Business
Nigeria Customs highlights conditions for companies to access zero-duty food import waiver
Nigeria Customs highlights conditions for companies to access zero-duty food import waiver
The Nigeria Customs Service (NCS) on Wednesday announced the conditions that companies must meet to qualify for the government’s new zero per cent duty and VAT exemption on select food imports.
According to a statement by the Service’s spokesperson, Abdullahi Maiwada, companies wishing to import husked brown rice, grain sorghum, millet, maize, wheat, and beans at zero duty must be incorporated in Nigeria, operational for at least five years, and have a proven track record of filing annual returns, financial statements, and fulfilling tax obligations.
“To participate in the zero-duty importation of basic food items, a company must be incorporated in Nigeria and have been operational for at least five years. It must have filed annual returns and financial statements and paid taxes and statutory payroll obligations for the past five years.
“Companies importing husked brown rice, grain sorghum, or millet need to own a milling plant with a capacity of at least 100 tons per day, operated for at least four years and have enough farmland for cultivation. Those importing maize, wheat, or beans must be agricultural companies with sufficient farmland or feed mills/agro-processing companies with an out-grower network for cultivation,” it said.
The policy, which became effective on 15 July and will run till 31 December, aims to reduce the cost of essential foods and improve food security across the country.
The NCS said the zero-duty initiative is designed to alleviate the high costs of these staple foods, which previously faced import duties ranging from 5 per cent to 30 per cent.
READ ALSO:
- Missing phone: Siblings bury teenage brother alive in Kaduna
- We are not responsible for Benin DisCo power outages – TCN
- Ukraine advances deeper into Russia
By eliminating these charges, the government aims to cushion the impact of inflation on household budgets, particularly for low-income families. However, the policy also includes measures to ensure compliance, requiring that at least 75 per cent of imported items be sold through recognised commodities exchanges and that all transactions and storage be documented.
It said the NCS, led by Comptroller General Bashir Adeniyi, has emphasised that while this temporary measure addresses immediate food security challenges, it does not undermine long-term strategies to support local farmers and manufacturers.
It said companies that fail to meet the outlined conditions risk losing their waivers and may be required to pay the applicable VAT, levies, and import duties. Also, any exported items in their original or processed form will be subject to these penalties.
The Federal Ministry of Finance will periodically provide the NCS with lists of approved importers and their quotas to facilitate compliance with the policy.
Nigeria’s Minister of Agriculture, Abubakar Kyari, recently revealed that the administration of President Bola Tinubu has decided to suspend duties, tariffs, and taxes on the importation of essential food items such as beans, wheat, and husked brown rice.
The country’s food prices have been rising sharply in recent years, a situation that worsened in 2023 when the president removed petrol subsidies and allowed the naira to float.
This economic shift has led to a steep increase in the cost of staple foods, including rice, wheat, and bread, pushing many Nigerians further into poverty and heightening food insecurity amid high inflation.
The persistent surge in prices over the past year has led to the closure of several farms and businesses, with many agricultural producers scaling back their output due to insecurity and unpredictable weather conditions affecting rural areas.
In response, the president declared a state of emergency on food insecurity last year, aiming to combat rising food costs. Despite these efforts, food inflation has continued unabated.
Nigeria Customs highlights conditions for companies to access zero-duty food import waiver
Business
After Multichoice lost 243k subscribers, More customers threaten to leave
After Multichoice lost 243k subscribers, More customers threaten to leave
Multichoice Group, an African pay-TV operator, on Tuesday, announced that its Nigerian subsidiary lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services between April and September 2024.
The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024.
MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.
In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.
The company further reported a 566,000-subscriber loss in the Rest of Africa (RoA) operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.
“The group’s linear subscriber base declined by 11% or 1.8m subscribers YoY to 14.9m active subscribers at 30 September 2024.
READ ALSO:
- Tinubu CIA asset, US court rules out releasing past records
- Nigeria Customs hit ₦5.1trillon revenue target for 2024 – Comptroller-General
- Local security chief arrested over murder of mayor in Mexico
“The loss in the Rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia.
“Of this decline, 298k related to Zambia and 243k related to Nigeria, with remaining markets on the continent reflecting only a minor decline of 25k,” It said.
Meanwhile more customers in Nigeria have threatened to switch allegiance.
While reacting to the story on a WhatsApp platform, a subscriber said: “They will lose more because I’ll soon leave them too.”
On X, @AGUNviews wrote: “They will lose more subscribers”
@Jaheim007: “The numbers are about to triple.”
@skyedron commented: “All anyone needs to acquire is the internet and a few clicks. Multi choice my foot.”
@ribaduabubakar2: “I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”
@AbelFidelis4: “This is just the beginning. I stopped using DStv in 2022.”
@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me. A company this big can’t improvise on their content?. Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”
@Ekoh4Ekoh: “They should be ready to lose more customers and it is good for them. They have to reduce their monthly subscription and make it pay as you go.”
@cashoggy: “They will still lose more subscribers. Internet and smart TV has rendered Dstv unattractive with their rate. Imagine paying 25,700 for a premium subscription when you can surf the Internet and watch all the programs for less.”
@rilwan_ola01: “They will suffer even greater losses.”
After Multichoice lost 243k subscribers, More customers threaten to leave
Business
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults, a power solution firm, says it is ready to deliver renewable energy and other long-lasting energy solutions that will address the power challenges causing huge economic losses and discomfort.
The firm also says it has signed an agreement with an India-based company, ADM-Orient Solar Power, to achieve its goals.
This is contained in a statement by the XGT, revealing a holistic approach to energy provision.
It stated, “XGT Smart Consults is thrilled to announce a strategic partnership with ADM-Orient Solar Power (India) aimed at addressing one of Nigeria’s most critical issues – reliable power solutions.”
It stated that its target is to provide Nigeria with solutions to overcome the frequent power outages by empowering homes and businesses with reliable, renewable, and affordable power.
This, it said, would be achieved in conjunction with its partners through renewable energy systems, advanced electrical services, independent power production (IPP) solutions, portable natural gas generators, automation services, and the rental and leasing of CNG tube skids.
Managing Director of XGT Smart Consults Limited, Olu Harrison, said, “The objective is to provide reliable cost-effective and environmentally friendly energy to households and businesses throughout Nigeria.
“Understanding the intricacies of the energy crisis, XGT employs a holistic approach that integrates renewable energy solutions, independent power generation, and innovative technologies tailored to the specific requirements of Nigerian consumers.
“Our goal is to empower every Nigerian household and business by revolutionizing the production, distribution, and consumption of energy.”
According the statement, XGT specifically specializes in providing innovative renewable energy solutions designed to meet the unique climate and energy needs of Nigeria.
“Our wide ranges of solar and sustainable energy systems are suitable for individual homes, corporate settings, and community projects.
“By harnessing the power of renewable energy, XGT offers environmentally friendly alternatives that reduce reliance on the national grid and significantly cut energy costs,” it added.
The company’s Executive Director Toluwase Oni, gave more insights into the IPP for businesses, industries and communities/estates.
“XGT’s IPP solutions provide a solution to the urgent need for self-sufficient power generation, particularly in industrial and commercial sectors where power reliability significantly affects productivity and revenue.
“By establishing a network of captive/ localized, independent power systems, XGT Power-IPP empowers Industries, businesses and communities/estate to take control of their energy needs,” he stated.
Apart from the renewable energy sources, the firm said it offers a range of portable natural gas generators providing a flexible energy solution for areas with limited grid connectivity or for users in need of extra backup during power outages.
“These generators are designed with user-friendly features and portability in mind, enabling users to power essential operations without depending on traditional, often unreliable, grid infrastructure,” it added.
“In conjunction with these generators, XGT specializes in automation systems that optimize energy management to improve efficiency, reduce waste, and streamline operations.
“Automated controls enable businesses to remotely monitor and adjust energy usage, ensuring that energy is utilized intelligently and cost-effectively.”
As part of its services, it disclosed that the company offers rental and lease services for compressed natural gas (CNG) tube skids to interested industries in recognition of the increasing demand for CNG as a cleaner alternative to traditional fuels.
Business
Naira: Confidence in Nigeria’s economy drops, says CBN report
Naira: Confidence in Nigeria’s economy drops, says CBN report
Following continued depreciation in the value of naira, many businesses and their operators have lost confidence in the Nigeria’s economy.
Indeed, a survey by the Central Bank of Nigeria (CBN) showed the Overall Confidence Index falling by 3.2 index points to 14.5 from 17.7 index points.
This was the highlight of the Business Expectation Survey, BES of the Central Bank of Nigeria, CBN, for October which also showed decline in the Overall Confidence Index, OCI, for the current month, next month and the next six months.
According to the CBN the OCI for the current month, next month and the next six months fell to 1.4, 4.8, and 21.8 index points in the October BES from 3.2, 6.2 and 29 index points in the September BES.
The survey also indicates that the decline in confidence in the economy is being driven by firms’ expectation of further depreciation of the naira before the end of the year.
READ ALSO:
- Lakurawa: Miyetti Allah alleges killing of 6 Fulani, massive destruction in reprisal attack
- Five suspected kidnappers arrested in Kaduna
- EFCC fingers corrupt contractors for frequent national grid collapse
The CBN said: “The overall confidence index (CI) on the macroeconomy indicates that businesses were optimistic in October 2024.
“Respondent firms expect the naira to depreciate in the current month, next month and next 3 months. However, they expect appreciation in the next 6 months.
“Top six business constraints high interest rate, insecurity, high/multiple taxes, inadequate power supply, unfavorable economic climate, financial problems.
“The optimism on business outlook in the current month is driven by the opinion of respondents from all the Sectors except the Industry Sector.
“Most Sectors expressed optimism on their own operation in the review month. The outlook of respondents on the Volume of Business Activities, the Volume of Total Order, Financial Conditions, and Access to Credit were all positive in the review month.
-
Auto3 days agoToyota by CFAO surprises customers with free Hilux, motorcycles, all-expense-paid trip to Seychelles
-
International2 days agoBelgium University offers scholarship up to €12,000 for Master’s students
-
International1 day agoUK announces 45,000 seasonal worker visas for 2025
-
Railway1 day agoNigerian railway adds extra train to Friday, Saturday trips on Lagos-Ibadan route
-
Business2 days agoFinally, marketers, Dangote refinery agree on direct fuel supply
-
International2 days agoSaudi crown prince says Israel committing ‘genocide’ in Gaza
-
Business3 days agoCement price surges by 100% to N8,800 in one year
-
Politics3 days agoAfenifere, Council of Obas back Aiyedatiwa for Ondo gov