In a significant move to alleviate the financial burden on Nigerians, the Nigeria Customs Service (NCS) has introduced new guidelines following President Bola Tinubu’s endorsement of a zero duty rate policy on essential food items. This initiative is set to reduce the import duty and Value Added Tax (VAT) on certain key food products from July 15, 2024, through December 31, 2024.
The policy aims to make crucial food items more affordable and accessible, thereby supporting local food security and easing economic pressures on households. Under these new guidelines, the zero percent duty rate and VAT exemption will apply to a select list of fundamental food products.
The NCS has provided comprehensive instructions for businesses wishing to participate in this initiative, detailing eligibility requirements and compliance protocols for importers. The initiative is part of a broader effort to enhance the availability and affordability of essential goods across Nigeria.
The following food items are included in the zero percent duty rate policy -Husked Brown Rice, Grain Sorghum, Millet, Maize, Wheat and Beans.
Importers are urged to familiarize themselves with these new guidelines to ensure compliance and to take full advantage of the benefits offered by this policy.