Nigeria to raise tomato import duty to boost local production

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ABUJA Feb 8 (Naija247news) – Nigeria will increase custom duties for tomato imports and waive tariffs for some farming equipment to stimulate local production and investment in the agriculture sector, its trade minister said on Wednesday.

“We are going to go up. We will be announcing what the new tariffs are but clearly there is a new set of tariffs,” Okechukwu Enelamah told reporters, without giving details.

Customs duties on some greenhouse equipment currently amounting to as much as 20 percent would be removed.

“We are going to restrict imports of finished tomato products that can be produced locally,” the minister said.

Nigeria has been trying to encourage local food production in order to reduce a costly import bill and end its reliance on oil exports.

But an artificially high exchange rate has dried up the supply of hard currency, forcing the temporary shutdown of two local tomato paste plants dependent on imports in recent months.

 

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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