President Bola Tinubu has unveiled a sweeping set of import duty waivers designed to shield Nigerians from the economic fallout of the Middle East crisis. In a major fiscal pivot, the government has scrapped the 5% duty on electric vehicles, mass transit buses, and manufacturing machinery, aiming to lower transport costs and boost industrial productivity. These measures also extend to consumer goods, with significant tariff cuts on essential food items, such as rice, sugar, and palm oil. By reducing the cost of critical imports during this period of global energy volatility, the administration hopes to empower local businesses and make everyday life more affordable, ensuring that soaring global oil prices don’t stall Nigeria’s domestic recovery.
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