for food imports over the first half of 2024. According to the NPA, the initial two vessels carrying 44,946 metric tonnes arrived at Rivers Port on October 23, followed by another carrying 18,800 metric tonnes to Calabar on October 24. A third vessel, with a capacity of 37,450 metric tonnes, was scheduled to dock at Tincan Port in Lagos on October 26, 2024.

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