FG opts for duty-free imports of rice, wheat, beans, others

The Federal Government of Nigeria plans to suspend duties, tariffs, and taxes on essential food items imported through land and sea borders to reduce food costs and alleviate inflation. This 150-day duty-free import window includes maize, wheat, husked brown rice, and cowpeas. The move, aimed at addressing food affordability and availability issues, has been praised by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Centre for Promotion of Private Enterprises (CPPE). The government will also import 250,000MT each of wheat and maize. Despite the positive reception, some stakeholders emphasize the need to protect local farmers and address underlying issues such as transportation costs and market profiteering. Source: Vanguard

Our Review
The Nigerian government’s plan to suspend duties, tariffs, and taxes on essential food imports aims to alleviate the current food affordability crisis, with food inflation at a staggering 40.66%. This 150-day duty-free import window targets maize, wheat, husked brown rice, and cowpeas to stabilize food prices and provide relief to Nigerians. However, while beneficial short-term, stakeholders stress the importance of supporting local farmers to avoid undermining domestic production. Long-term measures must focus on enhancing local agricultural productivity and infrastructure.