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Reading: NACCIMA Hails Government's Duty-Free Policy on Food Commodities, Urges Stakeholder Engagement
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Nigeria

NACCIMA Hails Government's Duty-Free Policy on Food Commodities, Urges Stakeholder Engagement

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has praised the federal government'...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief July 09, 2024
Updated July 9, 2024 at 7:40 AM
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NACCIMA Hails Government's Duty-Free Policy on Food Commodities, Urges Stakeholder Engagement
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NACCIMA Hails Government's Duty-Free Policy on Food Commodities, Urges Stakeholder Engagement

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has praised the federal government's decision to suspend duties, taxes, and tariffs on key food items, citing its potential to alleviate the nation's food inflation crisis.

Dele Oye, NACCIMA President, described the move as a crucial step in tackling the severe food inflation affecting Nigerian households. The 150-day duty-free import window for essential food items like maize, wheat, and cowpeas was also commended for its potential to stabilise food prices and provide relief to millions.

The initiative, announced by Abubakar Kyari, Honourable Minister, addresses the root causes of rising food prices, including infrastructural challenges and market profiteering. Oye urged the government to engage with stakeholders in the agricultural sector to prevent Nigeria from becoming a dumping ground for commodities and to protect local investments.

According to Oye, the suspension of duties, taxes, and tariffs on food commodities demonstrates a comprehensive approach to ensuring food affordability. He reiterated the need for stakeholders' engagement, stating that it is crucial to ensure that Nigeria's self-sufficiency in certain commodities is not compromised.

NACCIMA stands ready to support the government in these efforts, ensuring that the strategic importation of food commodities complements rather than undermines domestic agricultural production. The association is committed to working with the government to secure a balanced approach that safeguards both the immediate needs of citizens and the long-term sustainability of the agricultural economy.

Tags: Nigeria

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