Lagos, Nigeria – The Nigeria Customs Service (NCS) has unveiled specific criteria for the 150-day tariff waiver on selected staple foods, as approved by President Bola Tinubu. The measure aims to alleviate the burden of high food prices on Nigerians.
Effective from July 15 to December 31, 2024, the waiver covers husked brown rice, sorghum, millet, maize, wheat, and beans. To qualify for the zero-duty importation, companies must be Nigerian-registered, have a minimum of five years of operation, and a clean tax record.
Additional requirements include:
- Rice, sorghum, and millet importers: Must own a milling plant with a capacity of at least 100 tons per day, have been in operation for four years, and possess farmland for cultivation.
- Maize, wheat, and bean importers: Must be agricultural companies with sufficient farmland or feed mills/agro-processing companies with an out-grower network.
The Federal Ministry of Finance will oversee the process, issuing import quotas and ensuring that at least 75% of imported goods are sold through recognized commodities exchanges. Strict record-keeping is mandatory, and failure to comply will result in penalties, including the loss of the waiver and payment of all applicable duties.
The NCS emphasized that while the waiver is a temporary relief measure, the government remains committed to supporting local farmers and manufacturers.
By implementing these guidelines, the government hopes to stabilize food prices and improve food security across the nation.