NEWS

NCS Commences Suspension Of Food Import Duty To Crash Prices

The Nigerian Customs Service (NCS) has begun executing President Bola Ahmed Tinubu’s directive to suspend import duty collection on essential food items to lower market prices.

Comptroller General of Customs Bashir Adewale Adeniyi announced this in a statement on Monday, adding that the country is also working to streamline export processes.

“The global inflation is impacting nations worldwide, including Nigeria. 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 for the citizens.

“We have streamlined export processes to make sure Nigerian goods reach international markets efficiently.

“We have introduced tools like Advance Ruling Systems, Authorised Economic Operators (AEOs), and Time Release Studies to enhance trade, stimulate the economy and create opportunities.

“Our farmers, entrepreneurs and artisans will now have a faster path to global markets, benefitting their families and communities,” CGC Adeniyi said.

Adeniyi further added, “We are also collaborating with other security agencies and intensifying efforts to combat the influx of arms and dangerous weapons through our land borders, sea and airports.”

Previously, the government announced a 150-day zero import duty waiver on staple food items to combat rising food prices in Nigeria.

This measure comes as food inflation in the country surged to 40.87 percent in June 2024.

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