Nigerian Govt announces new tariffs, cuts duty on rice, cars, drugs, sugar

The Federal Government has approved the implementation of the 2026 Fiscal Policy Measures, FPM, introducing sweeping changes to import tariffs aimed astatine stimulating maturation crossed cardinal sectors of the economy.

The support was conveyed successful a papers dated April 1, 2026, and signed by the Minister of Finance, Wale Edun. The caller argumentation replaces the 2023 FPM.

A large item of the argumentation is the reappraisal of import duties crossed 127 tariff lines, covering items specified arsenic rice, sugar, vehicles, and concern inputs. The authorities said the reductions are designed to “promote and stimulate maturation successful captious sectors of the economy”.

Under the revised regime, the Import Adjustment Tax, IAT, connected products similar crude thenar lipid has been acceptable astatine a full effectual complaint of 28.75 percent, down from higher rates nether erstwhile tariff structures.

In the automotive sector, tariffs connected afloat built rider vehicles, including four-wheel drives and presumption wagons, person been reduced to 40 percent from 70 percent arsenic stipulated successful the 2015 FPM.

To easiness the transition, the authorities granted a 90-day gra...