What do you believe is the single most important factor driving up the cost of living in Nigeria?

The Nigeria Customs Service (NCS) on Wednesday announced the conditions that companies must meet to qualify for the government’s new zero per cent duty and VAT exemption on select food imports.

According to a statement by the Service’s spokesperson, Abdullahi Maiwada, companies wishing to import husked brown rice, grain sorghum, millet, maize, wheat, and beans at zero duty must be incorporated in Nigeria, operational for at least five years, and have a proven track record of filing annual returns, financial statements, and fulfilling tax obligations.

“To participate in the zero-duty importation of basic food items, a company must be incorporated in Nigeria and have been operational for at least five years. It must have filed annual returns and financial statements and paid taxes and statutory payroll obligations for the past five years.

“Companies importing husked brown rice, grain sorghum, or millet need to own a milling plant with a capacity of at least 100 tons per day, operated for at least four years and have enough farmland for cultivation. Those importing maize, wheat, or beans must be agricultural companies with sufficient farmland or feed mills/agro-processing companies with an out-grower network for cultivation,” it said.

The policy, which became effective on 15 July and will run till 31 December, aims to reduce the cost of essential foods and improve food security across the country.

• Read More