In a strategic move to combat rising food inflation and alleviate hunger, the Federal Government of Nigeria has announced the suspension of import duties and taxes on essential food items.
This significant policy shift aims to make basic necessities more affordable for Nigerians and address the widespread economic challenges currently facing the nation.
The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adeniyi, made the announcement on Monday evening, emphasizing the government’s dedication to reducing the financial strain on its citizens as reported by Nigerian Tribune.
Adeniyi acknowledged the global inflationary pressures impacting Nigeria and outlined the government’s proactive measures to mitigate these effects.
“Global inflation is impacting nations worldwide, including Nigeria,” Adeniyi stated. “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.”
The suspension covers a range of essential food items, including rice, flour, wheat, and maize. These commodities are crucial staples in the Nigerian diet, and their affordability is vital for ensuring food security.
The government has approved a 150-day duty-free window for the importation of these items, as part of the Presidential Accelerated and Stabilisation Advancement Plan (ASAP) .
Additionally, the federal government plans to import 250,000 metric tonnes of wheat and maize to replenish the strategic grain reserve, further stabilizing the market and ensuring a steady supply of these essential commodities .
In addition to suspending import duties, the NCS has streamlined export processes to facilitate the efficient movement of Nigerian goods to international markets.
This initiative includes the introduction of advanced ruling systems, authorized economic operators, and a time-release study designed to enhance trade, stimulate the economy, and create new opportunities .
Adeniyi emphasized that these reforms would provide farmers, artisans, and entrepreneurs with a faster path to global markets, thereby benefiting their families and communities. “We are committed to implementing this measure seamlessly to address the problem of hunger in our nation,” he added.
Nigeria is currently grappling with one of the worst food crises in a generation, with food inflation in May 2024 surpassing 40%. Staple food prices, including rice, maize, wheat, and beans, have more than doubled over the past year, exacerbating the economic hardship faced by many Nigerians .
Projections from international development organizations, such as the World Bank and the World Food Program (WFP), indicate that around 32 million Nigerians will face severe hunger in 2024 if the current food crisis is not addressed.
The government’s suspension of import duties and taxes is a critical step towards mitigating this crisis and ensuring that essential food items remain accessible to the population.
In addition to economic measures, the NCS is intensifying efforts to combat the proliferation of arms and dangerous weapons through Nigeria’s land, sea, and airports. Adeniyi stressed the importance of collective efforts and peaceful progress to strengthen the country’s borders and ensure national security.
“The destruction of the supply chain affects foreign investment, distorts trade, promotes instability, increases scarcity, and hinders revenue collection,” Adeniyi warned. He called for constructive engagement and cooperation from all Nigerians to overcome current challenges and build a brighter future .
The federal government is engaging relevant stakeholders to set a Guaranteed Minimum Price (GMP) for commodities and ramp up production, especially among smallholder farmers, in the 2024/2025 farming season. This includes promoting the production of fortified food commodities and other measures to ensure food security .
The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, noted that the Ministry would collaborate with the Presidential Food Systems Coordinating Unit and the Economic Management Team (EMT) to finalize the implementation framework for these policy initiatives within the next 14 days .
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