FG Reduces Import Duties On 89 Items [See FULL LIST]

    President Muhammadu Buhari has approved the reduction of import duties on more than 89 items in various sectors of the nation’s economy.


The government said the reduction is to promote development in critical sectors of the economy, and is part of its 2016 Fiscal Policy Measures.

A circular issued by the Ministry of Finance on Friday, January 7 said the measures supersede the 2015 Fiscal Policy Measures.

The circular signed by finance minister, Kemi Adeosun, stated that the directive was made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019.

Below are the 89 items that import duties have been reduced on;

The items in the national list whose import duties were reduced from 10 per cent to five per cent are tea; milk and cream; tomatoes prepared or preserved by vinegar; under natured ethyl alcohol for medical, pharmaceutical or scientific purpose; hypochlorites; synthetic organic colouring matter; grease for treatment of textile materials; prepared glues and adhesives.

Other products are organic composite solvents and thinners; mixes alkylbenzenes; industrial monocarboxylic fatty acids activated carbon fats of sheep or goat; malt extract; petroleum oils and oils obtained from bitumen minerals other than crude.

The federal government also approved a reduction from 10 per cent to five per cent for 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.

For items such as automatic circuit breakers, switches, lamp-holders, electrical apparatus for switching or protecting electrical circuits, the government reduced their import duties from 20 per cent to 10 per cent.
Items like machineries and equipment used in sectors such as agriculture, cement, hospitality, power, iron and steel, solid minerals, textile and aviation, attracted an approval of a zero import duty.

The two line items that retained their 2015 duties are articles for the conveyance or packaging of goods, plastics, stoppers, lids, caps, and other closures; and other articles of plastics and other materials. The duty was placed at 10 per cent, the same rate it was in the 2015 Fiscal Policy Measures.