The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has commended the decision of the Nigerian government to suspend taxes on the importation of key food commodities, noting that it would help in stabilising prices.
In a statement signed by its national president, Dele Oye, NACCIMA said the action is a significant step towards mitigating the severe food inflation currently impacting Nigerian households.
Join our WhatsApp ChannelPrime Business Africa reports that Minister of Agriculture and Food Security, Abubakar Kyari, on Monday, announced the approval of N2 trillion to combat food inflation and implement the Presidential Accelerated Stabilisation and Advancement Plan.
The minister said part of the plan is allowing a 150-day Duty-free Import window for key food commodities such as maize, husked brown rice, wheat, and cowpeas.
The NACCIMA President who applauded the 150-day duty-free import window for essential items food commodities noted that the move will provide relief to millions of Nigerians.
“We commend the Federal Government’s decisive action to suspend duties, tariffs, and taxes on the importation of key food commodities,” part of the statement reads.
“This initiative, announced by Honourable Minister Abubakar Kyari, represents a significant step towards mitigating the severe food inflation currently impacting Nigerian households.
READ ALSO: Food Inflation Crisis: Nigerian Govt Approves N2trn Package, Suspends Duty On Rice, Wheat, Others
“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 stabilise 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 however stressed the need for engagement with stakeholders across the agricultural value chain.
“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 stated.
He added: “NACCIMA stands ready to support the government in these efforts, ensuring that the strategic importation of food commodities complements rather than undermines our domestic agricultural production. Together, we can secure a balanced approach that safeguards both the immediate needs of our citizens and the long-term sustainability of our agricultural economy.”
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
