On Sunday, August 04, 2024, the National Orientation Agency (NOA) announced that the Nigeria Customs Service has suspended import duties and taxes on essential food items as part of efforts to address the country’s food shortage crisis.
The Comptroller General of the Nigeria Customs Service, Wale Adeniyi, stated that the suspension aims to make food items more affordable for Nigerians amid a soaring food inflation rate.
The announcement comes amid nationwide protests over hunger and poor governance, as citizens express frustration with the cost-of-living crisis.
He emphasised the government’s commitment to easing the financial burden on citizens amidst global inflation.
Adeniyi also highlighted streamlined export processes designed to facilitate the efficient movement of goods to international markets.
Nigeria’s food production has been severely affected by insecurity in the North-West, North-Central, and North-East regions with the rising energy costs and logistics challenges.
These factors have significantly contributed to the country’s current food inflation rate of 40.87 percent.
According to Proshare, a business market news platform, food inflation averaged 39.24 percent in the first half of 2024, up from 24.94 percent in the same period in 2023.
The South-South region, comprising Akwa Ibom, Bayelsa, Cross River, Delta, Edo, and Rivers States, continues to have the highest food prices.
