The imported food commodities in their semi-processed state will target supplies to the small-scale processors and millers across the country.

This is has it approved a 150-day duty-free window to allow the importation of maize, husked brown rice, and wheat as part of measures to combat rising food inflation in the country.

Sen. Abubakar Kyari, the Minister of Agriculture and Food Security, disclosed this in a press statement as part of the implementation of the Presidential Accelerated and Stabilization Advancement Plan (ASAP).

According to the report, the federal government hopes to quell the food security problem in the next 180 days through the granting of a 150-day import window for certain food commodities, while the federal government will import 250,000 metric tonnes of wheat and maize to fill the depleted strategic grain reserve.

Furthermore, the federal government will engage stakeholders to get a Guaranteed Minimum Price (GMP) for commodities, ramp up production, especially among smallholder farmers in the 2024/2025 farming season, promotion of production of fortified food commodities, and others.

It stated,

“The EMT has been meeting day and night working out the best modalities to achieve the best results for Nigerians. To ameliorate food inflation in the country caused by affordability and exacerbated by availability, the government has taken a raft of measures to be implemented over the next 180 days:”

“A 150-Day Duty-Free Import Window for Food Commodities suspension of duties, tariffs, and taxes for the importation of certain food commodities (through land and sea borders) these commodities include Maize, Husked Brown Rice, Wheat, and Cowpeas under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).

In addition to the importation by the private sector, Federal Government will import 250,000MT of wheat and 250,000MT of Maize.

The imported food commodities in their semi-processed state will target supplies to the small-scale processors and millers across the country.

Engage relevant stakeholders to set a Guaranteed Minimum Price (GMP) and mop up surplus assorted food commodities to restock the National Strategic Food Reserve.

“Continuous ramp-up production for the 2024/2025 farming cycle.”

The Minister of Agriculture also noted that the Ministry in the next 14 days will collaborate Presidential Food Systems Coordinating Unit and the Economic Management Team (EMT) to finalize the implementation framework for the policy initiatives.

The approval to grant food imports contrasts with the Presidency’s earlier position on food import where it stated that Nigeria should grow what it eats stating it has the potential to feed itself and export.

The Association argued that the manufacturing sector is recognized as the highest contributor to job and wealth creation, skill development, and technology transfer in the country.

Engr. Mansur Ahmed, President of the Association, made the call at the 35th Annual General Meeting of the Imo and Abia States Branch of the body held in Owerri, Imo state.

He also called on the financial regulator to direct the commercial banks to transparently and diligently process Forex applications by manufacturers.

VAT & Clearing Cargoes

In order to allow manufacturers to take advantage of the stranded electricity, he urged the Federal Government to abolish the 7.5% VAT on the manufacturing sector of the economy, pending the normalization of the International Supply System and the prompt resolution of the complexity surrounding the seamless implementation of the eligible customer initiative.

Ahmed emphasized the need to reduce the amount of time it takes to clear containers and other cargo at the country’s ports and urged the government to enforce, assess, and oversee Executive Order 003’s implementation to ensure MDA compliance, which he said should be cascaded to the levels of local and state governments.

“At the regional and continental levels, we are upscaling our advocacy radar by promoting industrialization and integration in West Africa through the Federation of West African Manufacturers Association (FEWAMA) and we are also facilitating cooperation among African manufacturers in the promotion and protection of the interests of the manufacturing industry in Africa through the Pan-African Manufacturers Association (PAMA) while hoping to achieve cross-border value chain and scale production to ensure that those African-made products are traded in the continental market”.

Data from the Center shows that Nigeria spent $807.95 million on the importation of phone sets in 2019, $765.57 million in 2020, and $772.25 million in 2021.

ITC stated that among the imported telephone sets were cellphones, teleprinters, facsimile machines for line telephony, and other items.

The report also showed that China ($1.71 billion during the time under review) supplied the majority of the phone sets entering the nation.

The country also imports goods from other countries like Mexico, Hong Kong, Sweden, the Netherlands, the United States, Hong Kong, and others.