Inflation-hit Nigeria to criminalize corn exports to meet local needs

Nigeria’s senate plans to pass legislation to criminalize the export of corn amid concerns over hunger and rising staple prices in Africa’s most populous nation.

Nigeria has been grappling with a worsening food inflation which surged to 39.16% in October this year.

This inflation has been exacerbated by climate conditions, currency devaluation and the removal of fuel subsidies leading to higher transportation costs which affect the cost of foodstuff.

Some market operators prefer to export corn, rice, and sorghum to neighboring countries due to the exchange rate differential.

Under the new bill, violators will have to pay a fine equaling the amount of corn they are planning to export or face prison sentences.