NIGERIA – Nigerian President Bola Ahmed Tinubu has suspended import duties and tariffs on essential commodities, including maize, for the next six months to alleviate the pressure of rising food prices.
This decision aims to provide immediate relief amid widespread protests over the soaring cost of food and necessities.
President Tinubu’s address to the nation highlighted the severe economic challenges faced by Nigerians and outlined his administration’s commitment to stabilizing the economy and mitigating the financial burden on citizens.
The removal of import duties on maize, a critical ingredient in animal feed, is particularly significant for the feed industry. It directly impacts the cost of feed production and, consequently, the price of meat and dairy products.
“Recognizing the severe impact of rising food prices, I have directed the removal of import duties and tariffs on maize, along with rice, wheat, sorghum, drugs, and other pharmaceutical inputs,” President Tinubu announced.
“This measure aims to reduce the cost of these essential commodities and ease the financial burden on Nigerians.”
The government’s intervention follows a recent price reduction in rice, with a 50kg bag now available at designated centres across the country for N40,000 (US$52).
Minister of Information and National Orientation Mohammed Idris noted that rice is being sold at approximately 50% of its usual cost and highlighted that this initiative, along with others, aims to improve living conditions amid ongoing national discussions about economic hardships.
This sharp increase in rice prices on the local market is part of an economic context marked by the rise in annual inflation, which reached 29.9% in January 2024, its highest level in 28 years. This context underscores the urgency of the government’s intervention.
President Tinubu emphasized that the government is working around the clock to implement policies to stabilize the economy and promote sustainable growth. He called for unity and cooperation from all Nigerians, urging them to support these efforts and refrain from further protests.
“Our democracy progresses when the constitutional rights of every Nigerian are respected and protected. Our law enforcement agencies should continue to ensure the full protection of the lives and properties of innocent citizens in a responsible manner,” he stated.
The President also highlighted the administration’s achievements over the past 14 months, including significant fiscal reforms, infrastructure projects, and efforts to boost productivity in the non-oil sector. These initiatives aim to create a more resilient and diversified economy.
“This decision is a testament to our dedication to providing relief and improving the quality of life for every Nigerian,” he noted.
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