FG Raises Tariff on Imported Tomato Concentrate to 50%

Motor InsuranceMinister of trade and nvestment, Mr Okechukwu Enelamah PHOTO: PHILIP OJISUA
  • FG Raises Tariff on Imported Tomato Concentrate to 50%

The Federal Government on Tuesday announced a new policy for tomatoes by raising the tariff on imported tomato concentrate to 50 per cent.

The government also imposed additional levy of $1,500 on each metric tonne of tomato concentrate imported into the country.

Before now, the tariff on tomato concentrate was 40 per cent, while the duty payable was put at 10 per cent of the value based on the Common External Tariff by the Nigeria Customs Service.

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, made the announcement of the new policy at a media briefing held at the headquarters of the ministry in Abuja.

He said the move was in line with the government’s objective of boosting tomato production, improving the value chain and attracting investment.

These measures will become effective from May 8, 2017, when the ECOWAS Secretariat would have been notified.

The new policy, according to Enelamah, is expected to create at least 60,000 additional jobs in fresh fruit production and processing.

He said the tomato sector policy was developed and being implemented in collaboration with the Federal ministries of Agriculture and Rural Development, Finance and Water Resources, as well as the Central Bank of Nigeria, Bank of Industry and the National Agency for Food and Drug Administration and Control.

The minister explained that the new policy was targeted at increasing local production of fresh tomato fruit required for fresh fruit consumption and processing; increase local production of tomato concentrate; and reduce post-harvest losses.

He added that the price-based measures had provided the government with the opportunity to classify greenhouse equipment as agricultural equipment in order to attract zero per cent import duty; stopped the importation of tomato paste, powder and concentrate put up for retail sale; and stopped the importation of tomato preserved with vinegar or acetic acid.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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