Nigeria’s imported food inflation reached a staggering 42.29% in November 2024, according to the latest Consumer Price Index report from the National Bureau of Statistics. This sharp rise reflects a significant jump from the previous year when inflation was recorded at 23.74% in November 2023. The 18.55 percentage point increase highlights the growing pressure on the Nigerian economy.
Month-on-month, the inflation rate has also increased. From October 2024, it rose by 1.33 percentage points, up from 40.96%. This marks a continued rise in imported food inflation throughout 2024. The year began with a rate of 26.29%, and by October, inflation had surpassed the 40% mark. November’s 42.29% represents the highest level in the past two years, signaling an ongoing economic struggle.
Several factors have been contributing to this surge. The country’s currency devaluation has worsened the situation, making imports more expensive. In addition, global supply chain disruptions have compounded the challenges, affecting food availability and prices. Domestic policy inefficiencies have also played a significant role, preventing swift solutions to the problem.
The Federal Government has tried to tackle the issue with a duty waiver on imported food. In July 2024, the government announced a 150-day duty-free import window for key food commodities like maize, rice, wheat, and cowpeas. The goal was to reduce import costs and make staple foods more affordable for Nigerians. Unfortunately, the implementation of this policy has been delayed due to bureaucratic issues.
The delays have already had a noticeable impact on food prices. For example, the cost of imported rice, a staple food in many Nigerian households, has surged. Since the announcement of the duty-free window, the price of high-quality imported rice has increased by 3.21%, rising from N2,329.05 per kilogram in July to N2,403.86 per kilogram in September. This increase follows a year-on-year rise of 144.77% in rice prices, highlighting the severe strain on Nigerians who rely on imported food.
Despite the government’s efforts, the policy’s slow rollout has failed to bring the relief many Nigerians had hoped for. The high inflation rate continues to erode the purchasing power of citizens, particularly those in low-income households. As food prices rise, millions of Nigerians are feeling the effects of this persistent inflation, struggling to afford basic necessities.