Customs Announce Zero Percent Import Duty on Basic Food Items

The Nigeria Customs Service (NCS) has introduced official guidelines to implement a new policy that eliminates import duties and Value Added Tax (VAT) on certain basic food items.

This policy, approved by President Bola Tinubu, aims to reduce the financial strain on Nigerians by lowering the prices of essential food commodities.

Effective from July 15, 2024, and set to continue until December 31, 2024, the initiative is designed to enhance food security and make basic items more accessible to the public.

The NCS has specified the criteria for companies interested in benefiting from this zero-duty importation policy, with a focus on bolstering local food availability while ensuring compliance with the outlined procedures.

The food items eligible for the zero percent duty rate include husked brown rice, grain sorghum, millet, maize, wheat, and beans.

These items, which previously had duty rates ranging from 5% to 30%, will now be imported at no additional cost under this policy.

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Comptroller General Bashir Adewale Adeniyi of the NCS has called for the cooperation of all stakeholders to ensure the smooth and successful implementation of this policy, which is a key component of the government’s strategy to stabilize the economy and strengthen food security across the country.