The federal government has announced new guidelines for companies wishing to participate in the zero-duty importation of staple food items. This initiative, designed to ease.....KINDLY READ THE FULL STORY HERE▶
The federal government has announced new guidelines for companies wishing to participate in the zero-duty importation of staple food items.
This initiative, designed to ease the burden of food costs on Nigerians, outlines specific requirements for eligibility.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said companies interested in participating must be incorporated in Nigeria and must have been operational for at least five years.
These companies, he added, must have consistently filed annual returns, financial statements, and paid taxes along with statutory payroll obligations over the same period.
“For companies importing husked brown rice, grain sorghum, or millet, they need to own a milling plant with a capacity of at least 100 tons per day, operate for at least four years, and have enough farmland for cultivation.
“Similarly, 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.
“The policy requires that at least 75% of imported items be sold through recognised commodities exchanges, with all transactions and storage recorded,” the minister said.
The government has also included sanctions for non-compliance, saying “Companies that fail to meet their obligations under the import authorisation will lose all waivers and will be required to pay the applicable VAT, levies, and import duties. “This penalty also applies to companies that export the imported items, whether in their original or processed form, outside Nigeria.”
This policy, which aims to support the local economy while ensuring food security, is effective from July 15, 2024, and will remain in force until December 31, 2024.
