FG announces temporary zero-duty on food imports to reduce Inflation‬

FG announces temporary zero-duty on food imports to reduce Inflation‬

‪Abdullateef Fowewe

The Nigerian government has announced a temporary zero-duty policy on essential food imports to combat rising inflation and make basic food items more affordable for citizens.

This initiative was confirmed in a meeting held on Tuesday by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, with the Nigeria Customs Service Board.

The measure as it was stated in a remark shared on the social media handle of the Federal Ministry of Finance on Wednesday is designed to alleviate the current food shortage and reduce soaring food prices, which have been a major contributor to inflation across the country.

Edun stressed that while the initiative offers immediate relief, President Tinubu remains focused on long-term solutions, particularly boosting domestic food production, highlighting ongoing efforts to increase the availability of essential farming inputs, such as fertilizer and seeds, particularly for small-scale farmers, which is expected to enhance local food production and ensure food security in the long run.

The statement reads, “In addition to the zero-duty measure, the Minister commended the Nigeria Customs Service Board for its regular meetings to review the Service’s financial performance and operational activities. He praised the Comptroller General and the leadership of the Service for upholding the core values of Transparency, Integrity, and Merit, noting these values are essential for effective governance and the efficient operation of the Service.

“The Minister concluded by reaffirming the President Tinubu-led administration’s commitment to tackling both short-term and long-term food security challenges while continuing to work closely with the Nigeria Customs Service and other stakeholders to ensure smooth implementation of key policies.”