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The Federal Government of Nigeria is suspending duties, tariffs, and taxes on essential food items like rice, wheat, and beans to combat soaring food prices.
According to a source, this 150-day duty-free import window aims to ease the financial strain on Nigerians, who have seen food inflation reach 40.66%.
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) and the Centre for Promotion of Private Enterprises (CPPE) praised this move. They believe it will stabilize food prices and provide relief to millions.
Additionally, the government will import 250,000 metric tons each of wheat and maize to support small-scale processors and millers, further addressing the food crisis.
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