Nigeria slashes import duties to fight rising cost of living

A man carries a Nigerian flag protesting against the economic hardship on the street in Lagos, Nigeria, Friday, Aug 2, 2024. -

AP Photo

Last updated: 3 hours ago

Nigeria

Nigeria will cut import duties on a range of goods from July 1, in a move aimed at easing living costs and supporting businesses.

Key tariff reductions

The presidency said duties will be lowered on rice, sugar, palm oil, passenger vehicles and construction materials.

Under the new rates, tariffs on passenger vehicles will drop to 40 percent, bulk rice to 47.5 percent, and raw sugar cane to between 55 and 57.5 percent. Palm oil duties will fall to 28.75 percent.

Electric vehicles, mass-transit buses and manufacturing machinery will be fully exempt.

Push to curb inflation

The measures are part of efforts by the government of Bola Ahmed Tinubu to reduce inflation and lower costs for households and businesses.

Inflation eased to 15.06 percent in February from a peak of about 33 percent in December 2024, but remains high.

Rising external pressures

Officials say global factors, including the Iran war, are adding pressure through higher fuel prices.

Finance Minister Wale Edun said Nigeria will seek support at meetings of the International Monetary Fund and the World Bank.

Petrol prices have risen by more than 50 percent, increasing costs for transport and businesses.

Nigeria reduces import duty to fight high cost of living

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