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NIGERIA SUSPENS TARRIFS ON RICE IMPORTATION - BY ALIYU OTHMAN

The Nigerian government has approved the suspension of Levies and duties on Rice imports for six months to boost the product availability and cushion the effect of food crisis in the country.

This was part of the resolutions of the Federal Executive Council meeting which reversed the earlier decision to use eighty billion naira of the Natural Resources fund to import five hundred thousand metric tones of rice for private importation.

The Minister of Agriculture and Water Resources Dr Abba Sayyadi Ruma said the decision became necessary in line with international trends that favoured zero duties and levies and reduce the impact of high price of rice in Nigeria.

He said government also approved a ten billion naira from rice levy account to finance credit scheme in support of local rice processing which would attract four per cent interest rate and a repayment period of fifteen years.