In a bid to tackle food price inflation and stimulate domestic agricultural growth, the Federal Government has introduced the Regulation for the Implementation of the Customs, Excise Tariff, Etc. Variation Order 2024.
Signed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, this regulation provides a framework for the implementation of the Customs, Excise Tariffs etc. Order 2024, aimed at controlling and reducing food price inflation by waiving levies, duties, value-added taxes, and tariffs payable on the importation of basic food items.
With the introduction of these regulations, Nigeria is poised to witness a significant reduction in food price inflation, increased investment in the agricultural sector, and enhanced food security.
HM Edun reiterated the Federal Government’s commitment to creating an enabling environment for economic growth, and this regulation is a testament to that commitment.
We urge all eligible companies to take advantage of this opportunity to contribute to Nigeria’s food security and economic development, the Minister stated.
Signed
Mohammed Manga, FCAI
Director, Press and Public Relations,
