It's working: Nigeria to receive N194bn worth of wheat to crash food prices
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Nigeria is set to receive 400,000 tonnes of wheat worth N194 billion ($129.2 million) in August 2024; six vessels carrying 134,412 tonnes have already arrived at Lagos and Calabar ports; more vessels from the US, Canada, and Latvia are expected; Nigeria's wheat imports reached about 4.8 million tonnes from January to July 2024, projected to rise to 5.2 million tonnes by the end of August; the Nigerian government has implemented a 150-day duty-free import window for essential food items; farmers are cultivating 277,577 hectares of wheat, a 139% increase from 2023; the government will forfeit N187 billion in import duties during this period.

#Nigeria #Wheat #FoodPrices #Import #Economy #Agriculture #GovernmentPolicy #Inflation #Dutyfree #FoodSecurity

https://www.legit.ng/business-economy/economy/1610381-bread-prices-food-items-crash-nigeria-set-receive-n194-billion-worth-wheat/