The Nigeria government has announced plans to reduce import duties on key goods, including food items and vehicles, as part of efforts to curb inflation and ease the rising cost of living.

The policy, expected to take effect from July 1, forms part of broader fiscal measures aimed at lowering household expenses and supporting businesses through reduced input costs.

Under the new regime, tariffs on essential food items such as rice, sugar and palm oil will be cut, while duties on passenger vehicles and construction materials will also see significant reductions.

In addition, electric vehicles, mass-transit buses and manufacturing machinery will be exempted entirely from import duties, a move authorities say is intended to boost industrial productivity and public transportation.

Despite a recent decline, inflation in Nigeria remains elevated, standing at about 15% in early 2026 after peaking at around 33% in late 2024.

Officials say the new measures are designed to further reduce inflationary pressures, improve affordability for households and stimulate economic activity.

Finance Minister Wale Edun indicated that the government is also seeking financial support from international partners, including at the IMF-World Bank Spring Meetings, as global developments continue to impact the economy.

Rising fuel prices—driven partly by external geopolitical tensions—have added to economic strain, increasing transport and production costs across the country.

The latest policy signals a renewed push by Nigerian authorities to stabilise prices and support economic recovery through targeted fiscal interventions.