Bayo Akomolafe 
…retains embargo on parboiled rice
The Nigeria Customs Service (NCS) has released import guidelines on the implementation of a zero percent duty rate and Value Added Tax (VAT), exemption on husked brown rice, grain sorghum or millet and other selected food items.
To participate in the zeroduty importation of basic food items, the service noted on Wednesday that a company must be incorporated in Nigeria and must have been operational for at least five years.
It further stressed that such a company must have filed annual returns and financial statements and paid taxes and statutory payroll obligations for the past five years.
It explained that companies importing husked brown rice, grain sorghum, or millet need to own a milling plant with a capacity of at least 100 tonnes per day, operated for at least four years and have must enough farmland for cultivation.
Also, the NCS said that there would be penalty if the benefiacy companies export the imported items in their original or processed form outside Nigeria.
The Public Relations Officer of the service, Abdullahi Maiwada, said that 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.
He added that the guidelines were released by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noting that the policy was effective from July 15, 2024 and would remain in force until December 31, 2024.
According to him, “drawing from the Presidential directives aimed at alleviating the hardship faced by Nigerians due to high prices of essential food items, the Nigeria Customs Service (NCS) is pleased to announce that His Excellency, the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu GCFR, through the Honourable Minister of Finance and the Coordinating Minister of the Economy, Olawale Edun, has approved the regulation for the implementation of a Zero Percent Duty Rate (percent) and Value Added Tax (VAT) exemption on selected basic food items.”
Maiwada said that the measure aimed to mitigate the high cost of food items in the Nigerian market by making essential commodities more affordable for citizens, stressing that initiative was part of the government’s broader efforts to address food security challenges and ensure that basic foodstuffs are accessible to all Nigerians.
