Nigeria reduces import duties on 89 items

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

The federal government has reduced import duties on more than 89 items in various sectors of the nation’s economy.

The government said the reduction, approved by President Muhammadu Buhari, is to promote development in critical sectors of the economy, and is part of its 2016 Fiscal Policy Measures.

A circular issued by the Ministry of Finance on Friday said the measures supersede the 2015 Fiscal Policy Measures.

According to the circular signed by finance minister, Kemi Adeosun, the directive was made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019.

The minister explained that the ECOWAS CET, which will cover the 2017 to 2019 fiscal periods, is composed of three categories made up of an Import Adjustment Tax list of 173 tariff lines, a national list consisting of 91 items and an import prohibition list of 25 items, which is applicable to certain goods originating from non-ECOWAS member states.

An analysis of the national list consisting of 91 items shows a downward review was approved for 89 items.

The items in the national list whose import duties were reduced from 10 per cent to five per cent are tea; milk and cream; tomatoes prepared or preserved by vinegar; under natured ethyl alcohol for medical, pharmaceutical or scientific purpose; hypochlorites; synthetic organic colouring matter; grease for treatment of textile materials; prepared glues and adhesives.

Other products are organic composite solvents and thinners; mixes alkylbenzenes; industrial monocarboxylic fatty acids activated carbon fats of sheep or goat; malt extract; petroleum oils and oils obtained from bitumen minerals other than crude.

The federal government also approved a reduction from 10 per cent to five per cent for tubes, pipes, hoses, sheets, foil, tape, polyethylene, paper and paper board, yarn, synthetic staple fibres, semi-finished products of iron or non-alloy steel, stranded wire ropes, and completely knocked down or unassembled for the assembly industry.

For items such as automatic circuit breakers, switches, lamp-holders, electrical apparatus for switching or protecting electrical circuits, the government reduced their import duties from 20 per cent to 10 per cent.

Items like machineries and equipment used in sectors such as agriculture, cement, hospitality, power, iron and steel, solid minerals, textile and aviation, attracted an approval of a zero import duty.

The two line items that retained their 2015 duties are articles for the conveyance or packaging of goods, plastics, stoppers, lids, caps, and other closures; and other articles of plastics and other materials. The duty was placed at 10 per cent, the same rate it was in the 2015 Fiscal Policy Measures.

PREMIUM TIMES had earlier reported that the government also placed a ban on the importation of 25 other item.


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    • ‘country watchers’

      Aliko Dangote may just be popping champagne to celebrate yet another monopoly handed to him by this import
      restriction policy, if his pasta, cement and noodles business now has no foreign competitor, as the only options for Nigerians regardless of production quality, but ordinary Nigerians severely made poorer by President Buhari’s
      devaluation of the Naira are instead limbering up for an existential fight.

      • bulus

        Did anyone stop you from investing in that direction? Just keep condemning every action of govt, instead of strategizing and keying in to make your life better, pessimism is a terminal illness, in this recession guys like me and a lot of other chaps are making millions…keep wasting your time

        • lescrowe

          That is what Nigerians do. In America this..but in Nigeria that. They don’t know that in their so called America it is private entities that fund the government and not the other way around.

          Benue state is apparently building a Cargo airport and so called prominent Tiv folk apparently whined about a lack of agro-produce to justify the port. Isn’t it up to them who go and start farms to justify that airport? Nigerians just sit in their houses, do nothing and whine that the federal government isn’t doing everything all by itself.Pathetic.

  • The Econometrist

    Premium Times Editor,

    2017: THE YEAR Nigeria may spin out of control

    Mass violence may lie ahead of either option
    President Muhamadu Buhari chooses to take this year because Buhari’s
    proposed foreign loan of $30billion is not cost-free, if any bank will even
    grant it, but will rather entail devaluation of the Naira and mean higher utilities’
    taxes for all ordinary Nigerians to try to repay such humongous loan.

    The year 2017 may thus spin out of control as the year when ordinary Nigerians
    will reach breaking point and spill to the streets in mass violence as poverty deepens,
    now to killing point in the country- without electricity supply for weeks or drinkable water
    supplied anymore to the ordinary Nigerians under President Buhari’s incompetent policies.

    Job losses soar above the five million mark under Buhari as pharmacies are
    denuded without imported drugs too pricey for pharmacists to buy at 480 Naira
    to one dollar. Nigerians look set to die cheap in thousands, as hospitals set simple
    surgeries’ costs at 300,000 Naira minimum, which 90% of Nigerians cannot afford.
    President Buhari is now faced with two options on the economy. To go and borrow
    an unrepayable 30 billion dollars if any bank will lend Nigeria that amount of money,
    or, to devalue the Naira steeper and increase petrol price to 200 Nair per litre.

  • labisco47

    Join the discussion…

  • labisco47

    Just any thing that can bail us out of recession