The Government of Nigeria has announced plans to reduce import duties on key goods including food items, vehicles and industrial materials, in a bid to ease inflation and lower living costs.
The measures, set to take effect from July 1, were disclosed via a statement from the media office of Bola Ahmed Tinubu. They form part of broader efforts to stabilise prices and support businesses facing rising costs.
Under the new policy, tariffs on several essential goods will be reduced. Duties on passenger vehicles will drop to 40%, while rates on bulk rice and raw sugar will also be lowered. Levies on palm oil are set to decline, alongside cuts affecting construction materials and other industrial inputs. In addition, certain categories including electric vehicles, public transport buses and manufacturing equipment will receive full exemptions.
The government said the changes are intended to reduce pressure on households and improve affordability, while also lowering input costs for manufacturers.
Despite a recent moderation in inflation, price pressures remain elevated. Data shows inflation eased to 15.06% in February from a peak of about 33% in late 2024, but external factors have continued to weigh on the outlook.
Officials have pointed to the economic impact of the conflict involving Iran as a key driver of rising fuel costs. Finance minister Wale Edun said the surge in global energy prices has pushed domestic petrol and diesel prices significantly higher, increasing costs across transport, manufacturing and small businesses.
He added that the government is seeking financial support at meetings hosted by the International Monetary Fund and the World Bank to help manage the economic impact.
The latest policy shift underscores ongoing efforts by authorities to balance economic reforms with the need to cushion households from rising prices.
