{"id":31872,"date":"2026-04-14T18:51:44","date_gmt":"2026-04-14T16:51:44","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=31872"},"modified":"2026-04-14T18:52:39","modified_gmt":"2026-04-14T16:52:39","slug":"nigeria-to-cut-import-duties-on-food-vehicles-to-curb-inflation","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/nigeria-to-cut-import-duties-on-food-vehicles-to-curb-inflation\/","title":{"rendered":"Nigeria to cut import duties on food, vehicles to curb inflation"},"content":{"rendered":"<p>Nigeria will slash import duties on food, vehicles and industrial inputs from July 1, the presidency \u200bsaid this Tuesday, as Africa&#8217;s most populous country \u200cseeks to rein in inflation and ease rising living costs.<\/p>\n<p>The cuts include sharp tariff reductions on rice, sugar, palm oil, passenger vehicles and construction \u200bmaterials, with full exemptions for electric vehicles, mass-transit buses \u200band manufacturing machinery, a post by the President Bola \u2060Ahmed Tinubu Media Centre on X said.<\/p>\n<p>Inflation eased to 15.06% \u200bin February from a peak of about 33% in December \u200b2024, but remains high by regional standards and has come under renewed pressure since the start of the Iran war, the World Bank said \u200blast week.<\/p>\n<p>Under the new regime, duties on passenger vehicles will \u200bfall to 40%, bulk rice to 47.5%, and raw sugar cane to \u200c55%-57.5% \u2060from 70%. Levies on palm oil will be cut to 28.75% from 35%.<\/p>\n<p>The government said the measures are part of broader fiscal efforts to curb inflation, lower household costs, and reduce \u200binput prices for \u200bbusinesses.<\/p>\n<p>Finance Minister \u2060Wale Edun said on Monday that the government will seek financial support at this week&#8217;s International Monetary Fund-World \u200bBank Spring meetings as the Iran war pushed \u200bup fuel \u2060costs at home and complicated ongoing reform.<\/p>\n<p>&nbsp;<\/p>\n<p>\u2014Reuters\u2014<\/p>\n","protected":false},"featured_media":13483,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-31872","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Finance Minister \u2060Wale Edun said on Monday that the government will seek financial support at this week's International Monetary Fund-World \u200bBank Spring meetings.","published_date":"","news_description":"Finance Minister \u2060Wale Edun said on Monday that the government will seek financial support at this week's International Monetary Fund-World \u200bBank Spring meetings.","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31872\/revisions"}],"predecessor-version":[{"id":31873,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/31872\/revisions\/31873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/13483"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=31872"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=31872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}