Zero duty on food items: Micura boss, Chief Ubogu optimistic of price reduction, job creation.
Zero duty on food items: Micura boss, Chief Ubogu optimistic of price reduction, job creation.
Segun Oladipupo
The Managing Director, Micura Services Limited, High Chief Michael Orobosa Ubogu has described the rival of duty from staple food for six months as a way of employment generation
He stated this in am interview with journalists in his office, last week.
According to him, the policy which is to.last for six months, would require more hands for cargo evacuation of the commodities even as he enthused that it would help to crash the current market price of the food stuff.
He noted that the policy had both merits and demerits but added that the merits will outweigh demerits because the masses will benefit from the zero duty window.
The Micura boss explained that the rice supply value chain will create thousands of jobs through milling processes, salting, bagging , loading or unloading and transportation.
Ahead of the arrival of the staple food, the maritime expert also pointed out that the much talked about brown rice are yet to arrive the country, but advocated for government to open a window whereby imported bagged rice can flood the market in furtherance to cushion the immediate hunger in the land.
The maritime expert explained that ” The merit is that by the time they flood the market with those products , with zero duty then it will encourage importers to bring more of those commodities.
“Then that will force the prices in the market to go down. But those people that has something to do with forex will experience some levels of challenges.
“Flooding the markets with these items will be better when compared to forex because majority of Nigerians will benefit for it.
“The brown rice will create massive job opportunities for Nigerians and I believe it will bring about self sufficiency. At this point the government cannot fold its hand and allow soaring prices of food stuff to continue, therefore I will say it’s a welcome development “,he pointed out.
Speaking on the negativity on the policy , the stevedore expert reiterated that the foreign exchange rate will increase but added that despite the dominance of the dollars against the Naira, the seaports are active with huge volumes of imported cargoes.
Based on ship movement, Ubogu disclosed that there are lined up of vessels laden with huge tonnes of maize and her expected to berth at the nation’s seaports.
The recall that the government approved a 150-day duty-free window to allow the importation of maize, husked brown rice, maize , sorghum and wheat as part of measures to combat rising food inflation in the country.
