FG’s Zero Import Duty Policy Faces Obstacles Amid Rising Inflation

FG’s Zero Import Duty Policy Faces Obstacles Amid Rising Inflation

The Federal Government’s zero import duty policy on essential food items is facing challenges, with stakeholders citing confusion, lack of coordination, and bureaucratic delays among implementation agencies. The policy, aimed at reducing food prices and easing inflation, has been hampered by delays from the Ministry of Finance and disagreements between government bodies like the Nigeria Customs Service and the Federal Inland Revenue Service.

Despite the announcement of a 150-day duty-free window to reduce food inflation, the implementation has been slow, and rising inflation, exchange rates, and energy costs have already undermined the policy’s goals. Analysts argue that the policy alone may not be effective without addressing underlying agricultural and infrastructural issues, while the delay in its rollout has led to increased hardship for Nigerians.