The Federal Government has decided to temporarily halt the imposition of duties on imported food items
The Federal Government, on Monday, declared a 150-day
duty-free import period for food items in a bid to combat the escalating
inflation that has negatively impacted many Nigerians.
Moreover, the government announced its intention to partner with states to enhance
agricultural cultivation nationwide.
As a result, the government has waived duties, tariffs,
and taxes on the importation of specific food products through both land and sea borders.
This recent directive is anticipated to decrease the demand for foreign exchange by food importers.
In 2023, Nigerians spent $2.13bn on importing food items from overseas.
The Central Bank of Nigeria's quarterly data revealed that the country exported significant
quantities of food products despite being recognized as Africa's food hub.
The substantial food import expenditure is a cause for concern for the government.
Nigeria boasts a vast agricultural sector, and efforts have been made to increase
local production and reduce reliance on food imports. However, challenges such as
inadequate infrastructure, insecurity, and climate change have impeded progress in the sector.
Experts suggest that the recent decision to allow duty-free food imports indicates
that the Nigerian government has yet to effectively address hunger eradication by 2030,
as outlined in the United Nations Sustainable Development Goals.
Previously, the government had dismissed food imports as a strategy to tackle the
high costs of food items and the economic challenges facing the nation.
During a press briefing in Abuja, the Minister of Agriculture and Food Security,
Abubakar Kyari, disclosed that the 150-day duty-free import window would
pply to commodities like maize, husked brown rice, wheat, and cowpeas.
This initiative is part of the Presidential Accelerated Stabilisation and Advancement Plan