Directors recommend balance approach to FG’s

The Chartered Institute of Directors (CIoD) has called on Federal Government’s consideration to provide a balanced approach to Nigeria’s 150-day duty-free food import policy.

This is contaned in communiqué signed by its Director-General, Mr Bamidele Alimi.

The government had in July announced the 150-day duty-free food import policy to mitigate food scarcity and inflation in Nigeria.

Alimi said key issues highlighted for consideration included the risk of undermining local production, inadequate infrastructure, and the need for financial and policy support to strengthen the sector.

He said that while the policy offered short-term relief, there were concerns about its potential impact on the agricultural sector, particularly for small-holder farmers.

He said that while addressing immediate food security concerns was critical, a longer-term strategy to boost local production, support farmers, and develop infrastructure was essential for sustainable growth.

“The recommendations aim to guide the government and private sector towards policies that promote agricultural development and ensure the country’s food security in the coming years,” he said.

President, CIoD Nigeria, Alhaji Tijjani Borodo, stressed the importance of addressing food inflation, which he noted, had worsened due to insecurity and poor policy implementation.

Borodo called for a wider stakeholders’ forum to review the duty-free food import policy and its broader effects on the agricultural sector.

He suggested the enforcement of pricing regulations to prevent profiteering from food imports and the reinstating and strengthening of commodity boards to stabilise prices and support local farmers.

The CIoD president advocated enhanced security measures to protect farmers and agricultural investments, and called for investment in irrigation systems and other infrastructure to enable year-round farming.

He also encouraged local fertiliser production to reduce the cost of farming inputs,  and called for the development of targeted financing solutions for small-holder farmers, with support from government-backed credit guarantees.

“The duty-free import policy is seen as a necessary intervention to tackle food scarcity, but its longer-term effects on local production need further consideration.

“The influx of cheaper imported goods poses a threat to local farmers who struggle with high input costs, such as fertiliser, and inadequate infrastructure for storage and irrigation.

“Small-holder farmers form the backbone of the agricultural sector.

“They require better access to credit, and financial institutions are encouraged to develop models suited to their needs, with government backing to reduce risks,” he said.

Borodo said that it was also important to ensure that private sector representatives were included in future agricultural policy discussions to foster collaboration.