Nigeria Nigeria Customs to Implement Duty Waiver on Imported Foods in a Week

Nigeria Customs Service, led by Comptroller General Bashir Adeniyi, will implement a duty waiver on imported foods within a week. The waiver, announced to combat inflation, is pending final guidelines from the Ministry of Finance. This move aims to balance short-term relief and long-term support for local farmers.

Bashir Adeniyi, Comptroller General of the Nigeria Customs Service (NCS), announced that the duty waiver on imported foods will be implemented within the next week. Adeniyi's statement came during a press conference at the Defence Headquarters in Abuja, where he addressed the ongoing efforts to combat inflation.

The federal government had previously suspended duties, tariffs, and taxes on food imports starting July 10 to alleviate inflation. However, the waiver's rollout has been delayed as the Ministry of Finance finalizes implementation guidelines.

Adeniyi emphasized the importance of careful implementation to balance the interests of Nigerian farmers and the broader market. He noted that while the waiver aims to reduce food prices, it must be managed in a way that does not adversely affect local agriculture.

The Customs Service is awaiting the completion of detailed guidelines from the Ministry of Finance, which are expected to be ready within a week. These guidelines will clarify how the duty waiver will be applied and ensure its smooth execution.

In addition to the waiver, Adeniyi highlighted ongoing government efforts to address protesters' demands related to food inflation and the cost of living. This includes the distribution of strategic food reserves and other fiscal policies designed to mitigate inflation's impact on consumers.

Adeniyi assured that the waiver would contribute to lowering food prices, providing some relief to Nigerians facing high living costs.