Nigeria will slash import duties on food, vehicles and industrial inputs from July 1, the presidency \u200bsaid on Tuesday, as Africa’s most populous country \u200cseeks to rein in\u00a0inflation\u00a0and ease rising living costs.<\/p>\n
The cuts include sharp tariff reductions on rice, sugar, palm oil, passenger vehicles and construction \u200bmaterials, with full exemptions for electric vehicles, mass-transit buses \u200band manufacturing machinery, a post by the President Bola \u2060Ahmed Tinubu Media Centre on X said.<\/p>\n
Inflation eased to 15.06% \u200bin February from a peak of about 33% in December \u200b2024, but remains high by regional standards and has come under renewed pressure since the start of the Iran war, the World Bank said \u200blast week.<\/p>\n
Under the new regime, duties on passenger vehicles will \u200bfall to 40%, bulk rice to 47.5%, and raw sugar cane to \u200c55%-57.5% \u2060from 70%. Levies on palm oil will be cut to 28.75% from 35%.<\/p>\n
The government said the measures are part of broader fiscal efforts to curb inflation, lower household costs, and reduce \u200binput prices for \u200bbusinesses.<\/p>\n
Finance Minister \u2060Wale Edun said on Monday that the government will seek\u00a0financial support at this week’s IMF-World \u200bBank Spring meetings as the Iran war pushed \u200bup fuel \u2060costs at home and complicated ongoing reform.<\/p>\n
Since the conflict began, petrol prices have jumped more than 50% to about 1,330 naira \u2060a \u200blitre, while diesel is up over \u200b70% at around 1,550 naira, squeezing transport, manufacturing and small businesses, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria will slash import duties on food, vehicles and industrial inputs from July 1, the presidency \u200bsaid on Tuesday, as Africa’s most populous country \u200cseeks to rein in\u00a0inflation\u00a0and ease rising living costs. The cuts include sharp tariff reductions on rice, sugar, palm oil, passenger vehicles and construction \u200bmaterials, with full exemptions for electric vehicles, mass-transit […]<\/p>\n","protected":false},"author":6,"featured_media":14156,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":11,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[1433,175],"class_list":["post-20511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-bola-ahmed-tinubu","tag-nigeria"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=20511"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20511\/revisions"}],"predecessor-version":[{"id":20512,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/20511\/revisions\/20512"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/14156"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=20511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=20511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=20511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}