The federal government of Nigeria is set to begin implementation of the zero import duty on food items into the country.
The government through the ministry of finance has approved new guidelines for implementation of its policy on total removal of import duties and Value Added Tax (VAT) on selected basic food items.
The new policy is to take effect from 15th July 2024 and will remain in force until 31st December 2024, the government said.
The Nigeria Customs Service (NCS), released import guidelines for the implementation of a Zero Percent Duty Rate VAT, exemption on selected basic food items.
The import waiver was to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens.
“Drawing from the Presidential directives aimed at alleviating the hardship faced by Nigerians due to high prices of essential food items, the NCS is pleased to announce that His Excellency, the President of the Federal Republic of Nigeria Bola Ahmed Tinubu through the minister of Finance and the Coordinating Minister of the Economy, Olawale Edun, approved the regulation for the implementation of a Zero Percent Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items. This policy is effective from 15th July 2024 and will remain in force until 31st December 2024.
