In a decisive move to tackle escalating food prices and provide immediate relief from inflation, the Federal Government of Nigeria has proposed a temporary zero-duty levy on selected food imports. The initiative was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, following a strategic meeting with the Nigeria Customs Service Board in Abuja.
The announcement, which was contained in a statement signed by Mohammed Manga, Director of Information and Public Relations for the finance ministry, highlighted that the primary objective is to boost food availability, reduce costs, and ease the financial strain on Nigerian citizens.
Speaking on the proposal, Mr. Edun emphasized its urgency, noting that the rising cost of food is a significant driver of inflation nationwide. “This temporary measure is critical in combating the ongoing surge in food costs, which has placed a heavy burden on many households,” Edun said. The measure is expected to increase food imports in the short term, making food products more affordable and accessible across the country.
While the zero-duty levy is aimed at providing immediate relief, the government is also committed to finding long-term solutions to Nigeria’s food supply crisis. Mr. Edun assured stakeholders that the administration of President Bola Ahmed Tinubu is focused on implementing sustainable policies to strengthen the agricultural sector and stabilize food prices in the long run.
The proposal has garnered support from key stakeholders, and further details are expected to be unveiled in the coming weeks.
