FG to discourage importation with higher tariff -Minister

The Federal Government, through the Ministry of Finance, is set to review the 2008-2012 Common External Tariff (CET), which is due to expire by December 13 2012.This was made know on Monday, in Abuja, at the Consultative Forum on the Review of the 2008-2012 Common External Tariff (CET).Speaking at the forum, the Minister of State for Finance, Dr Lawan Ngama, said, 'the 2008-2012 CET has five tariff bands ranging from zero duty on capital good and machinery to the upper range of 35 per cent duty on goods in certain sector that the government seeks to protect.' He also added that Nigeria partially implemented the ECOWAS CET since 2005.He said that the Federal Government was introducing fiscal policy measures that would encourage the purchase and utilisation of locally produced commodities, which, according to him, would protect local manufacturers.He maintained that the government would continue discourage the importation of certain goods with the support of higher levies.Also speaking, the Director-General, Budget Office of the federation, Dr Bright Okogu, said 'because the CET presumes a free trade arrangement between the members that are party to it, in the case of ECOWAS, the enlargement of the Nigerian market to the whole of ECOWAS market is a prime advantage of the CET.'He added that there was need to undertake a comprehensive review of the 2008-2012 CET before concluding a new tariff regime.Meanwhile, the Minister of Agriculture and Rural Development, Dr Akinwumi Adesina, has said that 'we will not lower tariff on import of crude palm oil.' This was in line with the recent move to boost the palm oil sub-sector.The minister maintained that the ministry would not allow any country to bring in crude palm oil that would discourage local investments in palm oil production. 'I want to be very clear on this: we will not allow imports of cheap crude palm oil that will undermine our palm oil transformation agenda as a country.
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