Following the approval of President Bola Tinubu for the implementation of zero percent import duty and exemption of value-added tax (VAT) on basic food items, the Nigeria Customs Service (NCS) has issued new guidelines for the implementation of the presidential directive.
The approval was confirmed in a letter forwarded by the Ministry of Finance to the Nigeria Customs Service (NCS).
The Customs Service thereafter, in a statement on Wednesday by its spokesperson, Abdullahi Maiwada, listed and identified six food products that will benefit from the Zero Percent Duty Rate (0%) and an exemption from Value Added Tax (VAT) on certain essential food products.
The NCS provided guidelines detailing the eligibility requirements for businesses that want to take part in the zero-duty importation initiative, which is designed to bolster local food security and make essential goods more accessible and affordable.
The guidelines outline the specific food items included in this policy, as well as the compliance requirements that importers are expected to follow.
The fundamental food products that qualify for the zero percent duty rate include husked brown rice, grain sorghum, millet, maize, wheat, and beans.
