Following President Bola Tinubu’s approval for the implementation of import duty waiver on food items, the Nigeria Customs Service (NCS) has announced the release of official guidelines for implementing a Zero Percent Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items.
The directive aims to alleviate the financial burden on Nigerians by reducing the cost of essential commodities. The policy, effective from July 15, 2024, will run until December 31, 2024.
In the guidelines, the NCS outlined the eligibility criteria for companies wishing to participate in the zero-duty importation initiative, emphasizing the importance of supporting local food security while making essential items more affordable.
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The guidelines also detail the specific food items covered under this policy and the compliance measures that importers must adhere to.
The basic food items eligible for the zero percent duty rate are as follows:
S/N Item Description ECOWAS CET H.S. Code Previous Duty Rate + Levy New Duty Rate
I. Husked Brown Rice 1006.20.00.00 30% 0%
II. Grain Sorghum – Other 1007.90.00.00 5% 0%
III. Millet – Other 1008.29.00.00 5% 0%
IV. Maize – Other 1005.90.00.00 5% 0%
V. Wheat – Other 1001.19.00.00 20% 0%
VI. Beans 0713.31.90.00 20% 0%
The Nigeria Customs Service, under the leadership of Comptroller General Bashir Adewale Adeniyi, urged all stakeholders to ensure full cooperation for the successful implementation of this initiative, which is part of the government’s broader efforts to stabilize the economy and enhance food security.
