In a bid to tackle Nigeria’s escalating food prices and shortages, Finance Minister Wale Edun held a crucial meeting with the Nigeria Customs Service (NCS) board on Tuesday.
The meeting was centered on the implementation of a zero percent duty on selected food imports, a policy aimed at reducing inflation and making food more affordable for Nigerians.
Edun announced this development in a statement posted on X, formerly known as Twitter, on Wednesday.
“We discussed how to collaborate effectively to make food more affordable and accessible in the short term,” Edun stated.
He emphasized that the zero-duty measure is intended as a temporary fix while the government focuses on long-term strategies to boost domestic food production.
This move follows the federal government’s earlier announcement on July 10, which declared a suspension of taxes on specific food imports through both land and sea borders.
The duty waiver, set to be in effect from July 15 to December 31, covers maize, husked brown rice, wheat, and cowpeas.
However, the implementation of this waiver has been delayed. On September 5, the customs service revealed that it had not yet begun to apply the zero-duty policy because it was still awaiting the official list of beneficiaries from the Ministry of Finance.
At the recent meeting, Edun stressed the importance of enhancing local food production by providing essential farming inputs such as fertilizers and seeds, particularly to small-scale farmers.
“These inputs will be crucial in improving local food production and ensuring long-term food security,” Edun explained.
He also praised the customs board for its regular evaluations of the NCS’s financial performance and operational activities, underscoring the importance of these reviews in ensuring effective policy implementation.
The finance minister reiterated the commitment of President Bola Tinubu’s administration to addressing both short-term and long-term food security challenges.
“The administration is working closely with customs and other stakeholders to ensure the smooth implementation of this key policy,” Edun added.
The zero percent duty on food imports was introduced to mitigate the impact of rising food prices and alleviate the burden on Nigerians struggling with inflation.
The policy aims to ease the cost of essential food items and provide temporary relief while the government focuses on developing sustainable agricultural practices.
