The Nigerian federal government has approved a regulation implementing a Zero percent Duty Rate and Value Added Tax (VAT) exemption on selected basic food items.
This policy would be effective from August 15, 2024, to December 31, 2024.
This initiative, confirmed by Finance Minister Wale Edun, aims to alleviate the high cost of food in the Nigerian market by making essential commodities more affordable.
The Nigeria Customs Service (NCS) emphasized that this temporary measure is part of broader efforts to address food security challenges without compromising long-term strategies to support local farmers and manufacturers.
The policy focuses on companies that have been operational in Nigeria for at least five years, with specific requirements for importers of items like husked brown rice, grain sorghum, millet, maize, wheat, and beans.
To ensure compliance, companies must meet specific criteria and maintain detailed records. Failure to meet obligations under the import authorization will result in the loss of all waivers, with applicable VAT, levies, and import duties becoming payable.
The NCS, under the leadership of Comptroller General of Customs Bashir Adewale Adeniyi, remains committed to supporting this initiative to enhance food security and economic stability in Nigeria.