NACCIMA: Suspension of taxes on importation of food commodities will stabilise prices

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) says the suspension of taxes on the importation of food commodities will stabilise prices.

On Monday, Dele Oye, NACCIMA’s national president, said the decision represents a significant step towards mitigating the severe food inflation currently impacting Nigerian households.

Oye also applauded the 150-day duty-free import window for essential items such as maize, husked brown rice, wheat, and cowpeas.

He described it as a commendable move that will stabilise food prices and provide relief to millions of Nigerians.

“On behalf of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), we commend the federal government’s decisive action to suspend duties, tariffs, and taxes on the importation of key food commodities,” Oye said.

“This initiative, announced by Honourable Minister Abubakar Kyari, represents a significant step towards mitigating the severe food inflation currently impacting Nigerian households.

“The 150-day duty-free import window for essential items such as maize, husked brown rice, wheat, and cowpeas is a commendable move that will likely stabilize food prices and provide much-needed relief to millions of Nigerians.

“By addressing the multiple factors contributing to rising food prices, including infrastructural challenges and market profiteering, this policy demonstrates a comprehensive approach to ensuring food affordability.”

Oye called on the government to work with stakeholders in the agriculture sector to protect local investments and sustain its growth.

“However, while we applaud these measures, it is imperative that the government immediately engages with stakeholders across the agricultural value chain,” he said.

“This engagement is crucial to ensure that Nigeria is not turned into a dumping ground for commodities where we already have reasonable self-sufficiency.

“Protecting local investments and sustaining the growth of our agricultural sector must remain a priority.”

He reaffirmed the association’s commitment to supporting the government in these efforts, ensuring that the strategic importation of food commodities complements rather than undermines the country’s agricultural production.

In a statement released earlier, Abubakar Kyari, minister of agriculture and food security, said duties, tariffs and taxes on imported maize, husked brown rice, wheat and cowpeas — through land and sea borders — have been suspended.

Kyari said a 150-day duty-free import window for food commodities will be enforced as part of measures to be implemented over the next 180 days to ameliorate food inflation in Nigeria.

However, in a chat with TheCable, Bayo Onanuga, presidential spokesman, said the measures are still under consideration and not yet official.