Connect with us

Nigeria In One Minute

FG may impose levies on imported starch to drive cassava processing

Published

on

The Federal Government may impose levies on imported starch, sweeteners, flour and ethanol soon in a bid to check food import bill and encourage investments in the processing of cassava, from which the products are obtained.

Despite being the world largest producer of cassava, Nigeria still imports most of its industrial starch, a by-product of cassava, a trend the Federal Government hopes to reverse under an industrial cassava policy, which when implemented, would see the nation saving about $700 million or N252 billion (N360/$1) spent yearly on importing these products.

While the current processing capacity stands at about 35 per cent, industries dependent on the by-products from processed cassava may have no other option than to look inwards as government continues to explore measures to substitute importation by a way of imposing levies between zero to 60 per cent.

For operators in the pharmaceutical, textiles, bakeries, beverages, distilleries among other food sector operators dependent on starch, sweeteners and ethanol, importation has remained a viable option due to cheaper prices and inability of local suppliers to meet their demands.

The Guardian, April 20, 2018

 

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now