Nigeria rate of import has worsen and soared by 267% as a result of devaluation of naira at the official window.
The approved rate for food imports for companies rose from N422.30 per US dollar in May 2023 to N1,549 recently approved by the authority.
It was reported that most food processing and manufacturing companies get most of their input from foreign countries which leads to increase in import rate.
The increase in food importation has been noted to have a negative impact on Nigeria economy and it worsen the price instability of food.
This has significant impacts on production costs across industries, seen as the basis for continuous prices adjustments on food items, including processed foods and beverages.
“Nigeria’s economic structure has not always aligned with her sectoral policies and development and implementation. This always has repercussion on results. The devaluation of the Naira was done in hurry. New leaders ought to study market dynamics and economic trend rather than sentiment”.
The imported inflation has pushed prices of processed food higher significantly higher, while time taken for backward integration programme for some companies in the industry lingers.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
