INNOVISION INNOVISION’s Post

The Nigerian government may forfeit approximately N188.37 billion in revenue due to a six-month duty waiver for staple foods, as announced by the Nigeria Customs Service (NCS). This move, aimed at reducing food inflation, affects imports of maize, rice, wheat, and beans. Between 2020 and 2023, Nigeria spent N3.82 trillion on these imports, generating significant customs duties and levies. Despite the revenue loss, the government is focusing on enhancing food security and expanding local cultivation. #Nigeria #Goverment #StapleFood #NigeriaCustomsService #FoodInflation #Imports

Exciting News from Nigeria Customs Service! The Comptroller General, of Nigeria Customs Service (NCS), Bashir Adeniyi, has announced that the duty waiver on imported foods will be implemented within a week! During a recent news conference in Abuja, Adeniyi shared that the Ministry of Finance is finalizing the guidelines for this policy. This move comes as part of President Bola Tinubu's directive to suspend import duties and taxes on essential foodstuffs, aiming to combat inflation and lower food prices. Adeniyi reassured Nigerians that efforts are ongoing to address food inflation and the rising cost of living. He emphasized the government's strategic interventions, including distributing food items from national grain reserves to all states. 🌾 He also highlighted the need to balance the interests of local farmers and stakeholders to reduce food prices. "We're working meticulously to ensure this policy benefits everyone," Adeniyi said. The suspension of duties and taxes on imported food items is expected to significantly lower food prices in the market. 🍲💰 Stay tuned for more updates as Nigeria Customs is committed to implementing these fiscal policies soon! #NigeriaCustoms #FoodInflation #EconomicRelief #NigeriaNews #FoodSecurity #GovernmentPolicy

The Nigeria Customs Service (NCS) has started enforcing tax-free and duty-free importation of essential food commodities Read: https://lnkd.in/dxZxBq-V Follow this page for more stories like this. #Customs #NigeriaCustoms #Nigeria #food #imports

The Ministry of Finance is developing a framework to guide massive food imports, a key strategy to address the prevailing cost-of-living crisis in Nigeria. The framework, expected to be ready next week, will include zero tariffs on certain food items to avoid hurting local production while providing short-term relief to widespread hunger. Adewale Adeniyi, comptroller general of the Nigeria Customs Service (NCS), stated, “The set of guidelines is necessary… to provide short-term relief to the widespread hunger in the country.” President Tinubu had earlier approved a N2 trillion package to tackle food inflation, including a 150-day duty-free window for importing certain commodities. Read more: https://lnkd.in/drBGAEyd

Did you know that Nigeria has some strict rules when it comes to exporting certain goods? We're talking essential foods like rice, beans, cassava, and maize - the essentials! And it's not just the foods themselves, but also products made from them. Exporting these goods is a major no-no, and if you're caught, you could face life imprisonment! Plus, any vehicles, aircraft, or goods used for illegal export will be confiscated by the government. And get this - even customs officers who help facilitate the export can face the same punishment! It's all outlined in the Export (Prohibition) Act 2004, specifically Sections 2 and 1 of the First Schedule.  So, if you're in the export business, make sure you're aware of these restrictions to avoid any trouble! Let us know what you think in the comments. Have a restful weekend. #prohibitedexport #thelaw #lawyersinnigeria #bewise

On Thursday, 15 August 2024, the Nigeria Customs Service issued a press release communicating a new policy guideline aimed at implementing a Zero Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items. This policy guideline is aimed at reducing the prices of essential commodities, thereby alleviating the hardship being faced by Nigerians due to high prices of essential food items, addressing food security challenges, and ensuring that basic food items are accessible to all Nigerians.   This policy is effective from 15 July 2024 and will remain in force until 31 December 2024. Read our tax alert below for more insights on the new policy. #VAT #ImportDuty #Customs #GlobalTrade #Inflation #Nigeria #Economy

On Thursday, 15 August 2024, the Nigeria Customs Service issued a press release communicating a new policy guideline aimed at implementing a Zero Duty Rate (0%) and Value Added Tax (VAT) exemption on selected basic food items. This #policy guideline is aimed at reducing the #prices of essential commodities, thereby alleviating the hardship being faced by #Nigerians due to high prices of essential food items, addressing #food security challenges, and ensuring that basic food items are accessible to all Nigerians.   This policy is effective from 15 July 2024 and will remain in force until 31 December 2024. Read our #tax alert below for more insights on the new policy. #VAT #ImportDuty #Customs #GlobalTrade #Inflation #Nigeria #Economy

FG Suspends Import Duties on Essential Food Items to Combat Hunger Crisis: In response to the escalating hunger crisis in Nigeria, the Federal Government has announced an immediate suspension of import duties… Read More: FG Suspends Import Duties on Essential Food Items to Combat Hunger Crisis via #TheCityCeleb

Zero Percent Duty Rate and VAT Exemption on food imports in Nigeria. Last week, the Nigerian Government introduced a policy to tackle rising food inflation: temporarily suspending duties, tariffs, and VAT on key imported food items, including maize, rice, wheat, and cowpea. This initiative is part of a Presidential Plan to control food prices and enhance #food #security from July 15 to December 31, 2024. While this move offers short-term relief, especially for low-income families, concerns about its potential long-term effects on the local agriculture sector are emerging. Experts caution that an influx of cheaper imported goods could weaken local farmers' competitiveness and increase the #trade #deficit, which could strain Nigeria's foreign exchange reserves. Many stakeholders are advocating for a more balanced approach. Although the Nigeria Customs Service anticipates a significant revenue loss of around $118 million, they believe the policy could help prevent food shortages. Do share your thoughts. Would this be the solution for food security and inflation crisis?