FEDERAL GOVERNMENT ANNOUNCES A 150-DAY DUTY-FREE IMPORT WINDOW FOR FOOD COMMODITIES.

The Federal Government has announced a 150-day duty-free import window for food commodities as it stepped up efforts to tackle rising food inflation which had impoverished many Nigerians.

The government also expressed its decision to collaborate with states to expand land cultivation across the country.

Consequently, the government suspended duties, tariffs and taxes for the importation of certain food commodities through land and sea borders.

Among other things, the latest directive is expected to reduce demand for forex by food importers.

It would be recalled that in 2023, Nigerians spent $2.13billion to import food items from foreign countries.

The quarterly statistics of the Central Bank of Nigeria showed that the country imported large amounts of food from foreign countries despite being touted as the food basket of Africa.

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