Analysts at Africa Exchange (AFEX) have projected a 50% year-over-year rise in paddy rice prices for 2025, citing the likely effects of the 150-day import waiver on food commodities.
The price of locally produced paddy rice is expected to surge by approximately 55% during the 2024/2025 season, exacerbating the already high cost of living, a new report has revealed.
Paddy rice production in the 2024 wet season is projected to decline by as much as 2.6% resulting in a total output of 8.1 million tonnes.
President Bola Ahmed Tinubu plans to discontinue the payment of taxes and levies in foreign currency through an executive order.
The Federal Government is considering a six-month suspension of import duties on staple food items, drugs, and other essential items as a measure to curb inflation, according to a report by Bloomberg.
Nigeria’s core grain prices have been projected to trend upwards in the new season due to persistent gaps...
