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Nigerian Goverment Suspends Duties on Imported Rice

Wednesday, 07 May 2008

The Nigerian Federal government today approved the suspension of all levies and duties on rice imports for a period of six months ending on October 31, 2008. This came after a meeting between President Umaru Musa Yar’Adua and State Governors on measures to cushion the impact of the global food crisis on Nigerians.

According to a statement signed by the Minister for Agriclture and Water resources, Abba Sayyadi Ruma, the federal executive council in addition to the suspension of levies and duties on imported rice, also approved;

the utilization of funds accruing to the Development of Natural Resources Account between now and 2011 to boost domestic production of food crops and development of agro-allied industries. The current balance in the account is N80.28 Billion.
the provision of N10 Billion from the Rice Levy Account for a credit scheme in support of local rice processing. Credit granted under this scheme will attract a 4 per cent rate of interest and a repayment period of 15 years, including a five-year moratorium.
the completion of all outstanding food storage projects before the end of this year to significantly increase the capacity of the National Strategic Food Reserves from 300,000 metric tonnes to 600,000 metric tonnes.

"Meanwhile, the Federal Government has already secured the commitment of three of the world’s major rice producing countries to guarantee the availability of rice to Nigerian commercial importers", the statement said.

"While other measures aimed at averting a domestic food crisis are under active consideration, the Federal Government remains fully confident that its immediate, medium and long term strategies for national food security will achieve the desired results and alleviate the impact of the global food crisis on Nigerians".

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