Federal Government Approves Zero Import for Agricultural Sector, etc

Kemi Adeosun, Minister of Finance

The Federal Government led by President Muhammadu Buhari has reduced import duties on a number of products being imported into the country.

This was made through a circular issued on Friday by the Ministry of Finance stating that this policy supersedes the 2015 Fiscal Policy Measures. It was also stated that this policy is to promote development in critical sectors of the economy, and is part of its 2016 Fiscal Policy Measures.

Finance Minister explained that the ECOWAS CET, which will cover the 2017 to 2019 fiscal periods, is composed of three categories made up of an Import Adjustment Tax list of 173 tariff lines, a national list consisting of 91 items and an import prohibition list of 25 items, which is applicable to certain goods originating from non-ECOWAS member states.

The following items had their  import duties were reduced from 10 per cent to five per cent includes, tea; milk and cream; tomatoes prepared or preserved by vinegar; under natured ethyl alcohol for medical, pharmaceutical or scientific purpose; hypochlorites; synthetic organic colouring matter; grease for treatment of textile materials; prepared glues and adhesives.

Other include; organic composite solvents and thinners; mixes alkylbenzenes; industrial monocarboxylic fatty acids activated carbon fats of sheep or goat; malt extract; petroleum oils and oils obtained from bitumen minerals other than crude; tubes, pipes, hoses, sheets, foil, tape, polyethylene, paper and paper board, yarn, synthetic staple fibres, semi-finished products of iron or non-alloy steel, stranded wire ropes, and completely knocked down or unassembled for the assembly industry.

These are other items which their import duties were reduced from 20 percent  to 10 percent; automatic circuit breakers, switches, lamp-holders, electrical apparatus for switching or protecting electrical circuits

Items like machineries and equipment used in sectors such as agriculture, cement, hospitality, power, iron and steel, solid minerals, textile and aviation, attracted an approval of a zero import duty.


Federal Government Approves Zero Import for Agricultural Sector, etc Federal Government Approves Zero Import for Agricultural Sector, etc Reviewed by Comrade Okoye Robinson Chibuzo on Saturday, January 07, 2017 Rating: 5

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