Arab Today, arab today nigeria approves low duty on imported raw material to local manufacturing
Last Updated : GMT 15:47:44
Arab Today, arab today
Arab Today, arab today

Nigeria approves low duty on imported raw material to local manufacturing

Arab Today, arab today

Arab Today, arab today Nigeria approves low duty on imported raw material to local manufacturing

Lagos - XINHUA

In a bid to enhance local manufacturing sector in Nigeria, the government of the West African country has approved low duty on imported raw materials. Materials meant for educational purposes enjoyed zero percent duty to encourage quality and affordable education, Malanta Yusuf, a deputy controller of the Nigeria Customs Service (NCS), told reporters in Lagos, the country's commercial hub on Thursday. "People should not expect luxury items more into Nigeria, which has a duty rate of 35 percent," said the customs official, urging people to develop a better understanding of how trade works and how policies drive revenue. "Raw materials and machinery are going to go into a very low rate of duty. It is not like before when you would see in the tariff, 50 percent duty," he said, noting that most of the raw materials are 5 percent. "Like educational items, educational books, zero percent," he said. The NCS was still on course in its revenue generation for the government, even as it supports trade through effective service delivery, Yusuf said.

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