FG Suspends Import Duties on Essential Items to Alleviate Economic Hardship

By Joy Richardson

In an effort to mitigate economic challenges and control inflation, the Federal Government has announced a six-month suspension of import duties and other tariffs on key food items, raw materials, and inputs critical to manufacturing, agriculture, and pharmaceuticals.

The suspension, outlined in an Executive Order by President Bola Ahmed Tinubu, includes essential products such as fertilizers, seedlings, chemicals, poultry feed, flour, and various grains. Additionally, the order sets a fixed exchange rate of N800 to $1 for import duty calculations during this period.

To further support this initiative, the government has instructed the Nigeria Customs Service to expedite the processing of agricultural equipment, food items, and manufacturing inputs at ports, with the goal of reducing clearance times by at least 50%.

Furthermore, the directive encourages state and local governments to implement similar measures to enhance productivity across sectors…