NEWS
Imported Food Prices Soar by 42% in Nigeria

Nigeria’s Imported Food inflation soared to 42.29% in November 2024, as revealed by the Consumer Price Index report from the National Bureau of Statistics.
This marks a sharp increase compared to the 23.74% recorded in November 2023, representing an 18.55 percentage point rise year-on-year.
On a monthly basis, the inflation rate climbed from 40.96% in October 2024, reflecting a 1.33 percentage point increase within a single month.
The data underscores a persistent upward trend in imported food inflation throughout 2024, starting at 26.29% in January. By October, the rate had exceeded 40%, with November’s 42.29% figure being the highest in two years.
This steep rise has been linked to several factors, including currency devaluation, global supply chain disruptions, and inefficiencies in domestic policy execution.
Efforts by the Federal Government to address the crisis, such as introducing a duty waiver on imported food, have faced significant delays.
In July 2024, the government announced a 150-day duty-free window for importing key food items like maize, husked brown rice, wheat, and cowpeas.
This initiative aimed to lower import costs and make staple foods more affordable by subjecting imported commodities to a Recommended Retail Price.
However, implementation has been hampered by bureaucratic hurdles.
According to The PUNCH, the average price of imported high-quality rice has surged by 144.77% year-on-year due to delays in enforcing the duty-free policy.
Since the policy’s announcement, the price of one kilogram of imported rice has risen by 3.21%, increasing from ₦2,329.05 in July to ₦2,403.86 in September.
Punch Newspaper
Discover more from Naijanewstoday
Subscribe to get the latest posts sent to your email.
-
NEWS5 days ago
FG Cuts Dialysis Cost In Federal Hospitals From ₦50,000 To ₦12,000
-
NEWS4 days ago
Ebonyi Man Plans Lagos-Abakaliki Trek to Honour Gov. Nwifuru’s Peace Efforts
-
POLITICS6 days ago
Peter Obi Tells Nigerians: Get Your PVC, Reject Criminals in Disguise
-
NEWS5 days ago
Ebonyi Coordinator Distributes Motorcycles, Lauds Governor’s Grassroots Development Agenda
-
ENTERTAINMENT6 days ago
Jim Iyke Says Single Mothers Cannot Raise Boys Into “Proper Men”
-
SPORTS6 days ago
Tinubu Arrives in Japan to Boost Bilateral Ties
-
NEWS6 days ago
Lagos State Declares August 20 Work-Free for Public Servants for Isese Day
-
NEWS5 days ago
FCT Minister Denies Awarding N5 Billion Contract to Local Contractors
-
NEWS4 days ago
Wike Says Amaechi’s 2027 Presidential Ambition Is Dead on Arrival
-
ENTERTAINMENT5 days ago
VeryDarkMan Leads Protest In Auchi, Blocks Dangote Trucks Over Victims’ Compensation
-
FACT-CHECKS/INVESTIGATION6 days ago
Nigeria Begins Deportation of 192 Foreign Cybercrime Convicts
-
NEWS1 day ago
Ebonyi Man Begins Lagos–Abakaliki Trek in Support of Gov Nwifuru’s Peace Efforts in Effium Crisis