The federal government continues to restrict the importation of rice over land borders, but the Nigeria Customs Service (NCS) has verified that the new fiscal controls on food importation only apply to paddy rice. This clarification was provided to the media by NCS Comptroller-General Bashir Adewale Adeniyi on Friday during a regular inspection at the Apapa port......Read The Full Article>>.....Read The Full Article>>
He clarified that the importation of rice is not included in the recently approved fiscal measures and that rice importation is still prohibited.
Still, he said, some kind of rice is imported into the nation for individuals who can afford to buy it with foreign currency.
He stated that the Customs Service’s Prohibition Act does not apply to these little goods.
“This economic proposal contains no indication that rice will be imported via the border. Other than the fact that brown rice or rice paddy would be permitted duty-free, nothing has changed regarding the importing of rice.”
“The budgetary policy has only been modified in that way. The current rice policy is still in place, and imports over land borders are still prohibited.”
“Obviously, it has already been taken out of the list of items that cannot access foreign exchange, so those who possess the funds may still bring it.”
“You know that periodically, we still have rice imported in the port; some of them in smaller packages. Some of them in small packages. Those are not under import prohibition act yet,”Adeniyi explained.
History
Nigeria Customs released some instructions for anybody wishing to engage in food importation after the federation announced the temporary suspension of import tariffs on a few food goods into the nation.
The goal of the food items is to cause a sharp decline in the nation’s food prices. They include husked brown rice, grain sorghum, millet, maize, wheat, and beans.
The customs spokeswoman stated that the regulation will go into effect on July 15 and be in place through December 31.
“For the previous five years, the company must have paid taxes and statutory payroll obligations, filed annual returns, and financial statements.”
“Companies importing grain sorghum, millet, or husked brown rice must have sufficient farmland for cultivation, as well as a milling plant with a minimum daily capacity of 100 tonnes that has been in operation for at least four years.”
The spokesperson stated,“Those importing beans, wheat, or maize must be agricultural companies with enough farmland or feed mills/agro-processing companies with an out-grower network for cultivation.”
What to note
According to the National Bureau of Statistics, Nigeria is currently experiencing the worst crisis related to cost of living in decades, with food inflation skyrocketing by about 39%.
The uptick A lot of young Nigerians have protested against the high cost of living as a result of social unrest triggered by the prices of staple foods.
In response, to lessen the impact of these high living expenses, the federal government ordered a temporary suspension of import tariffs on a certain food items.
To mitigate the supply gap and lower food prices, the Ministry of Agriculture and Food Security authorised a 150-day period during which certain staple items may be imported into the nation without any duties or tariffs.
The administration has stated that efforts to increase local food production won’t be hampered by the temporary importation of certain foods.
