Nigeria’s imported food inflation has reached an alarming 42.29% as of November 2024, according to the latest Consumer Price Index report from the National Bureau of Statistics. This marks a significant jump from the 23.74% recorded in November 2023, reflecting an 18.55 percentage point year-on-year increase.
On a month-on-month basis, the inflation rate rose from 40.96% in October, indicating a 1.33 percentage point increase within a month. The trend throughout 2024 has been steadily upward, starting at 26.29% in January and crossing the 40% threshold by October. November’s rate now stands as the highest in two years.
Key factors contributing to this surge include currency devaluation, global supply chain disruptions, and inefficiencies in domestic economic policies. The Federal Government’s initiative to counter the crisis—a duty waiver on food imports—has been delayed, exacerbating the situation.
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In July 2024, the government announced a 150-day duty-free import window aimed at reducing import costs for staple foods like maize, rice, wheat, and cowpeas. However, bureaucratic hurdles have stalled its implementation.
Meanwhile, the price of imported rice has soared by 144.77% year-on-year, with one kilogram climbing from ₦2,329.05 in July to ₦2,403.86 by September. These delays have deepened the financial strain on Nigerians, making staple foods increasingly unaffordable.
As inflation continues to erode purchasing power, urgent action is needed to address both the policy bottlenecks and structural inefficiencies fueling the crisis.
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
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