Nigeria Waives Import Duties on Food to Fight Soaring Prices and Shortages

Bid to address rising food prices and shortages, the Nigeria Customs Service Board has announced a temporary removal of import duties on selected food items. This zero-duty measure is part of efforts to bring immediate relief to the nation and stabilize the market.

The announcement was shared through the Federal Ministry of Finance’s official X handle on Wednesday, September 11, highlighting the government’s strategic move to counter inflation.

“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 post stated.

The Minister of Finance, Mr. Wale Edun, elaborated that this initiative is aimed at easing the burden of high food prices while boosting supply to meet national demand. He emphasized that while this measure offers immediate benefits, President Bola Tinubu’s administration remains focused on long-term solutions, primarily by increasing domestic food production.

Efforts are also being made to provide essential farming inputs like fertilizers and seeds, especially for small-scale farmers, to improve local food output. This is expected to help Nigeria achieve long-term food security.

In addition to the zero-duty policy, the Minister commended the Nigeria Customs Service Board for its ongoing commitment to transparency and integrity in governance. He praised the leadership of the Comptroller General and the Service for their consistent dedication to effective operations.

The Tinubu administration has vowed to continue working closely with key stakeholders, including the Nigeria Customs Service, to ensure that the policy is implemented smoothly and to tackle both short- and long-term food security challenges.