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Seven vessels carrying imported wheat have recently arrived in Nigeria, contributing to the country's ongoing struggle with food inflation and security. This influx comes amid a significant rise in food importation, which surged by 95% in the first quarter of 2024, reaching a staggering N920.54 billion.
Despite government efforts to promote local production and reduce dependency on imports, the high demand for wheat, driven by soaring prices of local substitutes, continues to challenge Nigeria's agricultural landscape. The arrival of these vessels underscores the critical need for effective strategies to stabilize food prices and enhance self-sufficiency in the agricultural sector.
Citations:
[1] https://economicconfidential.com/2024/06/food-importation-surges/
[2] https://nairametrics.com/2024/07/29/nigerias-imported-food-inflation-jumps-to-36-38-in-june-2024-on-weak-naira/
[3] https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Grain+and+Feed+Update_Lagos_Nigeria_NI2022-0008.pdf
[4] https://www.gtreview.com/news/africa/afdb-scolds-nigeria-over-food-import-policy/
[5] https://shipsandports.com.ng/nigerias-food-import-bill-skyrockets-to-n920-54-billion-in-q1-2024/
[6] https://www.steelmint.com/nwevents/future-steel/blog/global-ferrous-scrap-trade-volumes-drop-in-h1-2024-on-macroeconomic-headwinds
[7] https://www.abs.gov.au/media-centre/media-releases/falling-global-demand-slows-australian-export-prices
[8] https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/international-trade-price-indexes-australia/latest-release
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