Abuja. Nigeria will cut import duties on food, vehicles and industrial inputs from July 1, the presidency said on Tuesday, as Africa’s most populous country moves to rein in inflation and ease rising living costs.
The reductions include significant tariff cuts on rice, sugar, palm oil, passenger vehicles and construction materials, with full exemptions for electric vehicles, mass-transit buses and manufacturing machinery, according to a post by the President Bola Ahmed Tinubu Media Centre on X.
Inflation eased to 15.06 percent in February from a peak of about 33 percent in December 2024, but remains high by regional standards and has come under renewed pressure since the start of the Iran war, the World Bank said last week.
Under the new structure, duties on passenger vehicles will fall to 40 percent, bulk rice to 47.5 percent, and raw sugar cane to between 55 percent and 57.5 percent from 70 percent. Levies on palm oil will be reduced to 28.75 percent from 35 percent.
The government said the measures form part of wider fiscal efforts to curb inflation, lower household costs and reduce input prices for businesses.
Finance Minister Wale Edun said on Monday that the government will seek financial support at this week’s IMF-World Bank Spring Meetings as the Iran war has pushed up fuel costs domestically and complicated ongoing reforms.
Since the conflict began, petrol prices have risen by more than 50 percent to about 1,330 naira a litre, while diesel has increased by over 70 percent to around 1,550 naira, putting pressure on transport, manufacturing and small businesses, he said.
