Nigeria has announced sweeping cuts to import duties on key commodities and industrial inputs, in a bid to tame stubborn inflation and ease pressure on households and businesses.

The presidency said levies will be reduced on rice, sugar, palm oil, passenger vehicles and construction materials, while electric vehicles, mass-transit buses and manufacturing machinery will be granted full duty exemptions. The move is part of President Bola Ahmed Tinubu’s broader economic strategy to stabilise prices after months of sharp increases in fuel, food and transport costs.

Under the revised tariff schedule, duties on passenger vehicles will fall to 40 percent. Bulk rice, a staple for most Nigerian households, will attract a 47.5 percent rate. Raw sugar cane will be charged between 55 and 57.5 percent, while palm oil duties will drop to 28.75 percent. Officials argue that lowering border taxes on these items should help moderate prices in local markets, though they acknowledge that the impact will depend on enforcement and competition along the supply chain.

Inflation, which had surged to about 33 percent at its peak, has eased to 15.06 percent, but remains well above the central bank’s comfort zone. Economists say the combination of high fuel prices, a weaker naira and global supply disruptions has kept basic goods out of reach for many Nigerians. Petrol prices have risen by more than 50 percent, feeding directly into transport fares and production costs.

Finance Minister Wale Edun said the government will press for additional support at upcoming meetings of the International Monetary Fund and the World Bank, arguing that Nigeria needs concessional financing and policy space to manage the social fallout of its reforms. He framed the tariff cuts as a targeted intervention to protect consumers while sustaining the push for fiscal consolidation and investment.

Analysts note that exempting mass-transit buses and manufacturing machinery from import duties could encourage investment in public transport and local industry, potentially creating jobs and easing congestion. However, they warn that without improvements in power supply, logistics and regulatory certainty, the full benefits of cheaper imports may not materialise.

For now, attention will focus on how quickly the new rates filter through to shop shelves and transport parks, and whether they can offer meaningful relief to Nigerians grappling with one of the toughest cost-of-living crises in years.