Nigeria Suspends Import Duties on Essential Food Items to Combat Inflation

President Bola Ahmed Tinubu's decision to halt import duty collection on vital food goods to lower market prices has been implemented by the Nigerian Customs Service (NCS).

Bashir Adewale Adeniyi, the Comptroller General of Customs, revealed this in a statement on Monday. He added that procedures have been put in place nationwide to expedite export procedures.

"The global inflation is impacting nations worldwide, including Nigeria. To address this, the Federal Government through the Nigeria Customs Service is suspending import duties and taxes on essential food items to make them more affordable for the citizens. We have streamlined export processes to ensure Nigerian goods reach international markets efficiently. We have introduced tools like Advance Ruling Systems, Authorised Economic Operators (AEOs), and Time Release Studies to enhance trade, stimulate the economy, and create opportunities. Our farmers, entrepreneurs, and artisans will now have a faster path to global markets, benefiting their families and communities," CGC Adeniyi said.

Adeniyi further added, "We are also collaborating with other security agencies and intensifying efforts to combat the influx of arms and dangerous weapons through our land borders, sea, and airports."

Previously, the administration had announced a 150-day zero import duty waiver for essential foods to curb the country's soaring food prices. This occurs at the same time that food inflation in Nigeria reached 40.87 percent in June 2024.