Nigerian President Tinubu plans to acquire mechanized farming equipment and suspend import levies to address food crisis and 40%+ food inflation.
Nigerian President Bola Tinubu announced plans to acquire billions of naira worth of mechanized farming equipment from the US, Brazil, and Belarus, to increase local food production and tackle the ongoing food crisis. The government will also cultivate over 10 million hectares of land, suspend import levies on food products for six months, and remove tariffs and duties on rice, wheat, maize, sorghum, drugs, and medical supplies, to lower food inflation and provide incentives for farmers. This move is aimed at addressing one of Nigeria's worst cost-of-living crises in decades, with food inflation exceeding 40%.
August 04, 2024
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