Customs: Nigeria’s food imports surge 95.28% to N920.54b in Q1,2024 

Suspension of tariffs on food imports to cost Nigeria N188b 
The Nigeria Customs Service (NCS), on Tuesday, revealed a dramatic increase in the country’s food imports, which soared by 95.28 per cent to N920.54 billion in the first quarter of 2024 from January to March from N471.39 billion recorded in the same period of the previous year.

Comptroller-General of Customs, Wale Adeniyi, disclosed this in Abuja, during a press briefing, emphasising that the NCS will enhance inspection processes, manage stakeholder communication, and balance support for local production with facilitating imports. He said that the tariff removal policy will lead to significant revenue forfeiture, estimated at approximately N188.37 billion over six months.

Adeniyi said: “Nigeria boasts 84 million hectares of arable land, of which only 40 per cent is currently cultivated according to the PricewaterhouseCoopers (PwC) report of 2017 on ‘Boosting Agricultural Productivity in Nigeria.’ This presents an enormous opportunity for agricultural expansion. With a population of over 200 million, Nigeria represents a vast market for food products, both locally produced and imported.”

He noted that the NCS is committed to implementing tariff removal guidelines promptly and is setting up a special corridor to expedite clearance for the targeted food items.

He said that all food items entering Nigeria will meet the required standards, which will ultimately reduce costs, lower consumer prices, and support the government’s national food security initiatives.