The Federal Government has announced a 150-day duty-free import window for food commodities as it stepped up efforts to tackle rising inflation, while expressing its decision to collaborate with states to expand land cultivation across the country.
Consequently, the government suspended duties, tariffs and taxes for the importation of certain food commodities through land and sea borders in order to reduce demand for forex by food importers as Nigerians spent 2.13 Billion Dollars to import food items from foreign countries.
Meanwhile, the quarterly statistics of the Central Bank of Nigeria shows that the country exported large amounts of food from foreign countries despite being known as the food basket of Africa.