The Lagos Chamber of Commerce and Industry (LCCI) has criticized the Federal Government for delaying the implementation of the duty-free food importation policy, particularly after a 32,000-tonne shipment of brown rice from Thailand arrived in Lagos.
The rice, imported by logistics firm DUCAT, was meant to mitigate rising food inflation, which dropped slightly to 39.84% in December 2024.
However, the shipment arrived after the government’s 180-day duty-free import window had expired, raising concerns about the policy’s effectiveness and timing.
LCCI Director-General, Chinyere Almona, expressed that the delay undermines the government’s efforts to curb food inflation. She emphasized that timely execution of such policies is essential to stabilizing food prices.
Despite the government’s efforts, food prices continue to rise, affecting household purchasing power and business operations. Almona recommended increased investment in agriculture to boost productivity and improve food supply.
She also called for policy consistency and a renewed focus on addressing insecurity, which she sees as a major barrier to agricultural production.
The LCCI reiterated the need for comprehensive fiscal reforms and structural economic interventions to stabilize food prices and enhance local production. Almona concluded that interest rate hikes alone would not curb inflation and called for timely and effective policy implementation.
