The federal government set to begin implementation of the zero import duty on food items into the country.
The government through the ministry of finance has approved new guidelines for implementation of its policy on total removal of import duties and Value Added Tax (VAT) on selected basic food items.
The policy is effective from 15th July 2024 and will remain in force until 31st December 2024, the government said. The Nigeria Customs Service (NSC), released import guidelines for the implementation of a Zero Percent Duty Rate VAT, exemption on selected basic food items.
The import waiver was to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens.
