Nigeria customs suspends import duties on selected food items

The Nigeria Customs Service Board has reiterated that the temporary implementation of a zero-duty levy on selected food imports is designed to alleviate the current food shortage and reduce soaring food prices across the country.

This was conveyed in a post is the Federal Ministry of Finance official X handle on Wednesday, 11th of September, 2024.

The post reads:

“The Nigeria Customs Service Board addressed the press on a key decision concerning the temporary implementation of a zero-duty levy on selected food imports.

“The measure is designed to alleviate the current food shortage and reduce soaring food prices, which have been a major contributor to inflation across the country.

“‘We discussed how to collaborate effectively to make food more affordable and accessible in the short term’, the Minister explained. He emphasised that while this initiative offers immediate relief, President Tinubu remains focused on long-term solutions, particularly boosting domestic food production. HM Edun highlighted ongoing efforts to increase the availability of essential farming inputs, such as fertilizer and seeds, particularly for small-scale farmers, which is expected to enhance local food production and ensure food security in the long run.

“In addition to the zero-duty measure, the Minister commended the Nigeria Customs Service Board for its regular meetings to review the Service’s financial performance and operational activities. He praised the Comptroller General and the leadership of the Service for upholding the core values of Transparency, Integrity, and Merit, noting these values are essential for effective governance and the efficient operation of the Service.

“The Minister concluded by reaffirming the President Tinubu-led administration’s commitment to tackling both short-term and long-term food security challenges, while continuing to work closely with the Nigeria Customs Service and other stakeholders to ensure smooth implementation of key policies.” [CONTINUE READING HERE]>>>>