Nigeria plans to suspend import duties on certain food products

The Nigerian government is considering suspending tariffs on certain food imports to address the rising prices and escalating inflation afflicting the country’s citizens, a senior official in the Office of the President has said. The bill, which is expected to be formally unveiled soon, includes a 150-day duty-free import period for key commodities such as maize, husked brown rice, wheat and cowpeas. The government also plans to import 500,000 tonnes of wheat and maize to boost supplies. In addition, various agricultural initiatives will be implemented to boost domestic production and ensure long-term food security. The initiative is the latest attempt by the government to tackle the ever-increasing food inflation in the West African country, which has now reached 40.66%. The decision has been praised by industry leaders, including the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).

SOURCE: ARISE TV