The Federal Government of Nigeria has announced a review of the country’s tariff framework in a bid to strengthen industrial competitiveness and support domestic manufacturing. The move, spearheaded by the Minister of State for Finance, Dr. Doris Uzoka-Anite, seeks to align fiscal policy with the challenges local producers face amid rising production costs and foreign exchange pressures.
During a high-level meeting with the Tariffs Review Board, Dr. Uzoka-Anite emphasized that the review is designed to transform tariffs from being a constraint into a tool for economic development. “Our focus is to encourage local production, protect home-grown industries, and ease the cost of doing business across key manufacturing value chains,” the minister explained.
The government’s statement highlighted the objective of creating a more responsive tariff structure that reflects Nigeria’s industrialization agenda while ensuring market stability in a volatile global trade environment. Key areas of discussion included identifying tariff-related bottlenecks affecting manufacturers, particularly in sectors that rely heavily on imported raw materials and intermediate goods.
Participants at the meeting also explored fiscal relief measures for domestic producers facing high input costs. By leveraging tariffs strategically, the government aims to boost output, preserve jobs, and enhance competitiveness, ensuring policy decisions are guided by empirical data on production costs, consumer prices, and employment outcomes.
With Nigeria’s manufacturing sector grappling with energy costs, logistics challenges, and currency fluctuations, experts believe a coherent and predictable tariff regime could provide relief to local firms, attract investment, and deepen value addition. The Federal Government reaffirmed its commitment to building a resilient, competitive economy where industrial growth remains central to its long-term strategy.
source: The Guardian