FG Cuts Import Tariffs on Key Goods for 2026 Policy

The Federal Government of Nigeria has approved the implementation of a new fiscal policy for 2026, which includes significant amendments to import tariffs aimed at stimulating growth in critical sectors of the economy. According to a circular dated April 1, 2026, the total effective rate for crude palm oil will be reduced to 28.75%, down from the previous high tariff regime.

This new policy supersedes the 2023 fiscal policy measures and includes a list of 127 tariff lines with reduced import duty rates. Notably, fully built unit passenger vehicles will see a total effective tariff reduction of 40%.

The government has granted a 90-day grace period for imports, effective from April 1, 2026. Additionally, a new excise duty regime, termed a green tax surcharge, will take effect on July 1, 2026, affecting various items including rice and steel products, with reductions of up to 70% on certain goods.