Suspension of Import Duties on Food Items in Nigeria

- *Temporary Measure*: The suspension of import duties on certain food items in Nigeria is a temporary measure by the federal government to curb food inflation.
 *Duration*: The suspension will remain in effect until the next harvest, expected around October or November 2024.
 *Purpose*: The importation of food items is intended to reduce the impact of low-yield crops and high prices of staple food in the market.
 *Expected Outcome*: The country is expected to have a substantial harvest in the coming months, which is anticipated to reduce food prices significantly.
 *Food Inflation*: Nigeria is currently experiencing high food inflation, with prices of basic food items surging in recent months.
 *Government Initiatives*: The federal government has announced plans to suspend import duties on staple food items, drugs, and other essential items for an initial period of six months.

[attachment deleted by admin]