Suspension of Import Tax on Some Grains to Regulate Grain Prices

The Nigerian government is planning to suspend import taxes on grains such as wheat and corn for 150 days and set recommended retail prices to curb rising food prices in the country. This move is part of the government’s strategy to control domestic food inflation, which has reached 40.66%.

According to China News Service, Nigeria’s Minister of Agriculture and Food Security, Abubakar Kyari, stated that the government has taken a series of measures and will implement them over the next 180 days. Alongside suspending import taxes on certain grains, the government will also import 250,000 tons of wheat and 250,000 tons of corn. These products will be imported in semi-processed form and supplied to small-scale processors and millers.

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