FG: TARIFF POLICY REVIEW TO STRENGTHEN LOCAL MANUFACTURING

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By: Balogun Ibrahim

The Federal Government has begun a strategic review of existing tariff policies aimed at boosting local production, safeguarding domestic industries, and reducing the cost of doing business.

The move followed a high-level engagement involving the Tariffs Review Board and the Minister of State for Finance, Dr Doris Uzoka-Anite, where current tariff regimes were assessed in light of escalating production costs and persistent foreign exchange pressures.

The discussions centered on advancing the Federal Government’s industrialisation agenda, tackling the challenges confronting local manufacturers, and adopting a balanced approach that supports critical imports while reinforcing Nigeria’s domestic value chains.

Minister of State for Finance, Dr. Doris Uzoka-Anite, said the government’s review of tariff policies is part of a broader strategy to drive industrial growth and enhance Nigeria’s economic competitiveness. She highlighted the administration’s commitment to data-driven policymaking and reforms aimed at building a more resilient, inclusive, and competitive economy.

According to Uzoka-Anite, the review seeks to reposition tariffs as instruments for economic development rather than obstacles to productivity. The focus is on promoting local production, safeguarding domestic industries, and reducing the cost of doing business across key manufacturing value chains.

“Our goal is to establish a tariff regime that supports local manufacturers, strengthens value chains, and fosters sustainable industrial growth. This requires balancing essential import needs with protection for domestic industries against unfair competition,” the minister said.

A statement issued after the meeting noted that the government is working towards a more responsive tariff framework aligned with Nigeria’s industrialisation agenda while ensuring market stability amid global trade volatility.

Key discussions included identifying tariff-related bottlenecks affecting manufacturers, particularly in sectors reliant on imported raw materials and intermediate goods, and exploring fiscal relief measures for domestic producers facing high input costs to boost output, preserve jobs, and enhance competitiveness.

The meeting emphasized the importance of data-driven policy, with consensus that tariff adjustments should be guided by empirical evidence on their effects on production costs, consumer prices, and employment.

By optimising these fiscal tools, the government aims to boost industrial capacity, attract investment, and enhance local value addition.