Stakeholders Raise Concerns Over Surging Rice Prices Despite Tax Waivers

Stakeholders in Nigeria’s rice industry have expressed deep concerns over the continuous rise in rice prices, despite the Federal Government’s decision to waive taxes on rice imports. The tax waiver was aimed at making rice more affordable for Nigerians, but its impact has fallen short of expectations.

Recent reports indicate that the average price of rice has climbed by 9.55%, putting further strain on consumers. Industry experts attribute the price hike to several factors, including the scarcity of paddy rice, a critical raw material for local rice production.

The escalating cost of rice has sparked calls for a more comprehensive strategy to address the root causes of the price surge. Some stakeholders have urged the government to provide targeted support for local rice farmers to enhance productivity and reduce dependence on imported rice.

“This is a complex issue that requires collaboration across the board,” noted an industry expert. “The government, farmers, and key players in the rice sector must work together to tackle the challenges and ensure that rice remains accessible to the average Nigerian.”

The ongoing surge in rice prices highlights the need for sustainable solutions to stabilize the market and safeguard food security in the country.