FG to Review Tariff Policies to Boost Local Manufacturing and Reduce Business Costs
The Federal Government of Nigeria has launched a strategic review of tariff policies to strengthen local manufacturing, protect domestic industries, and reduce the cost of doing business. This initiative comes as the government seeks to balance essential imports with its broader industrialisation agenda amid rising production costs and foreign exchange pressures.
The review follows a high-level meeting between the Tariffs Review Board and the Minister of State for Finance, Dr. Doris Uzoka-Anite. Discussions focused on how tariff reforms could help local manufacturers navigate challenges, stimulate economic growth, and improve Nigeria’s industrial competitiveness in a volatile global trade environment.
Dr. Uzoka-Anite emphasized that the review aims to reposition tariffs as tools for economic development rather than constraints on productivity. “Our goal is to create a tariff system that supports local manufacturers, strengthens value chains, and promotes sustainable industrial expansion,” she said, highlighting the government’s commitment to data-driven policymaking and inclusive growth.
The meeting also examined tariff-related bottlenecks affecting sectors reliant on imported raw materials and intermediate goods. Officials discussed options for providing fiscal relief to domestic producers, helping them lower production costs, preserve jobs, and increase output while maintaining market stability.
By refining these fiscal tools, the government hopes to unlock Nigeria’s industrial capacity, attract investment, and boost local value addition. The review signals a proactive approach to building a more resilient, competitive, and inclusive economy, aligning with ongoing efforts to accelerate the nation’s industrial growth.
source: vanguard