FG raises tariff for rice to 60%, wheat 70%

The Federal Government on Thursday raised tariffs on importation of rice in packing of more than 5kg or in bulk and in packing of 5kg or less to 60 percent from 50 percent.

Nigeria’s finance minister Zainab Ahmed, disclosed this in a document seen by BusinessDay.

Also importation of wheat or meslin flour now attracts 70 percent tariffs as against 50 in 2022-2026 ECOWAS CET.

This was contained in a document titled ‘Revised Import Adjustment Tax (IAT) for Implementation of ECOW CET (2022-2026), 2023 fiscal policy measures, seen by BusinessDay.

“This is to confirm that his excellency mr Mr President has approved for the implementation of the 2023 fiscal measures made up Supplementary Protection Measures (SPMs) for the implementation of ECOWAS Common External Tariff 2022-2026 and revised excise duty rate on alcoholic beverages, cigarettes and tobacco products as well as introduction of excise duty on Single Use Plastics (SUPs)”, she said.

Details soon…

FG raises tariff for rice to 60% wheat 70%

…also palm oil, sugar others

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Hope Moses-Ashike

The Federal Government on Friday raised tariffs on importation of rice in packing of more than 5kg or in bulk and in packing of 5kg or less to 60 percent from 50 percent.

Nigeria’s finance minister Zainab Ahmed, disclosed this in a document seen by BusinessDay.

Also importation of wheat or meslin flour now attracts 70 percent tariffs as against 50 in 2022-2026 ECOWAS CET.

This was contained in a document titled ‘Revised Import Adjustment Tax (IAT) for Implementation of ECOW CET (2022-2026), 2023 fiscal policy measures, seen by BusinessDay.

Details soon…

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.