The President Muhammadu Buhari-led federal government has approved new import duties on luxury goods such as yachts, sport utility vehicles (SUVs), and some food items imported into the country.
The increase announcement is contained in a circular issued by the Minister of Finance, Mrs. Kemi Adeosun to the Nigeria Customs Service.
Affected food items are those that have local alternatives such as rice, salt and sugarcane, alcoholic beverages etc.
Import duty for sugar cane and salt will go from 10 per cent to 70 per cent; alcoholic beverages and tobacco from 20 per cent to 60 per cent; and rice from 10 per cent to 60 per cent.
Also included on the list are packaged cement, from 10 per cent to 50 per cent; cotton/ fabrics materials, from 35 per cent to 45 per cent; and used cars popular known as Tokunbo, from 10 per cent to 35 per cent respectively.
Medical supplies such as anti-malaria drugs and antibiotics and other products like crude palm oil; wheat flour; tomatoes paste; and cassava products are also affected in the upward review of duties. But essential industrial sector accessories, including bolt, industrial oil and other equipment are to enjoy a downward review to spur local industrialisation.
