Nigeria’s government plans to suspend import duties on essential goods to curb inflation

The Federal Government of Nigeria, in its bid to curb ever-increasing inflation, will suspend import duties on staple foods, raw materials for production, medicines and other essential goods for six months. This measure also includes waiving levies on fertilizers, poultry feed, flour and grains. The Executive Order, dubbed the Inflation Control and Price Stability Order, directs the Ministry of Finance and the Central Bank of Nigeria to offer soft loans to the agricultural, pharmaceutical and manufacturing sectors. If signed, the order should increase food availability, reduce the cost of medicines, reduce production costs and ease the cost of living crisis. In addition, the President may suspend value added tax on LPG, staple foods and raw materials for food production, electricity, public transport and agricultural products for the rest of the year to consolidate his gains.

SOURCE: NAIRAMETRICS