The Lagos Chamber of Commerce and Industry (LCCI) has expressed disappointment over the delayed implementation of the zero-duty food importation policy, especially in light of a recent shipment of 32,000 tonnes of brown rice from Thailand.

The rice, imported by a logistics firm, DUCAT, arrived in Lagos after the government’s 180-day duty-free window had expired, raising questions about the effectiveness and timing of the policy.

The importation was aimed at addressing Nigeria’s persistent food inflation, with the chamber stressing that the delayed execution of the policy undermined its purpose.

LCCI Director- General, Dr Chinyere Almona, said the late arrival of the shipment defeated the government’s efforts to ease food prices, adding that policies like this must be timely to effectively stabilise food prices.

According to the DG, food prices remain a significant challenge for Nigerians, eroding household purchasing power and impacting businesses. Almona explained that while importing rice to bridge the gap in local production was a necessary move, the government must ensure policies are implemented promptly.

“This is not about undermining local rice producers but about addressing supply gaps to meet growing demand,” she clarified. She also pointed out that long-term solutions to food inflation lie in increasing agricultural productivity. Almona called for greater investments in agricultural value chains, including improved storage facilities and better distribution of fertilisers and grains to farmers.

She also stressed the need for consistency in government policies. “We need policies that are not only well-conceived but also implemented without delay,” she said.

Lamenting the ravaging insecurity in the country, she said it is a major obstacle to agricultural production and urged the government to prioritise tackling insecurity, which she described as crucial to improving food supply and stabilising the economy.
 
Also calling for broader fiscal reforms, she pointed out that addressing structural economic challenges and boosting local production would bring more sustainable benefits than just hiking interest rates. “Rate hikes will not curb inflation. Nigeria needs comprehensive fiscal interventions to stabilise food prices,” she said.