Nigeria Plans to Suspend Import Taxes on Selected Foods

The Nigerian government is considering suspending taxes on certain food imports to address the soaring prices and escalating inflation affecting the nation’s citizens, according to a senior presidency official. The policy, which will be formally presented soon, includes a 150-day duty-free import window for key commodities such as maize, husked brown rice, wheat, and cowpeas. It will also see the government import 500,000 metric tons of wheat and maize to boost supply. Beyond this, various agricultural initiatives are being implemented to increase domestic production and ensure long-term food security. This initiative is the government’s latest attempt to rein in ever rising food inflation, which has reached 40.66%, in the West African country. 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

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