Customs announces suspension of import duties on essential food items as food import costs soar following weak naira
The National Bureau of Statistics-NBS data has shown a consistent growth in imported food inflation since the beginning of the year, with the headline inflation rate in June 2024 being 11.4% higher than in June 2023.
According to NBS, Nigeria’s imported food inflation surged to 36.38% in June 2024, up from 34.83% in May, representing a 1.55 percentage point increase. This rise exceeds the headline inflation rate, which grew from 33.95% in May to 34.19% in June.
This represents a substantial rise from the 19.1% recorded in June 2023, largely due to the naira’s continued decline since the Central Bank of Nigeria’s foreign exchange market rates unification last year.
In a bid to address these widespread economic challenges and hunger in Nigeria, the Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adeniyi, has announced the Federal Government’s suspension of import duties and taxes on essential food items. This measure aims to make basic necessities more affordable for Nigerians.
Adeniyi acknowledged the global inflationary trend and its impact on Nigeria, emphasising the government’s commitment to easing the financial burden on citizens.
He outlined the NCS’s efforts to streamline export processes, introducing advanced ruling systems, authorised economic operators, and a time-release study to enhance trade and stimulate the economy.
The Customs Chief emphasised that these reforms will provide farmers, artisans, and entrepreneurs with faster access to global markets, benefiting their families and communities. He assured seamless implementation to address hunger and called for collective efforts to combat arms proliferation and strengthen Nigeria’s borders.
Adeniyi stressed the importance of peaceful progress, warning that supply chain destruction hinders revenue collection, distorts trade, and promotes instability.
He expressed gratitude to those embracing peace and dialogue, urging constructive engagement and cooperation to overcome current challenges and build a brighter future.
