Nigerian President Bola Tinubu has approved a zero percent import duty and Value-Added Tax exemption on essential food items, effective July 15 to December 31, 2024 to curb inflation.
The Ministry of Finance confirmed the approval in a letter to the Nigerian Customs Service, listing eligible food commodities such as maize, husked brown rice, wheat, grain beans, and millet.
Customs Comptroller-General Bashir Adeniyi has directed officials to enforce the new policy, which restricts imports to investors with milling capacity and a verifiable Backward Integration Programme, a strategy that encourages industries to source raw materials locally to reduce dependence on imports.
The move aims to reduce the high cost of food items in the Nigerian market, with the government estimating a revenue loss of approximately N188 billion (around U.S.$199 million). The Nigerian Customs Service will work closely with the Ministry of Finance to ensure strict compliance, with the ministry providing a list of approved importers and quotas during the implementation period.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
