Suspension of import tax on food depressing … agricultural investments at risk

Akinwumi Adesina, President of the African Development Bank (AfBD), describes the government’s decision to suspend tariffs and taxes on imported food as depressing.

In a statement on Saturday, the AfDB said Adesina spoke on Friday at a retreat organized by the African Primates of the Council of Anglican Provinces of Africa (CAPA) in Abuja.

On July 8, Abubakar Kyari, Minister of Agriculture and Food Security, said that duties, tariffs and taxes on imports of maize, husked brown rice, wheat and cowpeas exposed 150 days through Nigeria’s land and sea borders.

Kyari said the plan would mitigate the rise in food prices, adding that the government had decided on measures that it aimed to implement within 180 days.

Speaking on the topic “Food Security and Financial Sustainability in Africa: The Role of the Church,” Adesina said the plan would only address the short-term rise in food prices in the country.

He said the policy could jeopardise the significant efforts and private investment in Nigeria’s agricultural sector.

“Nigeria’s recently announced policy of opening its borders to massive food imports just to cope with short-term food price increases is depressing,” he said.

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“Nigeria cannot rely on importing food to stabilize prices. Nigeria should produce more food to stabilize food prices while creating jobs and reducing foreign exchange expenditure, which will help further stabilize the naira.”

The AfDB President said Nigeria must not become a country dependent on food imports.

“Nigeria cannot overcome food insecurity through imports,” he said.

Adesina said Nigeria should take pride in providing its own food, adding that a nation that relies on others for help in feeding itself is independent in name only.