Grandiose Parlor

Govt halts duties on rice - Guardian:

THE Federal Executive Council (FEC) yesterday took further measures aimed at cushioning the impact of the global food crisis in the country, approving the suspension of all levies and duties on rice imports between now and the end of October this year. The Council also approved a total of N10 billion, drawn from the Rice Levy Account, for a credit scheme in support of local rice processing.

This is the one of the best time to get into rice business in Nigeria - the feds has lifted all importation restrictions on the good.

The government order 500,000 T of rice from Thailand, and has opened the door to all private operators till October - six months of zero import duties.

Since rice is a staple food in Nigeria and prices have skyrocketed nationwide, the best fix is to import on a large scale - local production is too low to make any impact, we are told.

So will rice prices dip once the imports start flowing in?

Maybe. The measure is too short-term and has limited economic sense.

For sure, I see some Nigerians becoming overnight billionaires!