Tinubu Cuts Import Duties on Cars, Food, Raw Materials

The administration of Bola Ahmed Tinubu has approved a reduction in import duties on selected goods, including vehicles, food items, and raw materials, as part of its 2026 fiscal policy measures aimed at easing economic pressure on Nigerians.

The policy, which took effect from April 1, introduces tariff cuts across a wide range of products, including vehicles, rice, palm oil, and sugar, alongside measures to support key sectors of the economy.

According to official documents issued by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the reforms include reduced import duties on 127 items to stimulate industrial growth and improve access to essential goods.

The government also approved a 90-day grace period to allow importers and markets adjust smoothly to the new tariff regime.

The move is part of broader economic reforms designed to curb inflation, reduce production costs for manufacturers, and ease the financial burden on households. By lowering tariffs on key goods and raw materials, the government aims to boost local production while improving affordability for consumers.

Officials say the policy aligns with the ECOWAS Common External Tariff framework and is expected to strengthen economic activity by encouraging investment and supporting private sector growth.

The development marks another step in the Tinubu administration’s ongoing fiscal and economic reforms, as authorities seek to stabilize prices and stimulate sustainable growth in Africa’s largest economy.