The Federal Government of Nigeria, in a bid to promote development in critical sectors of the economy, has approved a reduction in the import duties of 115 items in various sectors of the economy.
The approval was given by President Muhammadu Buhari as part of the fiscal policy measures of the Federal Government for the country. Here are the list of items affected.
Items Whose Import Duties Reduced from 10% to 5%
Milk and Cream
Fats of sheep or goat
Tomatoes prepared or preserved by vinegar; under natured ethyl alcohol for medical
Pharmaceutical or scientific purpose
Petroleum oils and oils obtained from bitumen minerals other than crude .
Synthetic organic colouring matter
Grease for treatment of textile materials
Prepared glues and adhesives
Picking preparations for metal surfaces
Organic composite solvents and thinners; mixes alkylbenzenes
Industrial monocarboxylic fatty acids.
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
Items Whose Import Duties Were Reduced from 20% to 10%
Automatic circuit breakers, switches , lamp – holders , electrical apparatus for switching or protecting electrical circuits.
Items Whose Import Duties Were Reduced 5% to 0%
Machineries and equipment used in sectors such as agriculture, cement, hospitality , power , iron and steel , solid minerals , textile and aviation